WisdomTree Precious Correlations

Etfs . France . 
Etf . WisdomTree Precious Metals
AIGPP Etf  EUR 53.61  0.46  0.87%   
The current 90-days correlation between WisdomTree Precious and Lyxor Index Fund is 0.17 (i.e., Average diversification). The correlation of WisdomTree Precious is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

WisdomTree Precious Correlation With Market

Poor diversification

The correlation between WisdomTree Precious Metals and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding WisdomTree Precious Metals and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to WisdomTree Precious could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace WisdomTree Precious when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back WisdomTree Precious - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling WisdomTree Precious Metals to buy it.

Moving together with WisdomTree Etf

  0.81JPNH Lyxor UCITS JapanPairCorr
  0.89MSE Amundi EURO STOXXPairCorr
  0.9GBS Gold Bullion SecuritiesPairCorr
  0.61EMLD SSgA SPDR ETFsPairCorr
  0.75IWDS iShares MSCI WorldPairCorr
  0.67CD9 Amundi MSCI EuropePairCorr
  0.84COPAP WisdomTree Copper EURPairCorr
  0.88ETZ BNP Paribas EasyPairCorr
  0.71WEMT2 BNP Paribas EasyPairCorr
  0.77FMI Amundi Index SolutionsPairCorr
  0.9APX Lyxor UCITS MSCIPairCorr
  0.87CEU Amundi Index SolutionsPairCorr
  0.83CMU Amundi MSCI EMUPairCorr
  0.87EMIS BNP Paribas EasyPairCorr
  0.91DFND iShares Global AerospacePairCorr
  0.91LEM Multi Units FrancePairCorr
  0.91AEEM Amundi Index SolutionsPairCorr
  0.82LC39 Amundi Index SolutionsPairCorr
  0.89AEJ Lyxor UCITS MSCIPairCorr
  0.79MJP HSBC MSCI JapanPairCorr
  0.8MIB Lyxor FTSE MIBPairCorr
  0.89ETZD BNP Paribas EasyPairCorr
  0.7MTC Multi Units LuxembourgPairCorr
  0.89CRB Lyxor CommoditiesPairCorr
  0.88LVE Amundi EURO STOXXPairCorr
  0.67CM9 Amundi ETF MSCIPairCorr
  0.83BNK Lyxor Index FundPairCorr
  0.78CJ1 Amundi Index SolutionsPairCorr
  0.88HEU HSBC MSCI EuropePairCorr

Moving against WisdomTree Etf

  0.38NGASP WisdomTree Natural GasPairCorr

Related Correlations Analysis


Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

CRM
+ 0.93
MSFT
XOM
+ 0.92
MRK
A
+ 0.85
UBER
UBER
+ 0.84
MSFT
A
+ 0.81
MSFT
MRK
+ 0.77
T
  

High negative correlations

XOM
- 0.94
MSFT
MRK
- 0.92
MSFT
XOM
- 0.91
CRM
T
- 0.86
MSFT
XOM
- 0.85
A
CRM
- 0.85
T

WisdomTree Precious Competition Risk-Adjusted Indicators

There is a big difference between WisdomTree Etf performing well and WisdomTree Precious ETF doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze WisdomTree Precious' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.50  0.05  0.02  0.13  1.55 
(1.67)
 3.43 
(2.81)
 13.69 
MSFT  1.34 (0.29) 0.00 (0.49) 0.00 
 0.00 
 2.19 
(2.87)
 13.28 
UBER  1.57 (0.17) 0.00 (0.27) 0.00 
 0.00 
 2.70 
(3.82)
 11.09 
F  1.27  0.00  0.00  0.07  1.37 
(1.52)
 3.61 
(2.30)
 7.50 
T  1.03  0.17  0.07 (0.78) 0.94 
(1.22)
 3.87 
(1.76)
 7.44 
A  1.24 (0.46) 0.00 (0.38) 0.00 
 0.00 
 2.48 
(2.73)
 7.20 
CRM  1.82 (0.31) 0.00 (0.18) 0.00 
 0.00 
 3.66 
(4.75)
 12.37 
JPM  1.28 (0.11)(0.03) 0.01  1.84 
(1.30)
 2.34 
(3.11)
 8.17 
MRK  1.27  0.27  0.16  0.59  1.18 
(1.39)
 2.81 
(2.06)
 8.74 
XOM  1.31  0.44  0.25  10.44  1.07 
(1.56)
 2.90 
(2.44)
 6.83 

Be your own money manager

Our tools can tell you how much better you can do entering a position in WisdomTree Precious without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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