Themes Correlations

AIRL Etf

34.54 0.00 0.00%

A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Themes moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Themes moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Themes Correlation With Market

Poor diversification

The correlation between Themes and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Themes and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Themes Etf

Check out Trending Equities to better understand how to build diversified portfolios. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in inflation.

Moving together with Themes Etf

0.62	MSOS	AdvisorShares Pure	Pair Corr
0.65	NUGT	Direxion Daily Gold	Pair Corr
0.69	IBMR	iShares Trust	Pair Corr
0.7	OASC	OneAscent Small Cap	Pair Corr
0.65	SPMD	SPDR Russell Small	Pair Corr
0.77	SEIX	Virtus ETF Trust	Pair Corr
0.72	BBEU	JPMorgan BetaBuilders	Pair Corr
0.74	AHYB	American Century ETF	Pair Corr
0.69	MART	Allianzim Large Cap	Pair Corr
0.77	GSIG	Goldman Sachs Access	Pair Corr
0.72	BINC	BlackRock ETF Trust	Pair Corr
0.75	GAPR	First Trust Exchange	Pair Corr
0.61	IAUM	iShares Gold Trust	Pair Corr

Moving against Themes Etf

0.53

FNGU

MicroSectors FANG Index Symbol Change

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.41	-0.42	0.44	0.17	-0.59	0.03	0.31	0.43	0.45	META
MSFT	-0.41		0.75	-0.56	-0.27	0.52	0.62	0.04	-0.8	-0.83	MSFT
UBER	-0.42	0.75		-0.51	-0.08	0.63	0.26	-0.1	-0.77	-0.61	UBER
F	0.44	-0.56	-0.51		-0.18	-0.43	-0.1	0.38	0.71	0.65	F
T	0.17	-0.27	-0.08	-0.18		0.04	-0.58	-0.22	-0.01	0.2	T
A	-0.59	0.52	0.63	-0.43	0.04		0.14	-0.07	-0.47	-0.65	A
CRM	0.03	0.62	0.26	-0.1	-0.58	0.14		0.59	-0.29	-0.64	CRM
JPM	0.31	0.04	-0.1	0.38	-0.22	-0.07	0.59		0.25	-0.11	JPM
MRK	0.43	-0.8	-0.77	0.71	-0.01	-0.47	-0.29	0.25		0.72	MRK
XOM	0.45	-0.83	-0.61	0.65	0.2	-0.65	-0.64	-0.11	0.72		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

UBER	+ 0.75	MSFT
XOM	+ 0.72	MRK
MRK	+ 0.71	F
XOM	+ 0.65	F
A	+ 0.63	UBER
CRM	+ 0.62	MSFT

High negative correlations

XOM	- 0.83	MSFT
MRK	- 0.8	MSFT
MRK	- 0.77	UBER
XOM	- 0.65	A
XOM	- 0.64	CRM
XOM	- 0.61	UBER

Themes Competition Risk-Adjusted Indicators

There is a big difference between Themes Etf performing well and Themes 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 Themes' 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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
META	1.55	0.02	(0.01)	(0.47)	1.62	(1.79)	3.43	(2.72)	13.36
MSFT	1.23	(0.34)	0.00	1.81	0.00	0.00	1.78	(2.70)	13.28
UBER	1.60	(0.39)	0.00	(0.56)	0.00	0.00	2.46	(5.06)	11.09
F	1.22	0.10	0.05	0.85	1.20	(1.45)	3.38	(2.35)	7.16
T	0.94	0.16	0.13	0.84	0.84	(1.06)	2.02	(1.54)	4.31
A	1.22	(0.23)	0.00	(0.13)	0.00	0.00	2.90	(2.58)	7.85
CRM	1.64	(0.36)	0.00	3.41	0.00	0.00	2.94	(5.31)	12.37
JPM	1.12	0.05	0.01	(0.31)	1.63	(1.14)	2.18	(3.11)	7.38
MRK	1.32	0.48	0.32	0.86	1.07	(1.63)	3.59	(1.98)	8.09
XOM	1.15	0.38	0.28	0.71	0.92	(1.37)	2.69	(2.11)	5.85

Themes Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Themes etf to make a market-neutral strategy. Peer analysis of Themes could also be used in its relative valuation, which is a method of valuing Themes by comparing valuation metrics with similar companies.

Princeton Fund Advisors Kelly Strategic Management Strategy Shares IVSG Pacer Financial Princeton Fund Advisors VFIN RPUT Subversive Capital Advisor SIZ American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

Risk & Return

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