Themes Airlines Correlations

AIRL Etf

29.64 0.22 0.75%

The current 90-days correlation between Themes Airlines ETF and First Trust Exchange Traded is 0.43 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Themes Airlines moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Themes Airlines ETF moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Themes Airlines Correlation With Market

Very weak diversification

The correlation between Themes Airlines ETF and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Themes Airlines ETF and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Themes Airlines ETF. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Themes Etf

0.62	XT	iShares Exponential	Pair Corr
0.82	BOTZ	Global X Robotics	Pair Corr
0.69	DRIV	Global X Autonomous	Pair Corr
0.9	IPAY	Amplify ETF Trust	Pair Corr
0.94	GLDX	USCF Gold Strategy Symbol Change	Pair Corr
0.92	XOVR	SPDR BOFA MERRILL Symbol Change	Pair Corr
0.85	INC	Van Eck	Pair Corr
0.86	FDV	First Trust Capital	Pair Corr
0.65	ALUM	US Commodity Funds	Pair Corr
0.9	BCHP	EGSHARES BLUE CHIP	Pair Corr
0.72	LETB	AdvisorShares	Pair Corr
0.87	SQY	Tidal Trust II	Pair Corr
0.74	HD	Home Depot	Pair Corr
0.93	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.83	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.87	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr
0.89	BAC	Bank of America Aggressive Push	Pair Corr
0.97	CSCO	Cisco Systems Sell-off Trend	Pair Corr
0.91	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.88	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.74	HPQ	HP Inc	Pair Corr
0.84	DIS	Walt Disney Sell-off Trend	Pair Corr
0.85	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr

Moving against Themes Etf

0.85	ICLN	iShares Global Clean	Pair Corr
0.7	TAN	Invesco Solar ETF	Pair Corr
0.61	MJ	Amplify ETF Trust	Pair Corr
0.57	MSOS	AdvisorShares Pure	Pair Corr
0.55	AAIAX	AMERICAN BEACON INTE	Pair Corr
0.36	ACES	ALPS Clean Energy	Pair Corr
0.83	JNJ	Johnson Johnson Sell-off Trend	Pair Corr
0.73	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr

Related Correlations Analysis

	MDEV	MDST	MEDX	MEDI	MGNR	MISL	DPST	DRIP	DRLL
MDEV		-0.47	0.65	0.85	-0.08	0.21	-0.56	0.28	-0.27	MDEV
MDST	-0.47		-0.89	-0.62	0.82	0.54	0.92	-0.85	0.85	MDST
MEDX	0.65	-0.89		0.83	-0.7	-0.31	-0.79	0.67	-0.7	MEDX
MEDI	0.85	-0.62	0.83		-0.29	-0.03	-0.59	0.39	-0.43	MEDI
MGNR	-0.08	0.82	-0.7	-0.29		0.7	0.7	-0.78	0.79	MGNR
MISL	0.21	0.54	-0.31	-0.03	0.7		0.52	-0.56	0.58	MISL
DPST	-0.56	0.92	-0.79	-0.59	0.7	0.52		-0.77	0.75	DPST
DRIP	0.28	-0.85	0.67	0.39	-0.78	-0.56	-0.77		-0.99	DRIP
DRLL	-0.27	0.85	-0.7	-0.43	0.79	0.58	0.75	-0.99		DRLL
	MDEV	MDST	MEDX	MEDI	MGNR	MISL	DPST	DRIP	DRLL

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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

DPST	+ 0.92	MDST
MEDI	+ 0.85	MDEV
DRLL	+ 0.85	MDST
MEDI	+ 0.83	MEDX
MGNR	+ 0.82	MDST
DRLL	+ 0.79	MGNR

High negative correlations

DRLL	- 0.99	DRIP
MEDX	- 0.89	MDST
DRIP	- 0.85	MDST
DPST	- 0.79	MEDX
DRIP	- 0.78	MGNR
DRIP	- 0.77	DPST

Themes Airlines Constituents Risk-Adjusted Indicators

There is a big difference between Themes Etf performing well and Themes Airlines 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 Airlines' 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
MDEV	0.58	(0.07)	(0.19)	0.00	0.65	(0.62)	1.32	(1.04)	2.88
MDST	0.67	0.12	0.09	0.37	0.49	(0.77)	1.59	(0.91)	4.02
MEDX	0.66	(0.26)	0.00	(0.31)	0.00	0.00	1.16	(1.65)	4.42
MEDI	0.82	(0.12)	0.00	(0.05)	0.00	0.00	1.55	(1.69)	5.09
MGNR	0.99	0.08	0.04	0.24	1.19	(1.11)	2.34	(1.79)	5.83
MISL	0.84	(0.07)	(0.05)	0.06	1.38	(0.84)	1.70	(1.89)	8.21
DPST	4.11	(0.03)	0.16	0.12	3.88	(5.02)	8.64	(5.98)	51.17
DRIP	2.39	0.07	0.00	0.09	0.00	0.00	5.12	(4.18)	18.28
DRLL	0.92	(0.02)	(0.04)	0.11	1.32	(0.87)	1.86	(2.04)	5.72

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