Themes Airlines Correlations

AIRL Etf

30.68 0.27 0.87%

The current 90-days correlation between Themes Airlines ETF and Ultimus Managers Trust is 0.35 (i.e., 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

Significant diversification

The correlation between Themes Airlines ETF and DJI is 0.08 (i.e., Significant 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

0.68	DRIV	Global X Autonomous	Pair Corr
0.75	IPAY	Amplify ETF Trust	Pair Corr
0.88	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.77	QLD	ProShares Ultra QQQ	Pair Corr
0.71	IBM	International Business Tech Boost	Pair Corr
0.62	MMM	3M Company	Pair Corr
0.89	WMT	Walmart Aggressive Push	Pair Corr
0.89	AXP	American Express	Pair Corr
0.7	BA	Boeing	Pair Corr
0.86	CSCO	Cisco Systems	Pair Corr

Moving against Themes Etf

0.92	MSOS	AdvisorShares Pure	Pair Corr
0.92	MJ	Amplify ETF Trust	Pair Corr
0.86	ICLN	iShares Global Clean	Pair Corr
0.75	TAN	Invesco Solar ETF	Pair Corr
0.52	ACES	ALPS Clean Energy	Pair Corr
0.8	JNJ	Johnson Johnson	Pair Corr
0.67	KO	Coca Cola Earnings Call This Week	Pair Corr
0.66	XOM	Exxon Mobil Corp Fiscal Year End 7th of February 2025	Pair Corr
0.64	HPQ	HP Inc	Pair Corr
0.62	DD	Dupont De Nemours Earnings Call This Week	Pair Corr
0.38	PFE	Pfizer Inc Earnings Call This Week	Pair Corr
0.33	VZ	Verizon Communications	Pair Corr

Related Correlations Analysis

	MDST	MGNR	MISL	DRIP	DRLL	MLPX	MLPR	MLPA	MLPB
MDST		0.57	0.07	-0.71	0.42	0.97	0.9	0.92	0.86	MDST
MGNR	0.57		0.54	-0.83	0.84	0.66	0.58	0.59	0.57	MGNR
MISL	0.07	0.54		-0.47	0.61	0.15	0.04	0.03	0.04	MISL
DRIP	-0.71	-0.83	-0.47		-0.92	-0.76	-0.6	-0.61	-0.55	DRIP
DRLL	0.42	0.84	0.61	-0.92		0.52	0.36	0.36	0.31	DRLL
MLPX	0.97	0.66	0.15	-0.76	0.52		0.92	0.94	0.88	MLPX
MLPR	0.9	0.58	0.04	-0.6	0.36	0.92		0.99	0.96	MLPR
MLPA	0.92	0.59	0.03	-0.61	0.36	0.94	0.99		0.97	MLPA
MLPB	0.86	0.57	0.04	-0.55	0.31	0.88	0.96	0.97		MLPB
	MDST	MGNR	MISL	DRIP	DRLL	MLPX	MLPR	MLPA	MLPB

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

MLPA	+ 0.99	MLPR
MLPX	+ 0.97	MDST
MLPB	+ 0.97	MLPA
MLPB	+ 0.96	MLPR
MLPA	+ 0.94	MLPX
MLPA	+ 0.92	MDST

High negative correlations

DRLL	- 0.92	DRIP
DRIP	- 0.83	MGNR
MLPX	- 0.76	DRIP
DRIP	- 0.71	MDST
MLPA	- 0.61	DRIP
MLPR	- 0.6	DRIP

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
MDST	0.78	0.09	0.02	0.45	1.01	(0.81)	1.84	(1.97)	6.09
MGNR	0.98	0.02	(0.02)	0.13	1.33	(1.05)	2.35	(1.85)	8.43
MISL	0.97	(0.07)	0.00	(0.05)	0.00	0.00	1.59	(1.64)	8.22
DRIP	2.23	(0.03)	0.00	0.17	0.00	0.00	5.00	(3.85)	14.00
DRLL	0.85	(0.01)	(0.06)	0.06	1.23	(0.80)	1.49	(1.92)	6.66
MLPX	0.98	0.16	0.07	0.55	1.32	(0.96)	2.17	(2.16)	7.74
MLPR	1.43	0.28	0.11	0.71	1.58	(1.48)	3.34	(2.92)	9.62
MLPA	0.76	0.17	0.11	0.76	0.68	(0.83)	1.44	(1.28)	4.99
MLPB	0.87	0.19	0.11	0.78	0.85	(0.90)	1.63	(1.65)	5.30

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC