AltShares Trust Correlations

ARB Etf

USD 29.07 0.02 0.07%

The current 90-days correlation between AltShares Trust and SPDR MSCI Emerging is 0.06 (i.e., Significant diversification). The correlation of AltShares Trust 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.

AltShares Trust Correlation With Market

Very poor diversification

The correlation between AltShares Trust and DJI is 0.87 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AltShares Trust and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with AltShares Etf

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

Moving together with AltShares Etf

0.77	MNA	IQ Merger Arbitrage	Pair Corr
0.82	CEFS	Saba Closed End	Pair Corr
0.63	SPAX	Toroso Investments	Pair Corr
0.79	EVNT	AltShares Event Driven	Pair Corr
0.77	TOT	Advisor Managed Port	Pair Corr
0.65	SHLD	Global X Defense	Pair Corr
0.86	FB	ProShares Trust ProShares	Pair Corr
0.78	SWP	SWP Growth Income	Pair Corr
0.65	FNGD	MicroSectors FANG Index Aggressive Push	Pair Corr
0.71	CALY	Callaway Golf Symbol Change	Pair Corr
0.66	ILF	iShares Latin America	Pair Corr
0.67	NNOV	Innovator Growth 100	Pair Corr
0.85	ESSC	Strategy Shares	Pair Corr
0.76	DFUS	Dimensional Equity ETF	Pair Corr
0.81	PRSD	SSGA Active Trust	Pair Corr
0.88	BUSA	2023 EFT Series	Pair Corr
0.83	SHV	iShares Short Treasury	Pair Corr
0.87	FELV	Fidelity Covington Trust	Pair Corr
0.81	TMFS	RBB Fund	Pair Corr
0.86	IUSV	iShares Core SP	Pair Corr
0.85	LSVD	Advisors Inner	Pair Corr
0.87	RZG	Invesco SP SmallCap	Pair Corr
0.88	RCGE	RockCreek Global Equality	Pair Corr
0.68	FSTA	Fidelity MSCI Consumer	Pair Corr
0.75	GCC	WisdomTree Continuous	Pair Corr
0.88	NUSC	Nuveen ESG Small	Pair Corr
0.83	NTSI	WisdomTree International	Pair Corr
0.63	TOTL	SPDR DoubleLine Total	Pair Corr
0.88	SPGP	Invesco SP 500	Pair Corr
0.83	PXF	Invesco FTSE RAFI	Pair Corr
0.73	CDC	VictoryShares EQ Income	Pair Corr
0.82	DIHP	Dimensional International	Pair Corr
0.81	METL	Sprott Active Metals	Pair Corr

Related Correlations Analysis

	EPRF	XC	INCE	FCLD	TYA	TAXE	HERD	DVOL	SNOY	EEMX
EPRF		0.6	0.58	0.39	-0.49	0.55	0.59	0.7	-0.36	0.7	EPRF
XC	0.6		0.92	0.03	-0.63	0.93	0.87	0.83	-0.7	0.94	XC
INCE	0.58	0.92		-0.15	-0.63	0.96	0.98	0.87	-0.86	0.83	INCE
FCLD	0.39	0.03	-0.15		-0.12	-0.14	-0.08	0.08	0.32	0.18	FCLD
TYA	-0.49	-0.63	-0.63	-0.12		-0.56	-0.6	-0.5	0.59	-0.65	TYA
TAXE	0.55	0.93	0.96	-0.14	-0.56		0.91	0.86	-0.8	0.87	TAXE
HERD	0.59	0.87	0.98	-0.08	-0.6	0.91		0.89	-0.86	0.76	HERD
DVOL	0.7	0.83	0.87	0.08	-0.5	0.86	0.89		-0.7	0.76	DVOL
SNOY	-0.36	-0.7	-0.86	0.32	0.59	-0.8	-0.86	-0.7		-0.56	SNOY
EEMX	0.7	0.94	0.83	0.18	-0.65	0.87	0.76	0.76	-0.56		EEMX
	EPRF	XC	INCE	FCLD	TYA	TAXE	HERD	DVOL	SNOY	EEMX

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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

HERD	+ 0.98	INCE
TAXE	+ 0.96	INCE
EEMX	+ 0.94	XC
TAXE	+ 0.93	XC
INCE	+ 0.92	XC
HERD	+ 0.91	TAXE

High negative correlations

SNOY	- 0.86	HERD
SNOY	- 0.86	INCE
SNOY	- 0.8	TAXE
SNOY	- 0.7	DVOL
SNOY	- 0.7	XC
EEMX	- 0.65	TYA

AltShares Trust Constituents Risk-Adjusted Indicators

There is a big difference between AltShares Etf performing well and AltShares Trust 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 AltShares Trust's 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
EPRF	0.33	(0.03)	0.00	(0.13)	0.00	0.00	0.62	(0.78)	2.20
XC	0.52	0.07	0.04	1.54	0.51	(0.57)	1.07	(0.84)	2.02
INCE	0.42	0.11	0.17	0.25	0.14	(0.46)	0.98	(0.77)	2.18
FCLD	1.35	(0.07)	0.00	0.81	0.00	0.00	2.47	(3.44)	8.72
TYA	0.48	(0.06)	0.00	(0.30)	0.00	0.00	0.80	(1.03)	2.71
TAXE	0.07	0.01	(0.37)	0.32	0.00	(0.09)	0.16	(0.12)	0.51
HERD	0.52	0.08	0.09	0.15	0.49	(0.55)	1.30	(0.91)	2.90
DVOL	0.52	0.03	(0.02)	0.36	0.65	(0.53)	1.04	(0.97)	3.76
SNOY	1.66	(0.44)	0.00	(0.47)	0.00	0.00	3.08	(4.16)	11.92
EEMX	0.70	0.09	0.06	0.71	0.66	(0.78)	1.63	(1.19)	3.44

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