ARK Next Correlations

ARKW Etf

USD 123.24 2.44 2.02%

The current 90-days correlation between ARK Next Generation and Fidelity Enhanced Small is 0.74 (i.e., Poor diversification). The correlation of ARK Next 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.

ARK Next Correlation With Market

Very good diversification

The correlation between ARK Next Generation and DJI is -0.38 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ARK Next Generation and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ARK Etf

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

Moving together with ARK Etf

0.82	VOT	Vanguard Mid Cap	Pair Corr
0.71	IWP	iShares Russell Mid	Pair Corr
0.9	ARKK	ARK Innovation ETF	Pair Corr
0.86	VUG	Vanguard Growth Index	Pair Corr

Moving against ARK Etf

0.68	VTV	Vanguard Value Index	Pair Corr
0.63	BND	Vanguard Total Bond	Pair Corr
0.45	IJK	iShares SP Mid	Pair Corr
0.45	MDYG	SPDR SP 400	Pair Corr
0.84	EIPI	First Trust Exchange	Pair Corr
0.77	LSEQ	Harbor ETF Trust	Pair Corr
0.73	SCDV	ETF Series Solutions	Pair Corr
0.71	XTWO	Bondbloxx ETF Trust	Pair Corr
0.69	QLV	FlexShares Quality Low	Pair Corr
0.68	FNDC	Schwab Fundamental	Pair Corr
0.67	JPIE	JP Morgan Exchange	Pair Corr
0.65	FIDU	Fidelity MSCI Industrials	Pair Corr
0.63	SCZ	iShares MSCI EAFE	Pair Corr
0.61	EWT	iShares MSCI Taiwan	Pair Corr
0.41	PFFA	Virtus InfraCap Preferred	Pair Corr
0.37	TOCT	Innovator Equity Defined	Pair Corr
0.91	DOGG	First Trust Exchange	Pair Corr
0.72	BSMS	Invesco BulletShares 2028	Pair Corr
0.68	TAXT	Northern Trust Tax	Pair Corr
0.66	CCNR	CoreCommodity Natural	Pair Corr

Related Correlations Analysis

	COWG	QLTY	ARKQ	KOMP	USCL	AOA	PRFZ	FHLC	IYY	FESM
COWG		0.82	0.8	0.84	0.88	0.61	0.7	0.43	0.86	0.69	COWG
QLTY	0.82		0.91	0.87	0.69	0.85	0.91	0.7	0.93	0.91	QLTY
ARKQ	0.8	0.91		0.96	0.54	0.87	0.9	0.53	0.86	0.91	ARKQ
KOMP	0.84	0.87	0.96		0.59	0.82	0.87	0.48	0.85	0.87	KOMP
USCL	0.88	0.69	0.54	0.59		0.42	0.49	0.37	0.8	0.48	USCL
AOA	0.61	0.85	0.87	0.82	0.42		0.92	0.5	0.87	0.94	AOA
PRFZ	0.7	0.91	0.9	0.87	0.49	0.92		0.61	0.87	1.0	PRFZ
FHLC	0.43	0.7	0.53	0.48	0.37	0.5	0.61		0.53	0.59	FHLC
IYY	0.86	0.93	0.86	0.85	0.8	0.87	0.87	0.53		0.88	IYY
FESM	0.69	0.91	0.91	0.87	0.48	0.94	1.0	0.59	0.88		FESM
	COWG	QLTY	ARKQ	KOMP	USCL	AOA	PRFZ	FHLC	IYY	FESM

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ARK Next Constituents Risk-Adjusted Indicators

There is a big difference between ARK Etf performing well and ARK Next 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 ARK Next'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
COWG	0.86	(0.10)	0.00	(0.04)	0.00	0.00	1.76	(2.31)	5.80
QLTY	0.61	(0.01)	(0.03)	0.04	0.70	(0.65)	1.51	(1.26)	3.43
ARKQ	1.74	(0.01)	0.01	0.05	2.30	(1.74)	3.65	(3.51)	9.88
KOMP	1.28	(0.09)	(0.04)	0.00	1.66	(1.29)	2.62	(2.63)	7.28
USCL	0.58	(0.09)	0.00	(0.06)	0.00	0.00	1.04	(1.55)	3.55
AOA	0.45	0.02	0.00	0.09	0.56	(0.44)	0.95	(1.03)	2.91
PRFZ	0.85	0.03	0.04	0.09	0.89	(0.96)	2.17	(1.71)	5.18
FHLC	0.73	0.05	0.04	0.13	0.58	(0.96)	2.02	(1.13)	3.74
IYY	0.56	(0.05)	(0.08)	0.00	0.79	(0.57)	1.06	(1.62)	3.69
FESM	0.90	0.04	0.05	0.09	0.99	(0.94)	1.91	(1.86)	5.68

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