Axonic Strategic Correlations

AXSAX Etf

USD 8.80 0.01 0.11%

The current 90-days correlation between Axonic Strategic Income and Diamond Hill Funds is 0.25 (i.e., Modest diversification). The correlation of Axonic Strategic 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.

Axonic Strategic Correlation With Market

Poor diversification

The correlation between Axonic Strategic Income and DJI is 0.7 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Axonic Strategic Income and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Axonic Etf

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

Moving together with Axonic Etf

0.95	AXSIX	Axonic Strategic Income	Pair Corr
0.85	SMCRX	ALPSSmith Credit Opp	Pair Corr
0.86	SMCVX	ALPSSmith Credit Opp	Pair Corr
0.83	SMCAX	DEUTSCHE MID CAP	Pair Corr
0.82	SMCCX	DEUTSCHE MID CAP	Pair Corr
0.85	JPIE	JP Morgan Exchange	Pair Corr
0.82	AFIF	Anfield Universal Fixed	Pair Corr
0.9	MUSI	American Century Mul	Pair Corr
0.86	SIO	Touchstone Strategic	Pair Corr
0.7	LUX	Tema Global	Pair Corr
0.63	FB	ProShares Trust ProShares	Pair Corr
0.81	SWP	SWP Growth Income	Pair Corr
0.8	FNGD	MicroSectors FANG Index	Pair Corr
0.71	CALY	Callaway Golf Symbol Change	Pair Corr
0.85	SCZ	iShares MSCI EAFE Sell-off Trend	Pair Corr
0.87	LGLV	SPDR SSGA Large	Pair Corr
0.86	IEMG	iShares Core MSCI	Pair Corr
0.66	SMHB	ETRACS 2xMonthly Pay	Pair Corr
0.87	EFV	iShares MSCI EAFE Sell-off Trend	Pair Corr
0.86	VMBS	Vanguard Mortgage Sell-off Trend	Pair Corr
0.69	QCAP	FT Vest NASDAQ	Pair Corr
0.75	CARZ	First Trust S	Pair Corr
0.73	SDG	iShares MSCI Global	Pair Corr
0.81	WSML	iShares MSCI World	Pair Corr
0.79	COMT	iShares GSCI Commodity	Pair Corr
0.88	DXJ	WisdomTree Japan Hedged	Pair Corr
0.9	FJP	First Trust Japan	Pair Corr
0.89	FYLD	Cambria Foreign Shar	Pair Corr
0.82	XHB	SPDR SP Homebuilders	Pair Corr
0.86	FEMB	First Trust Emerging	Pair Corr
0.87	XLI	Industrial Select Sector Sell-off Trend	Pair Corr
0.88	OILU	MicroSectorsTM Oil Gas	Pair Corr

Moving against Axonic Etf

0.62

HUM

Humana Inc

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.38	-0.43	0.41	0.14	-0.49	-0.08	0.34	0.45	0.41	META
MSFT	-0.38		0.81	-0.55	-0.68	0.73	0.83	0.07	-0.86	-0.91	MSFT
UBER	-0.43	0.81		-0.49	-0.53	0.8	0.58	-0.08	-0.8	-0.76	UBER
F	0.41	-0.55	-0.49		0.14	-0.45	-0.28	0.28	0.7	0.62	F
T	0.14	-0.68	-0.53	0.14		-0.44	-0.77	-0.14	0.45	0.6	T
A	-0.49	0.73	0.8	-0.45	-0.44		0.52	-0.02	-0.66	-0.79	A
CRM	-0.08	0.83	0.58	-0.28	-0.77	0.52		0.44	-0.61	-0.82	CRM
JPM	0.34	0.07	-0.08	0.28	-0.14	-0.02	0.44		0.21	-0.09	JPM
MRK	0.45	-0.86	-0.8	0.7	0.45	-0.66	-0.61	0.21		0.84	MRK
XOM	0.41	-0.91	-0.76	0.62	0.6	-0.79	-0.82	-0.09	0.84		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

XOM	+ 0.84	MRK
CRM	+ 0.83	MSFT
UBER	+ 0.81	MSFT
A	+ 0.8	UBER
A	+ 0.73	MSFT
MRK	+ 0.7	F

High negative correlations

XOM	- 0.91	MSFT
MRK	- 0.86	MSFT
XOM	- 0.82	CRM
MRK	- 0.8	UBER
XOM	- 0.79	A
CRM	- 0.77	T

Axonic Strategic Constituents Risk-Adjusted Indicators

There is a big difference between Axonic Etf performing well and Axonic Strategic 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 Axonic Strategic'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
META	1.50	0.02	0.00	0.07	1.52	(1.82)	3.43	(2.82)	13.69
MSFT	1.32	(0.38)	0.00	(1.03)	0.00	0.00	1.90	(2.74)	13.28
UBER	1.51	(0.44)	0.00	(0.83)	0.00	0.00	2.41	(3.82)	11.09
F	1.21	0.07	0.05	0.13	1.18	(1.44)	3.34	(2.30)	7.16
T	1.00	0.21	0.17	6.48	0.77	(1.18)	3.87	(1.54)	5.31
A	1.25	(0.33)	0.00	(0.22)	0.00	0.00	2.90	(2.73)	7.85
CRM	1.71	(0.45)	0.00	(0.42)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.27	(0.10)	0.00	(0.02)	0.00	0.00	2.34	(3.11)	7.38
MRK	1.29	0.43	0.31	0.78	1.00	(1.59)	2.93	(1.98)	8.74
XOM	1.25	0.32	0.20	1.60	1.14	(1.43)	2.68	(2.12)	6.83

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