BNY Mellon Correlations

BKGI Etf

USD 31.43 0.23 0.74%

The current 90-days correlation between BNY Mellon ETF and Global X Infrastructure is 0.29 (i.e., Modest diversification). The correlation of BNY Mellon 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.

BNY Mellon Correlation With Market

Weak diversification

The correlation between BNY Mellon ETF and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BNY Mellon 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 BNY Mellon 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 price.

Moving together with BNY Etf

0.92	IGF	iShares Global Infra	Pair Corr
0.87	NFRA	FlexShares STOXX Global	Pair Corr
0.94	GII	SPDR SP Global	Pair Corr
0.8	TOLZ	ProShares DJ Brookfield	Pair Corr
0.78	INFR	ClearBridge Sustainable	Pair Corr
0.79	BLLD	JP Morgan Exchange	Pair Corr

Moving against BNY Etf

0.7	WTID	UBS ETRACS	Pair Corr
0.7	TSLL	Direxion Shares ETF Buyout Trend	Pair Corr
0.52	VCAR	Simplify Volt RoboCar Symbol Change	Pair Corr
0.42	BITX	Volatility Shares Trust Buyout Trend	Pair Corr
0.7	TSL	GraniteShares 125x Long	Pair Corr
0.69	FNGS	MicroSectors FANG ETN	Pair Corr
0.67	YMAG	YieldMax Magnificent	Pair Corr
0.63	BILS	SPDR Series Trust	Pair Corr
0.54	SPYG	SPDR Portfolio SP	Pair Corr
0.49	STK	Columbia Seligman Premium	Pair Corr
0.45	GMM	Global Mofy Metaverse	Pair Corr
0.44	FTLS	First Trust LongShort	Pair Corr
0.39	XOUT	GraniteShares XOUT Large	Pair Corr
0.38	ETH	Grayscale Ethereum Mini Buyout Trend	Pair Corr
0.33	XCCC	BondBloxx ETF Trust	Pair Corr
0.62	TFLO	iShares Treasury Floating	Pair Corr
0.61	ICSH	iShares Ultra Short	Pair Corr
0.59	QYLD	Global X NASDAQ	Pair Corr
0.59	BRLN	Blackrock ETF Trust	Pair Corr
0.58	OLO	Olo Inc	Pair Corr
0.54	GJAN	First Trust Exchange	Pair Corr

Related Correlations Analysis

	PAVE	IGF	NFRA	IFRA	GII	TOLZ	SIMS	INFR	BLLD	XKII
PAVE		0.58	0.58	0.99	0.6	0.8	0.85	0.3	0.35	0.78	PAVE
IGF	0.58		0.75	0.66	1.0	0.91	0.63	0.6	0.6	0.5	IGF
NFRA	0.58	0.75		0.61	0.79	0.78	0.7	0.94	0.96	0.63	NFRA
IFRA	0.99	0.66	0.61		0.67	0.87	0.87	0.34	0.38	0.79	IFRA
GII	0.6	1.0	0.79	0.67		0.92	0.65	0.64	0.65	0.53	GII
TOLZ	0.8	0.91	0.78	0.87	0.92		0.81	0.58	0.6	0.7	TOLZ
SIMS	0.85	0.63	0.7	0.87	0.65	0.81		0.49	0.52	0.93	SIMS
INFR	0.3	0.6	0.94	0.34	0.64	0.58	0.49		0.99	0.44	INFR
BLLD	0.35	0.6	0.96	0.38	0.65	0.6	0.52	0.99		0.48	BLLD
XKII	0.78	0.5	0.63	0.79	0.53	0.7	0.93	0.44	0.48		XKII
	PAVE	IGF	NFRA	IFRA	GII	TOLZ	SIMS	INFR	BLLD	XKII

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BNY Mellon Constituents Risk-Adjusted Indicators

There is a big difference between BNY Etf performing well and BNY Mellon 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 BNY Mellon'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
PAVE	0.88	0.02	0.01	0.05	0.96	(1.11)	1.75	(1.44)	10.44
IGF	0.61	(0.01)	(0.02)	0.00	0.80	(0.66)	1.33	(1.39)	3.84
NFRA	0.50	(0.10)	0.00	(0.27)	0.00	0.00	0.93	(1.08)	3.42
IFRA	0.78	0.02	0.01	0.06	0.87	(0.87)	1.79	(1.12)	7.80
GII	0.63	(0.01)	(0.03)	(0.01)	0.84	(0.64)	1.23	(1.33)	3.94
TOLZ	0.63	(0.01)	(0.02)	0.00	0.91	(0.60)	1.24	(1.26)	3.84
SIMS	0.80	(0.07)	0.00	(0.12)	0.00	0.00	1.54	(1.97)	5.57
INFR	0.69	(0.19)	0.00	(0.42)	0.00	0.00	0.99	(1.65)	4.17
BLLD	0.65	(0.17)	0.00	(0.46)	0.00	0.00	0.94	(1.72)	4.19
XKII	0.80	(0.06)	0.00	(0.25)	0.00	0.00	1.54	(1.97)	5.57

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