Global X Correlations

Etfs . USA . 
Etf . Global X Robotics
BOTZ Etf  USD 33.41  0.22  0.66%   
The current 90-days correlation between Global X Robotics and Robo Global Robotics is 0.92 (i.e., Almost no diversification). The correlation of Global X 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.

Global X Correlation With Market

Poor diversification

The correlation between Global X Robotics and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X Robotics 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 Global X Robotics. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Global Etf

  0.86XT iShares ExponentialPairCorr
  0.91DRIV Global X AutonomousPairCorr
  0.79IPAY Amplify ETF TrustPairCorr
  0.75DHF BNY Mellon HighPairCorr
  0.88MAGS Roundhill MagnificentPairCorr
  0.73ARP Advisors Inner CirclePairCorr
  0.87PXMV Invesco SP MidCapPairCorr
  0.65IGA Voya Global AdvantagePairCorr
  0.67SEMI Columbia SeligmanPairCorr
  0.69IVH IVHPairCorr
  0.66DIS Walt DisneyPairCorr
  0.84AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.7WMT Walmart Aggressive PushPairCorr
  0.67HD Home DepotPairCorr
  0.69JPM JPMorgan Chase Fiscal Year End 10th of January 2025 PairCorr
  0.88INTC Intel Fiscal Year End 23rd of January 2025 PairCorr

Moving against Global Etf

  0.64ICLN iShares Global CleanPairCorr
  0.63GREI Goldman Sachs FuturePairCorr
  0.56MJ Amplify ETF TrustPairCorr
  0.55MSOS AdvisorShares PurePairCorr
  0.41TAN Invesco Solar ETFPairCorr
  0.71KO Coca Cola Aggressive PushPairCorr
  0.64PG Procter GamblePairCorr
  0.6PFE Pfizer Inc Aggressive PushPairCorr
  0.52BA Boeing Fiscal Year End 29th of January 2025 PairCorr

Related Correlations Analysis

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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   
ARKQ
+ 0.95
CLOU
ARKQ
+ 0.82
LIT
LIT
+ 0.81
ROBO
ARKQ
+ 0.75
ROBO
CLOU
+ 0.69
ROBO
LIT
+ 0.68
CLOU
  
High negative correlations   
CLOU
- 0.66
IRBO
ARKQ
- 0.61
IRBO
LIT
- 0.39
IRBO
IRBO
- 0.36
ROBO

Global X Constituents Risk-Adjusted Indicators

There is a big difference between Global Etf performing well and Global X 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 Global X'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.

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