WisdomTree Gold Correlations

Etfs . France . 
Etf . WisdomTree Gold EUR
BULLP Etf  EUR 39.35  0.14  0.35%   
The current 90-days correlation between WisdomTree Gold EUR and WisdomTree Wheat EUR is -0.02 (i.e., Good diversification). The correlation of WisdomTree Gold 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.

WisdomTree Gold Correlation With Market

Modest diversification

The correlation between WisdomTree Gold EUR and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding WisdomTree Gold EUR and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to WisdomTree Gold could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace WisdomTree Gold when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back WisdomTree Gold - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling WisdomTree Gold EUR to buy it.

Moving together with WisdomTree Etf

  0.82JPNH Lyxor UCITS JapanPairCorr
  0.71JPN Lyxor UCITS JapanPairCorr
  0.83MSE Amundi EURO STOXXPairCorr
  1.0GBS Gold Bullion SecuritiesPairCorr
  0.71GLUX Amundi Index SolutionsPairCorr
  0.86MCEU Amundi Index SolutionsPairCorr
  0.89BRES Multi Units LuxembourgPairCorr
  0.61ACWI Multi Units LuxembourgPairCorr
  0.75PQVM Invesco SP 500PairCorr
  0.76DAX Multi Units LuxembourgPairCorr
  0.8S6EW Ossiam Stoxx EuropePairCorr
  0.83ETDD BNP Paribas EasyPairCorr
  0.73UTI Lyxor Index FundPairCorr
  0.64SRIE BNP Paribas EasyPairCorr
  0.64EKLD BNP Paribas EasyPairCorr
  0.71100H Amundi FTSE 100PairCorr
  0.77AFLT Amundi Index SolutionsPairCorr
  0.915OGU Ossiam LuxPairCorr
  0.61S500H Amundi SP 500PairCorr
  0.81MMS Amundi MSCI EMUPairCorr
  0.74EUDV SSgA SPDR ETFsPairCorr
  0.81IQJP IndexIQ Factors SustPairCorr
  0.7MTA Amundi Euro GovernmentPairCorr

Related Correlations Analysis


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

UBER
+ 0.81
MSFT
XOM
+ 0.78
MRK
XOM
+ 0.74
F
MRK
+ 0.71
F
JPM
+ 0.64
F
MRK
+ 0.64
JPM
  

High negative correlations

MRK
- 0.83
MSFT
MRK
- 0.78
UBER
T
- 0.7
F
XOM
- 0.66
MSFT
XOM
- 0.65
T
JPM
- 0.61
T

WisdomTree Gold Competition Risk-Adjusted Indicators

There is a big difference between WisdomTree Etf performing well and WisdomTree Gold 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 WisdomTree Gold'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.32 (0.28) 0.00 (0.20) 0.00 
 0.00 
 2.30 
(2.67)
 13.46 
MSFT  0.93 (0.17) 0.00  1.61  0.00 
 0.00 
 1.65 
(2.50)
 4.90 
UBER  1.46 (0.23) 0.00 (0.17) 0.00 
 0.00 
 2.60 
(3.82)
 10.23 
F  1.41  0.28  0.14  1.45  1.25 
(1.70)
 3.38 
(2.35)
 16.30 
T  0.90 (0.10) 0.00  3.59  0.00 
 0.00 
 1.63 
(1.85)
 5.78 
A  1.14 (0.09)(0.05) 0.02  1.39 
(1.20)
 2.34 
(2.22)
 6.50 
CRM  1.58 (0.08) 0.00 (4.41) 0.00 
 0.00 
 3.66 
(3.61)
 12.37 
JPM  1.14  0.00 (0.04) 0.09  1.66 
(1.13)
 2.00 
(2.34)
 7.38 
MRK  1.22  0.36  0.25  0.78  0.97 
(1.55)
 3.59 
(1.98)
 8.09 
XOM  1.07  0.23  0.12  2.92  0.98 
(1.24)
 2.37 
(1.51)
 5.82 

Be your own money manager

Our tools can tell you how much better you can do entering a position in WisdomTree Gold without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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