Callaway Golf Correlations

CALY Etf

14.06 0.07 0.50%

The current 90-days correlation between Callaway Golf and BRP Inc is 0.17 (i.e., Average diversification). The correlation of Callaway Golf 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.

Callaway Golf Correlation With Market

Poor diversification

The correlation between Callaway Golf and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Callaway Golf and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Callaway Etf

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

For more information on how to buy Callaway Etf please use our How to Invest in Callaway Golf guide.

Moving together with Callaway Etf

0.85	BC	Brunswick	Pair Corr
0.66	XPF	XP Factory PLC	Pair Corr
0.85	4GY	Gym Group	Pair Corr
0.84	ESCA	Escalade Incorporated	Pair Corr
0.73	WAT	Waterco	Pair Corr
0.82	3ZV	BENEFIT SYSTEMS ZY	Pair Corr
0.69	DOO	BRP Inc Symbol Change	Pair Corr
0.66	HAS	Hasbro Inc	Pair Corr
0.89	RGR	Sturm Ruger	Pair Corr
0.63	CDA	Compagnie des Alpes	Pair Corr
0.82	1SG	MasterCraft Boat Holdings	Pair Corr
0.78	6SZA	SANLORENZO IN SIGLA	Pair Corr
0.78	GOLF	Acushnet Holdings Corp	Pair Corr
0.61	MTP	Münchener Tierpark	Pair Corr
0.75	YETI	YETI Holdings	Pair Corr
0.7	FU2	Funko Inc Earnings Call This Week	Pair Corr

Moving against Callaway Etf

0.67	VMAR	Vision Marine Techno	Pair Corr
0.65	CYQ	CYCLIQ Group	Pair Corr
0.53	TOY	Spin Master Corp Earnings Call This Week	Pair Corr
0.32	HWH	HWH International	Pair Corr
0.74	YMAT	J Star Holding	Pair Corr
0.49	AS7	ANTA Sports Products	Pair Corr
0.48	POOL	Pool Safe	Pair Corr
0.31	2HU	SA Catana Group	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.12	-0.14	0.13	0.12	-0.31	-0.04	0.23	0.08	0.21	META
MSFT	-0.12		0.84	-0.65	-0.86	0.8	0.93	0.33	-0.91	-0.94	MSFT
UBER	-0.14	0.84		-0.57	-0.77	0.85	0.75	0.19	-0.81	-0.83	UBER
F	0.13	-0.65	-0.57		0.41	-0.59	-0.51	-0.05	0.75	0.7	F
T	0.12	-0.86	-0.77	0.41		-0.65	-0.84	-0.29	0.75	0.76	T
A	-0.31	0.8	0.85	-0.59	-0.65		0.67	0.2	-0.75	-0.84	A
CRM	-0.04	0.93	0.75	-0.51	-0.84	0.67		0.53	-0.82	-0.9	CRM
JPM	0.23	0.33	0.19	-0.05	-0.29	0.2	0.53		-0.13	-0.32	JPM
MRK	0.08	-0.91	-0.81	0.75	0.75	-0.75	-0.82	-0.13		0.92	MRK
XOM	0.21	-0.94	-0.83	0.7	0.76	-0.84	-0.9	-0.32	0.92		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

CRM	+ 0.93	MSFT
XOM	+ 0.92	MRK
A	+ 0.85	UBER
UBER	+ 0.84	MSFT
A	+ 0.8	MSFT
XOM	+ 0.76	T

High negative correlations

XOM	- 0.94	MSFT
MRK	- 0.91	MSFT
XOM	- 0.9	CRM
T	- 0.86	MSFT
XOM	- 0.84	A
CRM	- 0.84	T

Callaway Golf Competition Risk-Adjusted Indicators

There is a big difference between Callaway Etf performing well and Callaway Golf 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 Callaway Golf'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	1.54	0.08	0.04	0.17	1.53	(1.74)	3.43	(2.81)	13.69
MSFT	1.33	(0.31)	0.00	(0.50)	0.00	0.00	2.19	(2.87)	13.28
UBER	1.56	(0.19)	0.00	(0.30)	0.00	0.00	2.70	(3.82)	11.09
F	1.22	0.09	0.07	0.17	1.05	(1.50)	3.61	(2.22)	7.50
T	1.05	0.15	0.05	(0.64)	0.99	(1.22)	3.87	(1.76)	7.44
A	1.24	(0.41)	0.00	(0.32)	0.00	0.00	2.48	(2.73)	7.20
CRM	1.80	(0.30)	0.00	(0.18)	0.00	0.00	3.66	(4.75)	12.37
JPM	1.27	(0.11)	(0.03)	0.01	1.83	(1.30)	2.34	(3.11)	8.17
MRK	1.27	0.33	0.20	0.72	1.10	(1.42)	2.81	(2.06)	8.74
XOM	1.32	0.41	0.23	12.19	1.09	(1.57)	2.90	(2.44)	6.83

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