Callaway Golf Correlations

CALY Etf

15.38 0.22 1.41%

The current 90-days correlation between Callaway Golf and Zillow Group Class is 0.25 (i.e., Modest 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 industry.

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

Moving together with Callaway Etf

0.73	INR	Infinity Natural Res	Pair Corr
0.68	TOT	Advisor Managed Port	Pair Corr
0.82	FB	ProShares Trust ProShares	Pair Corr
0.75	PCLN	2023 ETF	Pair Corr
0.76	CA	Xtrackers California	Pair Corr
0.92	JAVA	JPMorgan Active Value	Pair Corr
0.87	CAM	AB Active ETFs	Pair Corr
0.93	METL	Sprott Active Metals	Pair Corr
0.9	MLPR	ETRACS Quarterly Pay	Pair Corr
0.93	GLTR	abrdn Physical Precious	Pair Corr
0.91	VYM	Vanguard High Dividend	Pair Corr
0.95	GDMN	WisdomTree Efficient Gold Low Volatility	Pair Corr
0.92	MLPD	Global X Funds	Pair Corr
0.89	FRDM	Freedom 100 Emerging Low Volatility	Pair Corr
0.79	PBQQ	PGIM Laddered Nasdaq	Pair Corr
0.91	UYM	ProShares Ultra Basic	Pair Corr
0.66	SPY	SPDR SP 500	Pair Corr
0.87	QQQJ	Invesco NASDAQ Next	Pair Corr
0.93	IAUM	iShares Gold Trust	Pair Corr
0.95	SLVR	Sprott Silver Miners Sell-off Trend	Pair Corr
0.89	VEA	Vanguard FTSE Developed Aggressive Push	Pair Corr
0.62	USPX	Franklin Templeton ETF	Pair Corr
0.93	PAYR	Federated Hermes Enhanced	Pair Corr
0.66	VOO	Vanguard SP 500	Pair Corr
0.73	DBND	DoubleLine Opportunistic	Pair Corr
0.88	LDUR	PIMCO Enhanced Low	Pair Corr
0.73	BNKU	MicroSectors Big Banks	Pair Corr
0.61	HFND	Unlimited HFND Multi	Pair Corr
0.8	ALIBX	ALPSSmith Balanced	Pair Corr
0.75	BFRE	Ultimus Managers Trust	Pair Corr
0.93	REMX	VanEck Rare EarthStr	Pair Corr
0.92	ONEY	SPDR Russell 1000	Pair Corr
0.65	RSMC	Rockefeller Small Mid	Pair Corr
0.85	VIGI	Vanguard International	Pair Corr
0.82	XMVM	Invesco SP MidCap	Pair Corr
0.83	RDFI	Rareview Dynamic Fixed	Pair Corr

Moving against Callaway Etf

0.82

NFLX

Netflix Sell-off Trend

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.54	0.3	-0.12	-0.03	-0.16	0.54	0.02	-0.28	-0.24	META
MSFT	0.54		0.78	-0.54	0.48	0.28	0.33	-0.19	-0.85	-0.7	MSFT
UBER	0.3	0.78		-0.45	0.42	0.48	0.03	-0.32	-0.8	-0.51	UBER
F	-0.12	-0.54	-0.45		-0.6	-0.19	0.09	0.52	0.67	0.59	F
T	-0.03	0.48	0.42	-0.6		0.62	-0.15	-0.28	-0.47	-0.66	T
A	-0.16	0.28	0.48	-0.19	0.62		-0.24	-0.16	-0.3	-0.46	A
CRM	0.54	0.33	0.03	0.09	-0.15	-0.24		0.61	-0.11	-0.38	CRM
JPM	0.02	-0.19	-0.32	0.52	-0.28	-0.16	0.61		0.41	0.02	JPM
MRK	-0.28	-0.85	-0.8	0.67	-0.47	-0.3	-0.11	0.41		0.71	MRK
XOM	-0.24	-0.7	-0.51	0.59	-0.66	-0.46	-0.38	0.02	0.71		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

UBER	+ 0.78	MSFT
XOM	+ 0.71	MRK
MRK	+ 0.67	F
A	+ 0.62	T
JPM	+ 0.61	CRM
XOM	+ 0.59	F

High negative correlations

MRK	- 0.85	MSFT
MRK	- 0.8	UBER
XOM	- 0.7	MSFT
XOM	- 0.66	T
T	- 0.6	F
F	- 0.54	MSFT

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	1.44	(0.12)	0.00	(1.43)	0.00	0.00	3.16	(2.67)	13.02
MSFT	1.05	(0.13)	0.00	0.63	0.00	0.00	1.78	(2.50)	4.90
UBER	1.45	(0.23)	0.00	(0.24)	0.00	0.00	2.60	(3.82)	10.23
F	1.47	0.11	0.09	0.15	1.32	(1.82)	3.65	(2.35)	16.30
T	0.88	(0.17)	0.00	(0.41)	0.00	0.00	1.53	(1.85)	4.30
A	1.19	(0.19)	0.00	(0.08)	0.00	0.00	2.90	(2.58)	7.85
CRM	1.43	(0.23)	0.00	(0.16)	0.00	0.00	2.94	(3.10)	12.37
JPM	1.11	(0.06)	(0.02)	0.03	1.66	(1.09)	2.00	(3.11)	7.38
MRK	1.24	0.28	0.19	0.47	1.13	(1.50)	3.59	(1.98)	8.09
XOM	1.07	0.27	0.17	4.15	0.96	(1.25)	2.38	(1.51)	5.82

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