Angel Oak Correlations

CARY Etf

21.01 0.03 0.14%

The current 90-days correlation between Angel Oak Income and Virtus ETF Trust is 0.43 (i.e., Very weak diversification). The correlation of Angel Oak 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.

Angel Oak Correlation With Market

Weak diversification

The correlation between Angel Oak Income and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Angel Oak Income and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Angel Etf

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

Moving together with Angel Etf

0.8	AXSIX	Axonic Strategic Income	Pair Corr
0.8	AXSAX	Axonic Strategic Income	Pair Corr
0.78	SMCRX	ALPSSmith Credit Opp	Pair Corr
0.76	SMCVX	ALPSSmith Credit Opp	Pair Corr
0.77	SMCAX	DEUTSCHE MID CAP	Pair Corr
0.79	SMCCX	DEUTSCHE MID CAP	Pair Corr
0.95	JPIE	JP Morgan Exchange	Pair Corr
0.92	AFIF	Anfield Universal Fixed	Pair Corr
0.92	MUSI	American Century Mul	Pair Corr
0.92	SIO	Touchstone Strategic	Pair Corr
0.65	SPY	SPDR SP 500	Pair Corr
0.95	IBTI	iShares iBonds Dec	Pair Corr
0.79	FELV	Fidelity Covington Trust	Pair Corr
0.68	JEPQ	JPMorgan Nasdaq Equity	Pair Corr
0.92	FIAX	Nicholas Fixed Income	Pair Corr
0.86	CSCO	Cisco Systems Sell-off Trend	Pair Corr
0.67	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.83	KO	Coca Cola	Pair Corr
0.89	AA	Alcoa Corp Sell-off Trend	Pair Corr
0.73	IBM	International Business	Pair Corr
0.85	MRK	Merck Company Aggressive Push	Pair Corr
0.87	CAT	Caterpillar	Pair Corr

Moving against Angel Etf

0.77	HD	Home Depot	Pair Corr
0.73	T	ATT Inc	Pair Corr
0.64	PG	Procter Gamble	Pair Corr
0.62	MSFT	Microsoft	Pair Corr
0.58	HPQ	HP Inc	Pair Corr
0.52	CVX	Chevron Corp	Pair Corr
0.39	BA	Boeing	Pair Corr

Related Correlations Analysis

	VSHY	BBSB	TBJL	HYSA	GEMD	JFLI	MINN	ORR	XHYC	HEQQ
VSHY		0.75	-0.15	0.84	0.72	0.87	0.66	0.65	0.73	0.78	VSHY
BBSB	0.75		-0.16	0.59	0.87	0.67	0.88	0.77	0.58	0.61	BBSB
TBJL	-0.15	-0.16		-0.35	-0.09	-0.21	-0.1	-0.55	-0.51	-0.12	TBJL
HYSA	0.84	0.59	-0.35		0.54	0.79	0.46	0.65	0.84	0.68	HYSA
GEMD	0.72	0.87	-0.09	0.54		0.73	0.89	0.76	0.56	0.72	GEMD
JFLI	0.87	0.67	-0.21	0.79	0.73		0.66	0.69	0.74	0.93	JFLI
MINN	0.66	0.88	-0.1	0.46	0.89	0.66		0.76	0.45	0.62	MINN
ORR	0.65	0.77	-0.55	0.65	0.76	0.69	0.76		0.68	0.55	ORR
XHYC	0.73	0.58	-0.51	0.84	0.56	0.74	0.45	0.68		0.65	XHYC
HEQQ	0.78	0.61	-0.12	0.68	0.72	0.93	0.62	0.55	0.65		HEQQ
	VSHY	BBSB	TBJL	HYSA	GEMD	JFLI	MINN	ORR	XHYC	HEQQ

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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

HEQQ	+ 0.93	JFLI
MINN	+ 0.89	GEMD
MINN	+ 0.88	BBSB
JFLI	+ 0.87	VSHY
GEMD	+ 0.87	BBSB
HYSA	+ 0.84	VSHY

High negative correlations

ORR	- 0.55	TBJL
XHYC	- 0.51	TBJL
HYSA	- 0.35	TBJL
JFLI	- 0.21	TBJL
TBJL	- 0.16	BBSB
TBJL	- 0.15	VSHY

Angel Oak Constituents Risk-Adjusted Indicators

There is a big difference between Angel Etf performing well and Angel Oak 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 Angel Oak'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
VSHY	0.16	(0.01)	(0.27)	(0.05)	0.20	(0.20)	0.32	(0.41)	1.06
BBSB	0.05	0.00	(0.94)	0.32	0.00	(0.06)	0.14	(0.07)	0.32
TBJL	0.29	(0.03)	0.00	(0.15)	0.00	0.00	0.65	(0.64)	2.18
HYSA	0.22	0.00	(0.23)	0.01	0.22	(0.24)	0.40	(0.33)	1.20
GEMD	0.23	0.04	(0.06)	1.34	0.00	(0.25)	0.50	(0.38)	1.52
JFLI	0.37	0.01	(0.06)	0.15	0.47	(0.37)	0.70	(0.82)	1.93
MINN	0.24	0.01	(0.12)	0.16	0.25	(0.27)	0.54	(0.45)	1.88
ORR	0.60	0.10	0.05	(1.20)	0.71	(0.61)	1.04	(1.16)	3.22
XHYC	0.12	0.00	(0.27)	0.46	0.12	(0.14)	0.30	(0.27)	0.73
HEQQ	0.40	0.03	(0.03)	0.34	0.55	(0.38)	1.01	(1.22)	3.04

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