Angel Oak Correlations

CARY Etf

20.91 0.03 0.14%

The current 90-days correlation between Angel Oak Income and PIMCO ETF Trust is 0.18 (i.e., Average 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 real.

Moving together with Angel Etf

0.7	AXSIX	Axonic Strategic Income	Pair Corr
0.71	AXSAX	Axonic Strategic Income	Pair Corr
0.75	SMCRX	ALPSSmith Credit Opp	Pair Corr
0.73	SMCVX	ALPSSmith Credit Opp	Pair Corr
0.76	SMCAX	DEUTSCHE MID CAP	Pair Corr
0.77	SMCCX	DEUTSCHE MID CAP	Pair Corr
0.98	JPIE	JP Morgan Exchange Sell-off Trend	Pair Corr
0.94	AFIF	Anfield Universal Fixed	Pair Corr
0.96	MUSI	American Century Mul	Pair Corr
0.88	SIO	Touchstone Strategic	Pair Corr
0.93	SIXD	AIM ETF Products	Pair Corr
0.64	ITA	iShares Aerospace Defense Low Volatility	Pair Corr
0.94	JEPI	JPMorgan Equity Premium	Pair Corr
0.89	INOV	Innovator ETFs Trust	Pair Corr
0.8	DD	Dupont De Nemours	Pair Corr
0.77	CAT	Caterpillar	Pair Corr
0.8	JNJ	Johnson Johnson Earnings Call This Week	Pair Corr
0.7	JPM	JPMorgan Chase	Pair Corr
0.94	AA	Alcoa Corp Earnings Call This Week	Pair Corr
0.78	BAC	Bank of America	Pair Corr

Moving against Angel Etf

0.91	VIXY	ProShares VIX Short	Pair Corr
0.9	VXX	iPath Series B	Pair Corr
0.83	VIXM	ProShares VIX Mid	Pair Corr
0.83	VXZ	iPath Series B	Pair Corr
0.79	YCL	ProShares Ultra Yen Potential Growth	Pair Corr
0.79	FXY	Invesco CurrencyShares	Pair Corr
0.79	HPQ	HP Inc	Pair Corr
0.68	MSFT	Microsoft	Pair Corr
0.61	PG	Procter Gamble Earnings Call This Week	Pair Corr
0.36	HD	Home Depot	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.6	0.33	-0.42	0.24	-0.28	0.41	-0.19	-0.36	-0.43	META
MSFT	0.6		0.81	-0.55	0.46	0.01	0.09	-0.46	-0.83	-0.69	MSFT
UBER	0.33	0.81		-0.5	0.44	0.29	-0.16	-0.5	-0.81	-0.56	UBER
F	-0.42	-0.55	-0.5		-0.7	0.16	0.26	0.64	0.71	0.75	F
T	0.24	0.46	0.44	-0.7		0.28	-0.52	-0.61	-0.5	-0.62	T
A	-0.28	0.01	0.29	0.16	0.28		-0.54	-0.24	-0.02	-0.02	A
CRM	0.41	0.09	-0.16	0.26	-0.52	-0.54		0.54	0.16	0.11	CRM
JPM	-0.19	-0.46	-0.5	0.64	-0.61	-0.24	0.54		0.64	0.54	JPM
MRK	-0.36	-0.83	-0.81	0.71	-0.5	-0.02	0.16	0.64		0.8	MRK
XOM	-0.43	-0.69	-0.56	0.75	-0.62	-0.02	0.11	0.54	0.8		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	+ 0.81	MSFT
XOM	+ 0.8	MRK
XOM	+ 0.75	F
MRK	+ 0.71	F
JPM	+ 0.64	F
MRK	+ 0.64	JPM

High negative correlations

MRK	- 0.83	MSFT
MRK	- 0.81	UBER
T	- 0.7	F
XOM	- 0.69	MSFT
XOM	- 0.62	T
JPM	- 0.61	T

Angel Oak Competition 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
META	1.33	(0.30)	0.00	(0.22)	0.00	0.00	2.30	(2.67)	13.46
MSFT	0.93	(0.22)	0.00	(0.40)	0.00	0.00	1.65	(2.50)	4.90
UBER	1.45	(0.24)	0.00	(0.17)	0.00	0.00	2.60	(3.82)	10.23
F	1.41	0.16	0.14	0.21	1.25	(1.70)	3.38	(2.35)	16.30
T	0.90	(0.14)	0.00	(0.27)	0.00	0.00	1.63	(1.85)	5.78
A	1.09	(0.04)	(0.02)	0.06	1.21	(1.20)	2.34	(2.09)	6.50
CRM	1.58	(0.18)	0.00	(0.08)	0.00	0.00	3.66	(3.61)	12.37
JPM	1.14	(0.13)	(0.05)	0.01	1.66	(1.13)	2.00	(2.34)	7.38
MRK	1.22	0.32	0.24	0.48	0.97	(1.55)	3.59	(1.98)	8.09
XOM	1.07	0.22	0.10	2.79	0.97	(1.22)	2.37	(1.51)	5.82

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