RiverNorth Active Correlations

CEFZ Etf

USD 8.19 0.04 0.49%

The current 90-days correlation between RiverNorth Active Income and The Hoya Capital is 0.39 (i.e., Weak diversification). The correlation of RiverNorth Active 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.

RiverNorth Active Correlation With Market

Poor diversification

The correlation between RiverNorth Active Income and DJI is 0.65 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding RiverNorth Active Income and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with RiverNorth Etf

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in RiverNorth Active 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 price.

Moving together with RiverNorth Etf

0.83	VTI	Vanguard Total Stock	Pair Corr
0.8	SPY	SPDR SP 500	Pair Corr
0.8	IVV	iShares Core SP	Pair Corr
0.83	VTV	Vanguard Value Index	Pair Corr
0.63	VO	Vanguard Mid Cap	Pair Corr
0.77	VEA	Vanguard FTSE Developed	Pair Corr
0.83	VB	Vanguard Small Cap	Pair Corr
0.67	FB	ProShares Trust ProShares	Pair Corr
0.82	TOT	Advisor Managed Port	Pair Corr
0.81	DUKH	Ocean Park High	Pair Corr
0.69	SLX	VanEck Steel ETF	Pair Corr
0.73	ZJAN	Innovator Equity Defined	Pair Corr
0.69	CPER	United States Copper	Pair Corr
0.64	QQQM	Invesco NASDAQ 100	Pair Corr
0.78	SCZ	iShares MSCI EAFE	Pair Corr
0.73	QULL	ETRACS 2x Leveraged	Pair Corr
0.61	GBUG	Sprott Active Gold	Pair Corr
0.84	QLC	FlexShares Quality Large	Pair Corr
0.84	HYSD	Columbia ETF Trust	Pair Corr
0.8	VOO	Vanguard SP 500	Pair Corr
0.81	CSD	Invesco SP Spin	Pair Corr

Moving against RiverNorth Etf

0.8	VXX	iPath Series B Sell-off Trend	Pair Corr
0.59	NFLX	Netflix	Pair Corr
0.36	GBTC	Grayscale Bitcoin Trust	Pair Corr

Related Correlations Analysis

	HOMZ	KEMQ	OZEM	XUDV	PTEU	NIXT	PSCC	FLAX	COPP	NBJP
HOMZ		-0.05	-0.03	0.74	0.34	0.74	0.53	-0.29	0.16	0.06	HOMZ
KEMQ	-0.05		-0.48	0.04	0.01	0.12	0.26	0.49	-0.23	-0.17	KEMQ
OZEM	-0.03	-0.48		0.35	0.61	0.1	-0.47	0.14	0.74	0.81	OZEM
XUDV	0.74	0.04	0.35		0.79	0.89	0.43	0.03	0.67	0.47	XUDV
PTEU	0.34	0.01	0.61	0.79		0.66	0.11	0.45	0.86	0.77	PTEU
NIXT	0.74	0.12	0.1	0.89	0.66		0.55	0.06	0.56	0.25	NIXT
PSCC	0.53	0.26	-0.47	0.43	0.11	0.55		-0.28	-0.07	-0.32	PSCC
FLAX	-0.29	0.49	0.14	0.03	0.45	0.06	-0.28		0.22	0.48	FLAX
COPP	0.16	-0.23	0.74	0.67	0.86	0.56	-0.07	0.22		0.7	COPP
NBJP	0.06	-0.17	0.81	0.47	0.77	0.25	-0.32	0.48	0.7		NBJP
	HOMZ	KEMQ	OZEM	XUDV	PTEU	NIXT	PSCC	FLAX	COPP	NBJP

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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

NIXT	+ 0.89	XUDV
COPP	+ 0.86	PTEU
NBJP	+ 0.81	OZEM
PTEU	+ 0.79	XUDV
NBJP	+ 0.77	PTEU
XUDV	+ 0.74	HOMZ

High negative correlations

OZEM	- 0.48	KEMQ
PSCC	- 0.47	OZEM
NBJP	- 0.32	PSCC
FLAX	- 0.29	HOMZ
FLAX	- 0.28	PSCC
COPP	- 0.23	KEMQ

RiverNorth Active Constituents Risk-Adjusted Indicators

There is a big difference between RiverNorth Etf performing well and RiverNorth Active 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 RiverNorth Active'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
HOMZ	0.73	(0.11)	0.00	(0.05)	0.00	0.00	2.15	(1.65)	5.03
KEMQ	1.23	(0.10)	0.00	(0.04)	0.00	0.00	2.75	(2.41)	11.09
OZEM	1.17	0.33	0.21	0.54	1.02	(1.26)	2.76	(2.02)	7.31
XUDV	0.68	(0.03)	(0.03)	0.03	0.84	(0.70)	1.22	(1.14)	3.61
PTEU	0.62	0.03	0.02	0.09	0.72	(0.61)	1.38	(1.19)	2.88
NIXT	1.04	(0.08)	(0.04)	0.00	1.32	(1.09)	2.00	(2.06)	5.40
PSCC	0.70	(0.09)	0.00	(0.10)	0.00	0.00	1.42	(1.13)	3.66
FLAX	0.71	0.00	(0.01)	0.06	0.87	(0.81)	1.42	(1.11)	4.84
COPP	1.78	0.35	0.19	0.24	1.87	(1.99)	4.53	(4.11)	10.56
NBJP	0.65	0.04	0.03	0.11	0.89	(0.66)	1.37	(1.08)	5.34

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