IShares Gold Correlations

CSGOLD Etf

USD 484.80 6.15 1.28%

The current 90-days correlation between iShares Gold ETF and UBS ETF plc is 0.11 (i.e., Average diversification). The correlation of IShares Gold 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.

IShares Gold Correlation With Market

Very poor diversification

The correlation between iShares Gold ETF and DJI is 0.82 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Gold ETF and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to IShares Gold could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace IShares Gold when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back IShares Gold - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling iShares Gold ETF to buy it.

Moving together with IShares Etf

1.0	ZGLDUS	ZKB Gold ETF	Pair Corr
1.0	ZGLDEU	ZKB Gold ETF	Pair Corr
0.99	AUUSI	UBS ETF Gold	Pair Corr
1.0	AUCHAH	UBS ETF Gold	Pair Corr
0.83	ZSIL	ZKB Silver ETF	Pair Corr
0.85	ZSILHC	ZKB Silver ETF	Pair Corr
0.86	ZSILUS	ZKB Silver ETF	Pair Corr
0.86	IJPE	iShares MSCI Japan	Pair Corr
0.84	LCEU	BNP Paribas Easy	Pair Corr
0.89	AASI	Amundi Index Solutions	Pair Corr
0.93	TBIL	SPDR Bloomberg 1	Pair Corr
0.93	HMXJ	HSBC MSCI Pacific	Pair Corr
0.75	RBOT	iShares Automation	Pair Corr
0.8	EMUEUA	UBSFund Solutions MSCI	Pair Corr
0.95	IEEM	iShares MSCI EM	Pair Corr
0.91	XLIS	Invesco Industrials	Pair Corr
0.84	HMEU	HSBC MSCI Europe	Pair Corr
0.78	JPNC	Lyxor Japan UCITS	Pair Corr
0.77	XSMI	Xtrackers Switzerland	Pair Corr
0.79	SW2CHB	UBSFund Solutions MSCI	Pair Corr
0.82	IJPN	iShares MSCI Japan	Pair Corr
0.85	XMJP	Xtrackers MSCI Japan	Pair Corr
0.95	AUEM	Amundi Index Solutions	Pair Corr
0.77	VJPN	Vanguard FTSE Japan	Pair Corr
0.86	LYMEU	Lyxor MSCI Europe	Pair Corr
0.86	JPHG	Amundi Index Solutions	Pair Corr
0.77	SMICHA	UBS ETF SMI	Pair Corr
0.86	JPNUKD	UBSFund Solutions MSCI	Pair Corr
0.89	SXXEEX	iShares EURO STOXX	Pair Corr
0.84	SCITY	Amundi Index Solutions	Pair Corr
0.95	HIEM	HSBC MSCI Emerging	Pair Corr
0.85	SJPA	iShares Core MSCI	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.29	-0.34	0.39	0.14	-0.42	-0.06	0.36	0.36	0.35	META
MSFT	-0.29		0.82	-0.6	-0.77	0.76	0.87	0.08	-0.88	-0.93	MSFT
UBER	-0.34	0.82		-0.55	-0.65	0.82	0.65	-0.07	-0.8	-0.8	UBER
F	0.39	-0.6	-0.55		0.23	-0.5	-0.35	0.26	0.75	0.65	F
T	0.14	-0.77	-0.65	0.23		-0.55	-0.81	-0.16	0.59	0.68	T
A	-0.42	0.76	0.82	-0.5	-0.55		0.59	-0.01	-0.68	-0.81	A
CRM	-0.06	0.87	0.65	-0.35	-0.81	0.59		0.43	-0.69	-0.85	CRM
JPM	0.36	0.08	-0.07	0.26	-0.16	-0.01	0.43		0.2	-0.11	JPM
MRK	0.36	-0.88	-0.8	0.75	0.59	-0.68	-0.69	0.2		0.88	MRK
XOM	0.35	-0.93	-0.8	0.65	0.68	-0.81	-0.85	-0.11	0.88		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

XOM	+ 0.88	MRK
CRM	+ 0.87	MSFT
UBER	+ 0.82	MSFT
A	+ 0.82	UBER
A	+ 0.76	MSFT
MRK	+ 0.75	F

High negative correlations

XOM	- 0.93	MSFT
MRK	- 0.88	MSFT
XOM	- 0.85	CRM
XOM	- 0.81	A
CRM	- 0.81	T
XOM	- 0.8	UBER

IShares Gold Competition Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares Gold 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 IShares Gold'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	1.50	0.07	0.03	0.16	1.44	(1.78)	3.43	(2.60)	13.69
MSFT	1.29	(0.39)	0.00	(1.03)	0.00	0.00	1.90	(2.74)	13.28
UBER	1.56	(0.35)	0.00	(0.63)	0.00	0.00	2.46	(3.82)	11.09
F	1.22	0.05	0.03	0.13	1.21	(1.46)	3.34	(2.30)	7.16
T	1.00	0.15	0.07	(19.14)	0.94	(1.16)	3.87	(1.76)	7.44
A	1.26	(0.35)	0.00	(0.21)	0.00	0.00	2.90	(2.72)	7.85
CRM	1.69	(0.47)	0.00	(0.39)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.20	(0.06)	(0.02)	0.03	1.61	(1.29)	2.34	(2.63)	7.38
MRK	1.27	0.38	0.26	0.64	0.97	(1.50)	2.93	(1.98)	8.74
XOM	1.29	0.31	0.18	1.25	1.17	(1.46)	2.90	(2.44)	6.83

Be your own money manager

Our tools can tell you how much better you can do entering a position in IShares Gold without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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