Global X Correlations

CTEC Etf

USD 60.30 0.13 0.22%

The current 90-days correlation between Global X CleanTech and First Trust Horizon is 0.35 (i.e., Weak diversification). The correlation of Global X 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.

Global X Correlation With Market

Poor diversification

The correlation between Global X CleanTech and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X CleanTech and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Global Etf

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

Moving together with Global Etf

0.91	INFL	Horizon Kinetics Inf	Pair Corr
0.93	PBD	Invesco Global Clean	Pair Corr
0.74	VRAI	Virtus Real Asset	Pair Corr
0.78	FORH	Formidable ETF	Pair Corr
0.86	SAGP	Advisorsa Inner	Pair Corr
0.86	CBSE	Elevation Series Trust	Pair Corr
0.75	USD	ProShares Ultra Semi	Pair Corr
0.86	JNUG	Direxion Daily Junior	Pair Corr
0.85	GDXU	MicroSectors Gold Miners	Pair Corr
0.88	NUGT	Direxion Daily Gold	Pair Corr
0.89	GDMN	WisdomTree Efficient Gold Low Volatility	Pair Corr
0.66	AGQ	ProShares Ultra Silver Trending	Pair Corr
0.89	DGP	DB Gold Double	Pair Corr
0.64	FB	ProShares Trust ProShares	Pair Corr
0.8	BSMS	Invesco BulletShares 2028	Pair Corr
0.82	IQSZ	Invesco Actively Managed	Pair Corr
0.75	REGL	ProShares SP MidCap	Pair Corr
0.81	PFFA	Virtus InfraCap Preferred	Pair Corr
0.68	UDI	USCF ETF Trust	Pair Corr
0.78	JEPI	JPMorgan Equity Premium	Pair Corr
0.75	PSFD	Pacer Swan SOS	Pair Corr
0.81	IRTR	iShares Trust	Pair Corr
0.86	WDNA	WisdomTree BioRevolution	Pair Corr
0.77	SIXJ	AIM ETF Products	Pair Corr
0.88	NBCE	Neuberger Berman ETF	Pair Corr
0.89	IAUM	iShares Gold Trust	Pair Corr
0.72	SPVM	Invesco SP 500	Pair Corr
0.84	ESML	iShares ESG Aware	Pair Corr
0.64	DOGG	First Trust Exchange	Pair Corr
0.84	NULV	Nuveen ESG Large	Pair Corr
0.85	EURL	Direxion Daily FTSE	Pair Corr
0.82	BMVP	Invesco Bloomberg MVP	Pair Corr
0.74	XAUG	FT Cboe Vest	Pair Corr
0.74	XFIX	Fm Investments Symbol Change	Pair Corr

Related Correlations Analysis

	KONG	TIME	AAVM	AVNV	COPJ	EWK	PJFV	FPWR	HDMV
KONG		0.71	0.66	0.63	0.81	0.47	0.7	0.11	0.47	KONG
TIME	0.71		0.15	0.12	0.5	-0.06	0.19	-0.34	-0.09	TIME
AAVM	0.66	0.15		0.99	0.89	0.96	0.98	0.77	0.96	AAVM
AVNV	0.63	0.12	0.99		0.88	0.97	0.97	0.79	0.97	AVNV
COPJ	0.81	0.5	0.89	0.88		0.79	0.87	0.48	0.77	COPJ
EWK	0.47	-0.06	0.96	0.97	0.79		0.93	0.88	0.98	EWK
PJFV	0.7	0.19	0.98	0.97	0.87	0.93		0.73	0.93	PJFV
FPWR	0.11	-0.34	0.77	0.79	0.48	0.88	0.73		0.87	FPWR
HDMV	0.47	-0.09	0.96	0.97	0.77	0.98	0.93	0.87		HDMV
	KONG	TIME	AAVM	AVNV	COPJ	EWK	PJFV	FPWR	HDMV

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

AVNV	+ 0.99	AAVM
PJFV	+ 0.98	AAVM
HDMV	+ 0.98	EWK
EWK	+ 0.97	AVNV
PJFV	+ 0.97	AVNV
HDMV	+ 0.97	AVNV

High negative correlations

FPWR	- 0.34	TIME
HDMV	- 0.09	TIME
EWK	- 0.06	TIME

Global X Constituents Risk-Adjusted Indicators

There is a big difference between Global Etf performing well and Global X 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 Global X'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
KONG	0.52	0.00	(0.03)	0.07	0.65	(0.57)	1.12	(1.24)	3.55
TIME	0.63	(0.04)	(0.07)	(0.01)	1.10	(0.54)	1.06	(1.60)	5.18
AAVM	0.65	0.18	0.21	0.28	0.43	(0.76)	1.55	(1.29)	4.28
AVNV	0.60	0.19	0.19	0.34	0.53	(0.67)	1.37	(1.19)	3.81
COPJ	1.98	0.48	0.16	0.40	2.74	(2.20)	4.43	(3.99)	15.83
EWK	0.52	0.16	0.20	0.53	0.25	(0.62)	1.05	(0.91)	3.12
PJFV	0.55	0.07	0.08	0.16	0.58	(0.62)	1.17	(0.97)	3.45
FPWR	0.56	0.12	0.10	0.53	0.44	(0.64)	1.43	(0.98)	3.14
HDMV	0.44	0.12	0.15	0.37	0.16	(0.53)	1.00	(0.78)	2.28

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