Global X Correlations

CTEC Etf

USD 56.28 0.70 1.23%

The current 90-days correlation between Global X CleanTech and iShares Trust is 0.73 (i.e., Poor 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 0.6 (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 manufacturing.

Moving together with Global Etf

0.68	PBD	Invesco Global Clean	Pair Corr
0.64	NVDL	GraniteShares 15x Long	Pair Corr
0.68	USD	ProShares Ultra Semi	Pair Corr
0.71	BULZ	MicroSectors Solactive	Pair Corr
0.63	TSXU	Direxion Shares ETF	Pair Corr

Moving against Global Etf

0.33	JNUG	Direxion Daily Junior	Pair Corr
0.56	JNJ	Johnson Johnson	Pair Corr
0.51	VZ	Verizon Communications	Pair Corr
0.5	TRV	The Travelers Companies	Pair Corr
0.36	PFE	Pfizer Inc	Pair Corr
0.34	CSCO	Cisco Systems	Pair Corr
0.34	WMT	Walmart Common Stock	Pair Corr

Related Correlations Analysis

	ITDG	BTR	JMID	RNRG	LFEQ	CDEI	HFGM	FLOW	MART	LITP
ITDG		0.94	0.49	0.64	0.96	0.87	0.74	0.85	0.94	0.63	ITDG
BTR	0.94		0.59	0.54	0.86	0.74	0.76	0.87	0.88	0.6	BTR
JMID	0.49	0.59		0.33	0.45	0.11	0.77	0.23	0.23	-0.15	JMID
RNRG	0.64	0.54	0.33		0.57	0.52	0.61	0.37	0.52	0.34	RNRG
LFEQ	0.96	0.86	0.45	0.57		0.92	0.64	0.8	0.92	0.53	LFEQ
CDEI	0.87	0.74	0.11	0.52	0.92		0.41	0.81	0.93	0.68	CDEI
HFGM	0.74	0.76	0.77	0.61	0.64	0.41		0.45	0.53	0.25	HFGM
FLOW	0.85	0.87	0.23	0.37	0.8	0.81	0.45		0.93	0.76	FLOW
MART	0.94	0.88	0.23	0.52	0.92	0.93	0.53	0.93		0.77	MART
LITP	0.63	0.6	-0.15	0.34	0.53	0.68	0.25	0.76	0.77		LITP
	ITDG	BTR	JMID	RNRG	LFEQ	CDEI	HFGM	FLOW	MART	LITP

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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

LFEQ	+ 0.96	ITDG
BTR	+ 0.94	ITDG
MART	+ 0.94	ITDG
MART	+ 0.93	CDEI
MART	+ 0.93	FLOW
CDEI	+ 0.92	LFEQ

High negative correlations

LITP

- 0.15

JMID

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
ITDG	0.57	0.00	(0.01)	0.06	0.82	(0.52)	1.04	(1.24)	3.14
BTR	0.55	(0.03)	(0.06)	0.03	0.65	(0.60)	0.96	(0.93)	2.66
JMID	0.82	(0.08)	(0.06)	(0.01)	1.15	(0.75)	1.50	(1.90)	4.23
RNRG	0.67	0.04	0.02	0.14	0.78	(0.72)	1.41	(1.24)	4.53
LFEQ	0.59	(0.01)	(0.02)	0.05	0.79	(0.57)	1.19	(1.23)	3.32
CDEI	0.57	0.01	0.01	0.08	0.75	(0.59)	1.19	(1.19)	3.21
HFGM	1.29	(0.02)	0.01	0.05	1.59	(1.38)	3.25	(2.98)	7.24
FLOW	0.72	0.00	0.00	0.06	0.93	(0.75)	1.76	(1.46)	3.85
MART	0.27	0.01	(0.06)	0.09	0.34	(0.27)	0.58	(0.55)	1.75
LITP	2.91	0.60	0.18	0.35	3.15	(3.07)	5.88	(5.53)	20.28

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