VanEck Defense Correlations

DFEN Etf

64.29 0.41 0.64%

The current 90-days correlation between VanEck Defense ETF and UBS Fund Solutions is 0.23 (i.e., Modest diversification). The correlation of VanEck Defense 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.

VanEck Defense Correlation With Market

Modest diversification

The correlation between VanEck Defense ETF and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding VanEck Defense ETF and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to VanEck Defense could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace VanEck Defense 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 VanEck Defense - 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 VanEck Defense ETF to buy it.

Moving together with VanEck Etf

0.76	UIM5	UBS Fund Solutions	Pair Corr
0.67	XDJP	Xtrackers Nikkei 225	Pair Corr
0.66	SXRZ	iShares VII PLC	Pair Corr
0.66	EXX7	iShares Nikkei 225	Pair Corr
0.86	IS3N	iShares Core MSCI	Pair Corr
0.86	IBC3	iShares Core MSCI	Pair Corr
0.73	5MVL	iShares Edge MSCI	Pair Corr
0.64	BATE	LG Battery Value	Pair Corr
0.65	NAQ	Nasdaq	Pair Corr
0.68	VALU	BNP Paribas Easy	Pair Corr
0.78	EXSE	iShares STOXX Europe	Pair Corr
0.88	UIW1	UBSFund Solutions MSCI	Pair Corr
0.66	DVDG	Franklin Global Quality	Pair Corr
0.78	DBXE	Xtrackers Euro	Pair Corr
0.62	DVDE	Franklin European Quality	Pair Corr
0.77	VWCE	Vanguard FTSE All	Pair Corr
0.74	DWLD	Franklin FTSE Developed	Pair Corr
0.74	XSXE	Xtrackers Stoxx	Pair Corr
0.7	H416	HSBC Plus World	Pair Corr
0.71	UET5	UBS ETF SICAV	Pair Corr
0.74	DELF	Legal General Ucits	Pair Corr
0.87	EMXC	Amundi MSCI Emerging	Pair Corr
0.76	MAGR	Ishares III Plc	Pair Corr
0.78	SC05	Invesco Markets plc	Pair Corr
0.69	FSPW	Franklin SP World	Pair Corr

Moving against VanEck Etf

0.83

DBPD

Xtrackers ShortDAX

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.6	0.32	-0.39	0.24	-0.24	0.43	-0.19	-0.35	-0.43	META
MSFT	0.6		0.8	-0.55	0.48	0.06	0.13	-0.45	-0.84	-0.7	MSFT
UBER	0.32	0.8		-0.49	0.44	0.32	-0.14	-0.5	-0.81	-0.54	UBER
F	-0.39	-0.55	-0.49		-0.71	0.09	0.24	0.66	0.71	0.73	F
T	0.24	0.48	0.44	-0.71		0.32	-0.45	-0.6	-0.51	-0.64	T
A	-0.24	0.06	0.32	0.09	0.32		-0.5	-0.26	-0.06	-0.09	A
CRM	0.43	0.13	-0.14	0.24	-0.45	-0.5		0.52	0.11	0.02	CRM
JPM	-0.19	-0.45	-0.5	0.66	-0.6	-0.26	0.52		0.64	0.52	JPM
MRK	-0.35	-0.84	-0.81	0.71	-0.51	-0.06	0.11	0.64		0.79	MRK
XOM	-0.43	-0.7	-0.54	0.73	-0.64	-0.09	0.02	0.52	0.79		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	+ 0.8	MSFT
XOM	+ 0.79	MRK
XOM	+ 0.73	F
MRK	+ 0.71	F
JPM	+ 0.66	F
MRK	+ 0.64	JPM

High negative correlations

MRK	- 0.84	MSFT
MRK	- 0.81	UBER
T	- 0.71	F
XOM	- 0.7	MSFT
XOM	- 0.64	T
JPM	- 0.6	T

VanEck Defense Competition Risk-Adjusted Indicators

There is a big difference between VanEck Etf performing well and VanEck Defense 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 VanEck Defense'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	1.32	(0.28)	0.00	(0.20)	0.00	0.00	2.30	(2.67)	13.46
MSFT	0.94	(0.21)	0.00	(0.38)	0.00	0.00	1.65	(2.50)	4.90
UBER	1.46	(0.23)	0.00	(0.17)	0.00	0.00	2.60	(3.82)	10.23
F	1.42	0.13	0.12	0.18	1.27	(1.72)	3.38	(2.35)	16.30
T	0.89	(0.18)	0.00	(0.42)	0.00	0.00	1.53	(1.85)	4.30
A	1.14	(0.09)	(0.05)	0.02	1.39	(1.20)	2.34	(2.22)	6.50
CRM	1.57	(0.16)	0.00	(0.06)	0.00	0.00	3.66	(2.92)	12.37
JPM	1.12	(0.07)	(0.02)	0.04	1.59	(1.13)	2.00	(2.34)	7.38
MRK	1.23	0.32	0.23	0.44	1.01	(1.55)	3.59	(1.98)	8.09
XOM	1.07	0.23	0.12	2.92	0.98	(1.24)	2.37	(1.51)	5.82

VanEck Defense Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with VanEck Defense etf to make a market-neutral strategy. Peer analysis of VanEck Defense could also be used in its relative valuation, which is a method of valuing VanEck Defense by comparing valuation metrics with similar companies.

UBS Fund Solutions Xtrackers II Xtrackers Nikkei 225 iShares VII PLC SPDR Gold Shares Vanguard Funds Public iShares Nikkei 225 iShares Core SP iShares Core MSCI iShares Core MSCI American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

Risk & Return

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