IPath Bloomberg Correlations

DJP Etf

USD 41.63 0.83 2.03%

The current 90-days correlation between iPath Bloomberg Commodity and Gotham Enhanced 500 is 0.18 (i.e., Average diversification). The correlation of IPath Bloomberg 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.

IPath Bloomberg Correlation With Market

Poor diversification

The correlation between iPath Bloomberg Commodity and DJI is 0.76 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iPath Bloomberg Commodity and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with IPath Etf

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in iPath Bloomberg Commodity. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with IPath Etf

0.96	PDBC	Invesco Optimum Yield	Pair Corr
0.86	COMT	iShares GSCI Commodity	Pair Corr
0.86	GSG	iShares SP GSCI	Pair Corr
1.0	CMDY	iShares Bloomberg Roll	Pair Corr
1.0	COMB	GraniteShares Bloomberg	Pair Corr
0.64	TOT	Advisor Managed Port	Pair Corr
0.67	SHLD	Global X Defense	Pair Corr
0.76	FB	ProShares Trust ProShares	Pair Corr
0.61	SWP	SWP Growth Income	Pair Corr
0.65	FNGD	MicroSectors FANG Index Aggressive Push	Pair Corr
0.91	CALY	Callaway Golf Symbol Change	Pair Corr
0.77	GSIG	Goldman Sachs Access	Pair Corr
0.81	JHSC	John Hancock Multifactor	Pair Corr
0.67	PSCT	Invesco SP SmallCap	Pair Corr
0.83	IJH	iShares Core SP	Pair Corr
0.79	BMAY	Innovator SP 500	Pair Corr
0.77	ZHOG	RBB Fund Symbol Change	Pair Corr
0.89	FSMB	First Trust Short	Pair Corr
0.79	IXJ	iShares Global Healthcare	Pair Corr
0.79	XBI	SPDR SP Biotech Aggressive Push	Pair Corr
0.75	EMCS	Xtrackers MSCI Emerging	Pair Corr

Related Correlations Analysis

	COMT	PMAY	HGER	QLC	IGE	JHEM	NVDU	QJUN	JHSC	GSPY
COMT		0.57	0.93	0.49	0.81	0.84	0.01	0.58	0.68	0.55	COMT
PMAY	0.57		0.64	0.94	0.86	0.76	-0.35	0.93	0.9	0.91	PMAY
HGER	0.93	0.64		0.54	0.89	0.82	-0.19	0.58	0.73	0.54	HGER
QLC	0.49	0.94	0.54		0.75	0.69	-0.18	0.95	0.83	0.96	QLC
IGE	0.81	0.86	0.89	0.75		0.84	-0.42	0.75	0.89	0.71	IGE
JHEM	0.84	0.76	0.82	0.69	0.84		0.03	0.75	0.82	0.75	JHEM
NVDU	0.01	-0.35	-0.19	-0.18	-0.42	0.03		-0.08	-0.32	-0.03	NVDU
QJUN	0.58	0.93	0.58	0.95	0.75	0.75	-0.08		0.87	0.98	QJUN
JHSC	0.68	0.9	0.73	0.83	0.89	0.82	-0.32	0.87		0.86	JHSC
GSPY	0.55	0.91	0.54	0.96	0.71	0.75	-0.03	0.98	0.86		GSPY
	COMT	PMAY	HGER	QLC	IGE	JHEM	NVDU	QJUN	JHSC	GSPY

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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

GSPY	+ 0.98	QJUN
GSPY	+ 0.96	QLC
QJUN	+ 0.95	QLC
QLC	+ 0.94	PMAY
HGER	+ 0.93	COMT
QJUN	+ 0.93	PMAY

High negative correlations

NVDU	- 0.42	IGE
NVDU	- 0.35	PMAY
JHSC	- 0.32	NVDU
NVDU	- 0.19	HGER
NVDU	- 0.18	QLC
QJUN	- 0.08	NVDU

IPath Bloomberg Constituents Risk-Adjusted Indicators

There is a big difference between IPath Etf performing well and IPath Bloomberg 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 IPath Bloomberg'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
COMT	0.74	0.12	0.07	1.56	0.59	(0.88)	1.57	(1.24)	3.23
PMAY	0.13	0.01	(0.21)	0.12	0.05	(0.14)	0.36	(0.36)	0.81
HGER	0.69	0.12	0.07	1.41	0.64	(0.80)	1.66	(1.08)	3.78
QLC	0.58	0.00	(0.01)	0.07	0.77	(0.60)	1.19	(1.10)	4.10
IGE	0.84	0.21	0.17	0.50	0.79	(0.93)	1.58	(1.56)	3.89
JHEM	0.63	0.07	0.06	0.20	0.62	(0.66)	1.32	(1.13)	3.17
NVDU	3.47	(0.05)	0.00	0.04	4.17	(3.78)	6.04	(7.30)	19.95
QJUN	0.33	0.01	(0.07)	0.08	0.42	(0.32)	0.79	(0.85)	2.22
JHSC	0.77	0.03	0.04	0.09	0.84	(0.81)	1.68	(1.45)	3.90
GSPY	0.61	(0.01)	(0.02)	0.06	1.01	(0.55)	1.24	(1.16)	5.03

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