Global X Correlations
| DRVE Etf | 12.72 0.04 0.32% |
The current 90-days correlation between Global X Autonomous and Global X Telemedicine is 0.41 (i.e., Very 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. If the correlation is 0, the equities are not correlated; they are entirely random.
Global X Correlation With Market
Very poor diversification
The correlation between Global X Autonomous 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 Global X Autonomous and DJI in the same portfolio, assuming nothing else is changed.
Global |
The ability to find closely correlated positions to Global X could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Global X 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 Global X - 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 Global X Autonomous to buy it.
Moving together with Global Etf
| 0.92 | RBOT | iShares Automation | PairCorr |
| 0.62 | ECOM | LG Ecommerce Logistics | PairCorr |
| 0.81 | SX7EEX | iShares EURO STOXX | PairCorr |
| 0.81 | SX7PEX | iShares STOXX Europe | PairCorr |
| 0.83 | X7PS | Invesco STOXX Europe | PairCorr |
| 0.88 | AUCO | LG Gold Mining | PairCorr |
| 0.87 | GGMUSY | UBS ETF plc | PairCorr |
| 0.86 | MAGB | Market Access NYSE | PairCorr |
| 0.89 | GDX | VanEck Gold Miners | PairCorr |
| 0.89 | IAUP | iShares Gold Producers | PairCorr |
| 0.89 | SXXEEX | iShares EURO STOXX | PairCorr |
| 0.86 | AUEM | Amundi Index Solutions | PairCorr |
| 0.9 | EMUEUA | UBSFund Solutions MSCI | PairCorr |
| 0.75 | VJPN | Vanguard FTSE Japan | PairCorr |
| 0.73 | XSMI | Xtrackers Switzerland | PairCorr |
| 0.79 | JPESG | UBS ETF plc | PairCorr |
| 0.76 | USGBPA | UBS ETF plc | PairCorr |
| 0.95 | SMHV | VanEck Semiconductor | PairCorr |
| 0.77 | HMXJ | HSBC MSCI Pacific | PairCorr |
| 0.89 | C50 | Amundi Index Solutions | PairCorr |
| 0.81 | SCITY | Amundi Index Solutions | PairCorr |
| 0.88 | EUREUA | UBS Core MSCI | PairCorr |
| 0.78 | XMJP | Xtrackers MSCI Japan | PairCorr |
| 0.79 | SJPA | iShares Core MSCI | PairCorr |
| 0.76 | SW2CHB | UBSFund Solutions MSCI | PairCorr |
| 0.83 | STWX | SPDR MSCI Europe | PairCorr |
| 0.84 | LCEU | BNP Paribas Easy | PairCorr |
| 0.84 | HIEM | HSBC MSCI Emerging | PairCorr |
| 0.86 | IEEM | iShares MSCI EM | PairCorr |
| 0.74 | JPNC | Lyxor Japan UCITS | PairCorr |
| 0.8 | VWRL | Vanguard FTSE All | PairCorr |
Moving against Global Etf
Related Correlations Analysis
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
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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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| QYLD | 0.55 | (0.05) | 0.00 | (0.11) | 0.00 | 1.10 | 3.24 | |||
| CTEK | 1.60 | (0.18) | 0.00 | (0.36) | 0.00 | 2.79 | 9.45 | |||
| RAYZ | 1.41 | 0.00 | (0.01) | 0.06 | 1.84 | 3.22 | 11.73 | |||
| BKCH | 5.47 | (0.40) | 0.00 | (0.17) | 0.00 | 8.26 | 93.47 | |||
| CAUT | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| URNU | 2.43 | 0.15 | 0.03 | 0.42 | 3.04 | 5.63 | 19.29 | |||
| HERU | 0.81 | (0.29) | 0.00 | (0.92) | 0.00 | 1.11 | 5.54 | |||
| EDOC | 0.93 | (0.29) | 0.00 | (0.95) | 0.00 | 1.90 | 5.99 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Global X 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.Did you try this?
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