ALPS Electrification Correlations

ELFY Etf

35.70 0.16 0.45%

The current 90-days correlation between ALPS Electrification and Utilities Select Sector is 0.57 (i.e., Very weak diversification). The correlation of ALPS Electrification 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.

ALPS Electrification Correlation With Market

Poor diversification

The correlation between ALPS Electrification Infrastru and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ALPS Electrification Infrastru and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ALPS Etf

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

Moving together with ALPS Etf

0.65	XLU	Utilities Select Sector	Pair Corr
0.67	VPU	Vanguard Utilities Index	Pair Corr
0.67	FUTY	Fidelity MSCI Utilities	Pair Corr
0.63	IDU	iShares Utilities ETF	Pair Corr
0.77	PUI	Invesco DWA Utilities	Pair Corr
0.65	UTES	Virtus Reaves Utilities	Pair Corr

Moving against ALPS Etf

0.35	FCG	First Trust Natural	Pair Corr
0.32	AMPD	Tidal ETF Services	Pair Corr
0.47	KIE	SPDR SP Insurance	Pair Corr

Related Correlations Analysis

	XLU	FUTY	IDU	FXU	JXI	PUI	UTES
XLU		1.0	0.99	0.92	0.71	0.82	0.8	XLU
FUTY	1.0		0.99	0.91	0.69	0.84	0.82	FUTY
IDU	0.99	0.99		0.89	0.64	0.85	0.84	IDU
FXU	0.92	0.91	0.89		0.84	0.56	0.55	FXU
JXI	0.71	0.69	0.64	0.84		0.3	0.22	JXI
PUI	0.82	0.84	0.85	0.56	0.3		0.95	PUI
UTES	0.8	0.82	0.84	0.55	0.22	0.95		UTES
	XLU	FUTY	IDU	FXU	JXI	PUI	UTES

ALPS Electrification Constituents Risk-Adjusted Indicators

There is a big difference between ALPS Etf performing well and ALPS Electrification 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 ALPS Electrification'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
XLU	0.64	(0.01)	(0.05)	0.04	0.78	(0.68)	1.30	(1.35)	3.96
FUTY	0.63	(0.01)	(0.06)	0.03	0.76	(0.70)	1.28	(1.31)	3.62
IDU	0.60	(0.01)	(0.06)	0.02	0.73	(0.68)	1.11	(1.25)	3.68
FXU	0.57	0.02	(0.03)	0.11	0.70	(0.59)	1.04	(1.14)	3.78
JXI	0.51	0.07	0.02	13.23	0.50	(0.58)	1.02	(0.92)	3.34
PUI	0.78	(0.10)	0.00	(0.08)	0.00	0.00	1.27	(1.72)	4.15
UTES	1.01	(0.10)	0.00	(0.09)	0.00	0.00	2.14	(2.10)	5.49

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