AltShares Event Correlations

EVNT ETF

USD 11.88 0.03 0.25%

The current 90-days correlation between AltShares Event Driven and Matthews International Funds is 0.61 (i.e., Poor diversification).The correlation coefficient ranges from -1 to +1 and quantifies how closely the stock co-moves with paired assets.

Correlation Against Market - AltShares Event

Moderate diversification

The correlation between AltShares Event and Dow Jones is 0.35, which Macroaxis classifies as Moderate diversification for the selected horizon. A 0.35 reading means AltShares Event and Dow Jones have partial price overlap, providing moderate risk reduction when paired.

Position-level analysis is most useful when placed in the context of overall portfolio construction. The diversification view provides additional analytical depth. Performance attribution across holdings reveals which positions drive aggregate returns. Broader economic conditions can influence AltShares Event Driven ETF's ETF valuation - related indicators include signals in persons.

Moving together with AltShares Event ETF

0.77	MARB	First Trust Vivaldi	Pair Corr
0.84	CEFS	Saba Closed End	Pair Corr
0.82	ARB	AltShares Trust	Pair Corr
0.67	NVDL	GraniteShares 15x Long	Pair Corr
0.76	BULZ	MicroSectors Solactive	Pair Corr
0.79	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.77	FNGO	MicroSectors FANG Index	Pair Corr
0.77	FNGG	Direxion Daily Select	Pair Corr
0.88	APRH	Innovator Premium Income	Pair Corr
0.72	TRTY	Cambria Trinity ETF	Pair Corr
0.71	GSSC	Goldman Sachs ActiveBeta	Pair Corr
0.63	DRN	Direxion Daily Real	Pair Corr
0.64	IDUB	ETF Series Solutions	Pair Corr
0.65	PRCS	Parnassus Core Select	Pair Corr
0.76	DAUG	FT Cboe Vest	Pair Corr
0.89	BMAY	Innovator SAMPP 500	Pair Corr
0.79	USXF	iShares ESG Advanced	Pair Corr
0.84	ASCE	Allspring SMID Core	Pair Corr
0.83	RNWZ	TrueShares Eagle Global	Pair Corr
0.76	BBB	CYBER HORNET SAMPP Symbol Change	Pair Corr
0.81	BRAZ	Global X Brazil	Pair Corr
0.68	EEM	iShares MSCI Emerging Aggressive Push	Pair Corr
0.73	VEMY	Virtus ETF Trust	Pair Corr
0.8	JAAA	Janus Detroit Street	Pair Corr
0.66	MADE	iShares Manufacturing ETF	Pair Corr
0.68	FNDX	Schwab Fundamental Large	Pair Corr

Moving Against AltShares Event ETF

0.35

OOQB

One One Nasdaq

Pair Corr

Related Correlations Analysis

	COIG	MSFY	WCEO	GOLY	CARU	TOT	MYMH	QQJG	GMMA	JPAN
COIG		0.48	0.16	-0.07	-0.21	0.19	0.12	-0.21	0.21	-0.2	COIG
MSFY	0.48		0.7	0.25	0.59	0.78	0.42	-0.47	0.56	0.49	MSFY
WCEO	0.16	0.7		-0.1	0.51	0.96	0.11	-0.59	0.18	0.64	WCEO
GOLY	-0.07	0.25	-0.1		0.64	-0.02	0.83	0.38	0.79	0.52	GOLY
CARU	-0.21	0.59	0.51	0.64		0.55	0.54	-0.08	0.62	0.78	CARU
TOT	0.19	0.78	0.96	-0.02	0.55		0.2	-0.57	0.3	0.69	TOT
MYMH	0.12	0.42	0.11	0.83	0.54	0.2		0.12	0.67	0.58	MYMH
QQJG	-0.21	-0.47	-0.59	0.38	-0.08	-0.57	0.12		0.1	-0.14	QQJG
GMMA	0.21	0.56	0.18	0.79	0.62	0.3	0.67	0.1		0.49	GMMA
JPAN	-0.2	0.49	0.64	0.52	0.78	0.69	0.58	-0.14	0.49		JPAN
	COIG	MSFY	WCEO	GOLY	CARU	TOT	MYMH	QQJG	GMMA	JPAN

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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

TOT	+ 0.96	WCEO
MYMH	+ 0.83	GOLY
GMMA	+ 0.79	GOLY
TOT	+ 0.78	MSFY
JPAN	+ 0.78	CARU
WCEO	+ 0.7	MSFY

High negative correlations

QQJG	- 0.59	WCEO
QQJG	- 0.57	TOT
QQJG	- 0.47	MSFY
QQJG	- 0.21	COIG
CARU	- 0.21	COIG
JPAN	- 0.2	COIG

AltShares Event Constituents Risk-Adjusted Indicators

Strong recent returns in AltShares Event ETF do not always mean AltShares Event ETF is outperforming peers on business quality. Reviewing AltShares Event's risk-adjusted indicators gives a clearer view of whether returns are being earned efficiently. These indicators are quantitative in nature and measure volatility and risk-adjusted expected returns across different positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
COIG	7.77	0.77	0.07	0.12	9.02	-8.33	23.56	-15.06	51.86
MSFY	1.54	-0.02	0.00	-0.04	0.00	0.00	3.26	-3.83	9.37
WCEO	0.83	0.08	0.08	0.07	0.90	-0.90	1.81	-1.63	4.56
GOLY	2.02	-0.32	0.00	-0.22	0.00	0.00	3.58	-4.77	10.92
CARU	3.61	-0.35	0.00	-0.10	0.00	0.00	9.74	-6.78	20.26
TOT	0.78	0.10	0.10	0.09	0.86	-0.83	1.28	-1.60	4.00
MYMH	0.07	-0.01	0.00	-0.54	0.00	0.00	0.12	-0.16	0.57
QQJG	1.09	0.23	0.00	-1.36	0.00	0.00	3.20	-2.98	6.19
GMMA	0.25	-0.01	0.00	-0.05	0.00	0.00	0.52	-0.52	1.96
JPAN	1.30	0.11	0.07	0.07	1.41	-1.56	3.29	-2.69	7.57