AltShares Event Correlations
| EVNT Etf | USD 10.78 0.01 0.09% |
The current 90-days correlation between AltShares Event Driven and Formidable ETF is 0.39 (i.e., Weak diversification). The correlation of AltShares Event 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.
AltShares Event Correlation With Market
Weak diversification
The correlation between AltShares Event Driven ETF and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AltShares Event Driven ETF and DJI in the same portfolio, assuming nothing else is changed.
AltShares |
Moving together with AltShares Etf
| 0.81 | MNA | IQ Merger Arbitrage | PairCorr |
| 0.84 | ARB | AltShares Trust | PairCorr |
| 0.71 | XHYC | BondBloxx ETF Trust | PairCorr |
| 0.78 | DOGG | First Trust Exchange Low Volatility | PairCorr |
| 0.8 | EUFN | iShares MSCI Europe | PairCorr |
| 0.76 | EVHY | Morgan Stanley ETF | PairCorr |
Moving against AltShares Etf
Related Correlations Analysis
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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
| High negative correlations
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AltShares Event Constituents Risk-Adjusted Indicators
There is a big difference between AltShares Etf performing well and AltShares Event 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 AltShares Event'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| FORH | 0.57 | (0.11) | 0.00 | (0.31) | 0.00 | 1.26 | 3.88 | |||
| CYA | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| ASPY | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| EMCR | 0.73 | (0.05) | 0.00 | (0.22) | 0.00 | 1.44 | 5.15 | |||
| ESGB | 0.20 | 0.05 | (0.12) | (3.46) | 0.09 | 0.48 | 0.90 |