MicroSectors FANG Correlations

FNGS Etf

USD 61.33 0.29 0.48%

The current 90-days correlation between MicroSectors FANG ETN and iShares Dividend and is 0.15 (i.e., Average diversification). The correlation of MicroSectors FANG 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.

MicroSectors FANG Correlation With Market

Modest diversification

The correlation between MicroSectors FANG ETN and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MicroSectors FANG ETN and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in MicroSectors FANG ETN. 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 MicroSectors Etf

0.62	IYW	iShares Technology ETF	Pair Corr
0.78	CIBR	First Trust NASDAQ	Pair Corr
0.87	FDN	First Trust Dow	Pair Corr
0.89	IGM	iShares Expanded Tech	Pair Corr
0.94	EOS	Eaton Vance Enhanced	Pair Corr
0.68	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.92	BA	Boeing	Pair Corr
0.77	WMT	Walmart Earnings Call This Week	Pair Corr

Moving against MicroSectors Etf

0.63	PRME	Prime Medicine, Common Buyout Trend	Pair Corr
0.61	SNPD	DBX ETF Trust	Pair Corr
0.53	XOP	SPDR SP Oil	Pair Corr
0.38	EVUS	iShares ESG Aware	Pair Corr
0.84	XOM	Exxon Mobil Corp	Pair Corr
0.81	AA	Alcoa Corp	Pair Corr
0.77	HPQ	HP Inc	Pair Corr
0.71	TRV	The Travelers Companies	Pair Corr
0.67	INTC	Intel Aggressive Push	Pair Corr
0.48	CAT	Caterpillar Sell-off Trend	Pair Corr
0.45	MRK	Merck Company	Pair Corr

Related Correlations Analysis

	DIVB	MCSE	MDCP	EV	GK	MJ	PP	XT	METV
DIVB		0.56	0.67	0.4	0.49	0.33	0.57	0.59	0.12	DIVB
MCSE	0.56		-0.05	0.1	0.42	-0.4	0.29	0.91	0.72	MCSE
MDCP	0.67	-0.05		0.63	0.48	0.75	0.65	0.05	-0.31	MDCP
EV	0.4	0.1	0.63		0.62	0.57	0.71	0.25	0.01	EV
GK	0.49	0.42	0.48	0.62		0.2	0.79	0.64	0.54	GK
MJ	0.33	-0.4	0.75	0.57	0.2		0.44	-0.28	-0.56	MJ
PP	0.57	0.29	0.65	0.71	0.79	0.44		0.52	0.36	PP
XT	0.59	0.91	0.05	0.25	0.64	-0.28	0.52		0.81	XT
METV	0.12	0.72	-0.31	0.01	0.54	-0.56	0.36	0.81		METV
	DIVB	MCSE	MDCP	EV	GK	MJ	PP	XT	METV

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

XT	+ 0.91	MCSE
METV	+ 0.81	XT
PP	+ 0.79	GK
MJ	+ 0.75	MDCP
METV	+ 0.72	MCSE
PP	+ 0.71	EV

High negative correlations

METV	- 0.56	MJ
MJ	- 0.4	MCSE
METV	- 0.31	MDCP
XT	- 0.28	MJ
MDCP	- 0.05	MCSE

MicroSectors FANG Constituents Risk-Adjusted Indicators

There is a big difference between MicroSectors Etf performing well and MicroSectors FANG 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 MicroSectors FANG'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
DIVB	0.54	0.00	0.01	0.01	0.69	(0.57)	1.01	(0.76)	3.96
MCSE	0.71	0.06	0.06	0.13	0.88	(0.81)	1.73	(1.48)	4.40
MDCP	0.66	(0.17)	0.00	(0.28)	0.00	0.00	1.33	(1.22)	4.70
EV	0.96	(0.01)	(0.01)	(0.04)	1.24	(0.94)	1.62	(1.76)	6.73
GK	0.78	0.02	0.02	0.05	1.23	(0.71)	1.55	(1.55)	5.38
MJ	1.72	(0.28)	0.00	(0.52)	0.00	0.00	4.39	(3.59)	12.45
PP	1.18	(0.02)	0.00	(0.02)	0.00	0.00	2.71	(2.05)	9.37
XT	0.73	0.05	0.05	0.09	0.94	(0.76)	1.31	(1.58)	4.52
METV	1.03	0.15	0.11	0.33	1.19	(1.09)	2.09	(2.17)	6.21

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC