YieldMax Gold Correlations

GDXY Etf

16.98 0.62 3.79%

The current 90-days correlation between YieldMax Gold Miners and GraniteShares 2x Long is 0.19 (i.e., Average diversification). The correlation of YieldMax Gold 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.

YieldMax Gold Correlation With Market

Very poor diversification

The correlation between YieldMax Gold Miners and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding YieldMax Gold Miners and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with YieldMax Etf

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in YieldMax Gold Miners. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in housing.

Moving together with YieldMax Etf

0.95	GLD	SPDR Gold Shares Aggressive Push	Pair Corr
0.95	IAU	iShares Gold Trust Aggressive Push	Pair Corr
0.95	SLV	iShares Silver Trust	Pair Corr
0.95	GLDM	SPDR Gold Mini	Pair Corr
0.95	SGOL	abrdn Physical Gold	Pair Corr
0.66	DBA	Invesco DB Agriculture	Pair Corr
0.97	GLTR	abrdn Physical Precious	Pair Corr
0.95	SIVR	abrdn Physical Silver	Pair Corr
0.95	IAUM	iShares Gold Trust	Pair Corr
0.79	VTI	Vanguard Total Stock	Pair Corr
0.75	SPY	SPDR SP 500	Pair Corr
0.75	IVV	iShares Core SP	Pair Corr
0.85	VTV	Vanguard Value Index	Pair Corr
0.88	VO	Vanguard Mid Cap	Pair Corr
0.9	VEA	Vanguard FTSE Developed Aggressive Push	Pair Corr
0.92	VB	Vanguard Small Cap	Pair Corr
0.86	VWO	Vanguard FTSE Emerging Sell-off Trend	Pair Corr
0.84	REGL	ProShares SP MidCap	Pair Corr
0.78	GPT	Intelligent Alpha Atlas Symbol Change	Pair Corr
0.84	FB	ProShares Trust ProShares	Pair Corr
0.77	UDI	USCF ETF Trust	Pair Corr
0.84	TAXT	Northern Trust Tax	Pair Corr
0.91	DMCY	Democracy International	Pair Corr
0.83	SPVM	Invesco SP 500	Pair Corr
0.93	PFF	iShares Preferred	Pair Corr
0.87	PSFD	Pacer Swan SOS	Pair Corr
0.88	PCEM	Litman Gregory Funds	Pair Corr
0.9	TLCI	Touchstone ETF Trust	Pair Corr
0.79	NCPB	Nuveen Core Plus	Pair Corr
0.9	CHPS	Xtrackers Semiconductor	Pair Corr
0.62	GOOX	Etf Opportunities Trust	Pair Corr
0.88	XYLD	Global X SP	Pair Corr
0.83	BMVP	Invesco Bloomberg MVP	Pair Corr
0.91	CCNR	CoreCommodity Natural	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.41	-0.46	0.43	0.16	-0.53	-0.1	0.33	0.48	0.43	META
MSFT	-0.41		0.8	-0.53	-0.65	0.71	0.81	0.06	-0.85	-0.91	MSFT
UBER	-0.46	0.8		-0.46	-0.48	0.78	0.53	-0.09	-0.8	-0.74	UBER
F	0.43	-0.53	-0.46		0.06	-0.41	-0.23	0.3	0.68	0.6	F
T	0.16	-0.65	-0.48	0.06		-0.39	-0.75	-0.13	0.4	0.58	T
A	-0.53	0.71	0.78	-0.41	-0.39		0.48	-0.04	-0.63	-0.78	A
CRM	-0.1	0.81	0.53	-0.23	-0.75	0.48		0.44	-0.56	-0.81	CRM
JPM	0.33	0.06	-0.09	0.3	-0.13	-0.04	0.44		0.21	-0.08	JPM
MRK	0.48	-0.85	-0.8	0.68	0.4	-0.63	-0.56	0.21		0.82	MRK
XOM	0.43	-0.91	-0.74	0.6	0.58	-0.78	-0.81	-0.08	0.82		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

XOM	+ 0.82	MRK
CRM	+ 0.81	MSFT
UBER	+ 0.8	MSFT
A	+ 0.78	UBER
A	+ 0.71	MSFT
MRK	+ 0.68	F

High negative correlations

XOM	- 0.91	MSFT
MRK	- 0.85	MSFT
XOM	- 0.81	CRM
MRK	- 0.8	UBER
XOM	- 0.78	A
CRM	- 0.75	T

YieldMax Gold Competition Risk-Adjusted Indicators

There is a big difference between YieldMax Etf performing well and YieldMax Gold 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 YieldMax Gold'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
META	1.51	0.00	(0.02)	0.06	1.53	(1.82)	3.43	(2.82)	13.69
MSFT	1.32	(0.36)	0.00	(0.92)	0.00	0.00	1.90	(2.74)	13.28
UBER	1.50	(0.46)	0.00	(0.90)	0.00	0.00	2.41	(3.82)	11.09
F	1.22	0.07	0.05	0.14	1.20	(1.48)	3.34	(2.30)	7.16
T	1.02	0.23	0.17	3.71	0.77	(1.19)	3.87	(1.54)	5.31
A	1.27	(0.30)	0.00	(0.17)	0.00	0.00	2.90	(2.73)	7.85
CRM	1.68	(0.41)	0.00	(0.35)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.26	(0.15)	0.00	(0.04)	0.00	0.00	2.34	(3.11)	7.38
MRK	1.35	0.49	0.35	0.77	0.97	(1.72)	3.59	(1.98)	8.74
XOM	1.24	0.36	0.22	1.65	1.11	(1.42)	2.68	(2.12)	6.83

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