Global X Correlations

Etfs . USA . 
Etf . Global X Genomics
GNOM Etf  USD 10.21  0.21  2.10%   
The current 90-days correlation between Global X Genomics and iShares Genomics Immunology is 0.84 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Global X moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Global X Genomics moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Global X Correlation With Market

Modest diversification

The correlation between Global X Genomics 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 Global X Genomics and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Global X Genomics. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with Global Etf

  0.73XLV Health Care SelectPairCorr
  0.77VHT Vanguard Health CarePairCorr
  0.91IBB iShares Biotechnology ETFPairCorr
  0.91XBI SPDR SP BiotechPairCorr
  0.77IXJ iShares Global HealthcarePairCorr
  0.75IYH iShares Healthcare ETFPairCorr
  0.75FHLC Fidelity MSCI HealthPairCorr
  0.65IHF iShares HealthcarePairCorr
  0.62MCD McDonalds Earnings Call This WeekPairCorr
  0.63CAT Caterpillar Earnings Call This WeekPairCorr
  0.61VZ Verizon CommunicationsPairCorr
  0.61JNJ Johnson JohnsonPairCorr
  0.72DD Dupont De Nemours Earnings Call This WeekPairCorr

Moving against Global Etf

  0.54DSJA DSJAPairCorr
  0.52RSPY Tuttle Capital ManagementPairCorr
  0.49MEME Roundhill InvestmentsPairCorr
  0.46AMPD Tidal Trust IIPairCorr
  0.43BA BoeingPairCorr

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   
EDOC
+ 0.88
EBIZ
EDOC
+ 0.86
SNSR
SNSR
+ 0.82
EBIZ
FINX
+ 0.82
EBIZ
FINX
+ 0.76
SNSR
EDOC
+ 0.68
FINX
  
High negative correlations   
EBIZ
- 0.21
IDNA
EDOC
- 0.14
IDNA
FINX
- 0.07
IDNA

Global X Constituents Risk-Adjusted Indicators

There is a big difference between Global Etf performing well and Global X 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 Global X'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.

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