AdvisorShares Ranger Correlations

HDGE Etf

USD 15.82 0.05 0.32%

The current 90-days correlation between AdvisorShares Ranger and Direxion Daily SP is 0.39 (i.e., Weak diversification). The correlation of AdvisorShares Ranger 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.

AdvisorShares Ranger Correlation With Market

Good diversification

The correlation between AdvisorShares Ranger Equity and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AdvisorShares Ranger Equity and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with AdvisorShares Etf

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in AdvisorShares Ranger Equity. 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 AdvisorShares Etf

0.77

RWM

ProShares Short Russ

Pair Corr

Moving against AdvisorShares Etf

0.46	UPRO	ProShares UltraPro SP500 Sell-off Trend	Pair Corr
0.46	SPXL	Direxion Daily SP500 Sell-off Trend	Pair Corr
0.35	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.34	TECL	Direxion Daily Technology	Pair Corr
0.33	ROM	ProShares Ultra Tech	Pair Corr
0.32	QLD	ProShares Ultra QQQ Sell-off Trend	Pair Corr
0.74	SCZ	iShares MSCI EAFE	Pair Corr
0.66	GTR	WisdomTree Target Range	Pair Corr
0.47	ITDJ	iShares Trust	Pair Corr
0.41	SIL	Global X Silver	Pair Corr
0.35	VOO	Vanguard SP 500	Pair Corr
0.64	QULL	ETRACS 2x Leveraged	Pair Corr
0.62	SMLV	SPDR SSGA Small	Pair Corr
0.53	EASG	Xtrackers MSCI EAFE	Pair Corr
0.53	SIXS	6 Meridian Small	Pair Corr

Related Correlations Analysis

	DRIP	JDST	MSOX	NVDS	TYD	AGGA	KOOL	DXD	PSET	RPHS
DRIP		0.06	0.28	-0.17	0.41	0.04	-0.07	0.09	-0.01	-0.08	DRIP
JDST	0.06		0.21	-0.24	0.13	-0.72	-0.23	0.62	-0.24	-0.3	JDST
MSOX	0.28	0.21		0.17	-0.05	-0.49	-0.02	0.25	0.15	-0.23	MSOX
NVDS	-0.17	-0.24	0.17		0.09	-0.06	-0.51	0.27	-0.33	-0.35	NVDS
TYD	0.41	0.13	-0.05	0.09		0.27	0.0	0.22	0.05	-0.08	TYD
AGGA	0.04	-0.72	-0.49	-0.06	0.27		0.46	-0.77	0.41	0.49	AGGA
KOOL	-0.07	-0.23	-0.02	-0.51	0.0	0.46		-0.71	0.89	0.67	KOOL
DXD	0.09	0.62	0.25	0.27	0.22	-0.77	-0.71		-0.66	-0.68	DXD
PSET	-0.01	-0.24	0.15	-0.33	0.05	0.41	0.89	-0.66		0.6	PSET
RPHS	-0.08	-0.3	-0.23	-0.35	-0.08	0.49	0.67	-0.68	0.6		RPHS
	DRIP	JDST	MSOX	NVDS	TYD	AGGA	KOOL	DXD	PSET	RPHS

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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

PSET	+ 0.89	KOOL
RPHS	+ 0.67	KOOL
DXD	+ 0.62	JDST
RPHS	+ 0.6	PSET
RPHS	+ 0.49	AGGA
KOOL	+ 0.46	AGGA

High negative correlations

DXD	- 0.77	AGGA
AGGA	- 0.72	JDST
DXD	- 0.71	KOOL
RPHS	- 0.68	DXD
PSET	- 0.66	DXD
KOOL	- 0.51	NVDS

AdvisorShares Ranger Constituents Risk-Adjusted Indicators

There is a big difference between AdvisorShares Etf performing well and AdvisorShares Ranger 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 AdvisorShares Ranger'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
DRIP	2.59	0.28	0.05	(0.30)	2.77	(2.99)	4.86	(4.71)	18.55
JDST	4.34	(0.85)	0.00	0.75	0.00	0.00	9.52	(9.98)	32.55
MSOX	12.23	0.75	0.06	0.42	13.84	(14.34)	23.75	(17.30)	158.44
NVDS	2.73	(0.18)	0.00	3.07	0.00	0.00	5.74	(4.57)	16.05
TYD	0.59	(0.02)	(0.09)	0.01	0.74	(0.60)	1.06	(1.20)	3.75
AGGA	0.08	0.00	(0.58)	0.12	0.00	(0.10)	0.16	(0.16)	0.48
KOOL	0.61	0.01	(0.05)	0.10	0.88	(0.58)	1.12	(1.66)	3.64
DXD	1.10	(0.13)	0.00	0.45	0.00	0.00	2.12	(2.33)	6.86
PSET	0.60	0.01	(0.05)	0.14	0.83	(0.54)	1.18	(1.14)	3.19
RPHS	0.82	0.07	0.00	(16.39)	2.23	(0.79)	1.33	(0.98)	22.42

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