VanEck Hydrogen Correlations

HDRO Etf

5.31 0.11 2.12%

The current 90-days correlation between VanEck Hydrogen Economy and UBSFund Solutions MSCI is 0.07 (i.e., Significant diversification). The correlation of VanEck Hydrogen 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.

VanEck Hydrogen Correlation With Market

Good diversification

The correlation between VanEck Hydrogen Economy and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding VanEck Hydrogen Economy and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to VanEck Hydrogen could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace VanEck Hydrogen when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back VanEck Hydrogen - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling VanEck Hydrogen Economy to buy it.

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.27	0.55	0.04	0.55	0.04	0.64	0.28	-0.53	0.72	META
MSFT	0.27		0.22	0.15	0.18	-0.01	0.03	-0.12	0.12	-0.19	MSFT
UBER	0.55	0.22		-0.05	-0.06	0.27	-0.01	-0.14	0.08	0.35	UBER
F	0.04	0.15	-0.05		0.2	-0.4	0.47	0.69	-0.34	0.32	F
T	0.55	0.18	-0.06	0.2		-0.5	0.79	0.6	-0.78	0.38	T
A	0.04	-0.01	0.27	-0.4	-0.5		-0.47	-0.62	0.64	-0.01	A
CRM	0.64	0.03	-0.01	0.47	0.79	-0.47		0.85	-0.91	0.65	CRM
JPM	0.28	-0.12	-0.14	0.69	0.6	-0.62	0.85		-0.83	0.48	JPM
MRK	-0.53	0.12	0.08	-0.34	-0.78	0.64	-0.91	-0.83		-0.56	MRK
XOM	0.72	-0.19	0.35	0.32	0.38	-0.01	0.65	0.48	-0.56		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

JPM	+ 0.85	CRM
CRM	+ 0.79	T
XOM	+ 0.72	META
JPM	+ 0.69	F
XOM	+ 0.65	CRM
CRM	+ 0.64	META

High negative correlations

MRK	- 0.91	CRM
MRK	- 0.83	JPM
MRK	- 0.78	T
JPM	- 0.62	A
XOM	- 0.56	MRK
MRK	- 0.53	META

VanEck Hydrogen Competition Risk-Adjusted Indicators

There is a big difference between VanEck Etf performing well and VanEck Hydrogen 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 VanEck Hydrogen'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	1.06	0.06	0.02	0.20	1.40	(1.15)	2.62	(3.15)	8.02
MSFT	0.92	(0.05)	(0.05)	0.05	1.49	(0.89)	2.09	(1.85)	8.19
UBER	1.62	(0.12)	(0.05)	0.00	2.30	(1.74)	2.69	(2.53)	20.10
F	1.43	(0.15)	(0.04)	0.02	2.20	(1.42)	2.53	(2.90)	11.21
T	0.92	0.28	0.15	(7.88)	0.85	(1.05)	2.56	(1.72)	6.47
A	1.17	(0.09)	0.00	(0.05)	0.00	0.00	2.71	(2.42)	9.02
CRM	1.34	0.21	0.16	0.30	1.16	(1.53)	3.18	(1.93)	9.09
JPM	1.12	(0.01)	0.06	0.11	1.40	(1.21)	2.05	(2.00)	15.87
MRK	0.91	(0.21)	0.00	(0.74)	0.00	0.00	2.00	(2.13)	4.89
XOM	1.01	(0.05)	(0.08)	0.02	1.33	(1.07)	2.10	(2.09)	5.74

VanEck Hydrogen Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with VanEck Hydrogen etf to make a market-neutral strategy. Peer analysis of VanEck Hydrogen could also be used in its relative valuation, which is a method of valuing VanEck Hydrogen by comparing valuation metrics with similar companies.

UBSFund Solutions MSCI Vanguard SP 500 iShares VII PLC iShares Core SP Lyxor Japan UCITS iShares Core MSCI iShares SP 500 Lyxor UCITS Stoxx iShares Core Corp iShares JP Morgan American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

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