Harbor Alpha Correlations

HOLD Etf

USD 31.56 0.14 0.45%

The current 90-days correlation between Harbor Alpha Layering and iShares Trust is 0.48 (i.e., Very weak diversification). The correlation of Harbor Alpha 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.

Harbor Alpha Correlation With Market

Poor diversification

The correlation between Harbor Alpha Layering and DJI is 0.7 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Harbor Alpha Layering and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Harbor Etf

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

Moving together with Harbor Etf

0.75	DBMF	iMGP DBi Managed	Pair Corr
0.72	KMLM	KFA Mount Lucas	Pair Corr
0.65	FMF	First Trust Managed	Pair Corr
0.75	CTA	Simplify Managed Futures	Pair Corr
0.73	WTMF	WisdomTree Managed	Pair Corr
0.69	ITWO	Proshares Russell 2000	Pair Corr
0.75	CPST	Calamos ETF Trust	Pair Corr
0.7	JPIE	JP Morgan Exchange	Pair Corr
0.65	VIG	Vanguard Dividend	Pair Corr
0.66	TAXT	Northern Trust Tax	Pair Corr
0.73	FIXP	Tidal ETF Trust	Pair Corr
0.75	WLTG	ETF Opportunities Trust	Pair Corr
0.72	QCJA	FT Vest Nasdaq	Pair Corr
0.7	VGUS	Vanguard Ultra Short	Pair Corr
0.74	GAPR	First Trust Exchange	Pair Corr
0.71	ESML	iShares ESG Aware	Pair Corr
0.63	PMIO	PGIM ETF Trust	Pair Corr
0.73	CTEX	ProShares SP Kensho	Pair Corr
0.65	XTWO	Bondbloxx ETF Trust	Pair Corr
0.73	PCEM	Litman Gregory Funds	Pair Corr
0.68	EMES	Harbor ETF Trust	Pair Corr
0.74	EDGI	Advisors Inner	Pair Corr
0.73	PMAY	Innovator SP 500	Pair Corr
0.72	EWT	iShares MSCI Taiwan	Pair Corr
0.64	LSEQ	Harbor ETF Trust	Pair Corr
0.67	IBBQ	Invesco Nasdaq Biote	Pair Corr
0.7	RNMC	First Trust Mid	Pair Corr
0.7	RAUS	RACWI ETF	Pair Corr
0.66	SPVM	Invesco SP 500	Pair Corr
0.7	ZMUN	Fm Callable Tax	Pair Corr
0.71	SMLF	iShares MSCI USA	Pair Corr
0.62	XBI	SPDR SP Biotech	Pair Corr

Moving against Harbor Etf

0.71

MPAY

Exchange Traded Concepts

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.35	-0.4	0.4	0.13	-0.47	-0.07	0.34	0.42	0.38	META
MSFT	-0.35		0.82	-0.57	-0.71	0.74	0.85	0.07	-0.87	-0.92	MSFT
UBER	-0.4	0.82		-0.51	-0.57	0.81	0.6	-0.07	-0.8	-0.77	UBER
F	0.4	-0.57	-0.51		0.17	-0.46	-0.31	0.28	0.72	0.63	F
T	0.13	-0.71	-0.57	0.17		-0.47	-0.78	-0.15	0.5	0.63	T
A	-0.47	0.74	0.81	-0.46	-0.47		0.54	-0.01	-0.66	-0.8	A
CRM	-0.07	0.85	0.6	-0.31	-0.78	0.54		0.44	-0.64	-0.83	CRM
JPM	0.34	0.07	-0.07	0.28	-0.15	-0.01	0.44		0.2	-0.1	JPM
MRK	0.42	-0.87	-0.8	0.72	0.5	-0.66	-0.64	0.2		0.86	MRK
XOM	0.38	-0.92	-0.77	0.63	0.63	-0.8	-0.83	-0.1	0.86		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	+ 0.86	MRK
CRM	+ 0.85	MSFT
UBER	+ 0.82	MSFT
A	+ 0.81	UBER
A	+ 0.74	MSFT
MRK	+ 0.72	F

High negative correlations

XOM	- 0.92	MSFT
MRK	- 0.87	MSFT
XOM	- 0.83	CRM
XOM	- 0.8	A
MRK	- 0.8	UBER
CRM	- 0.78	T

Harbor Alpha Competition Risk-Adjusted Indicators

There is a big difference between Harbor Etf performing well and Harbor Alpha 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 Harbor Alpha'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	1.47	0.07	0.04	0.14	1.43	(1.78)	3.43	(2.60)	13.69
MSFT	1.33	(0.37)	0.00	(1.03)	0.00	0.00	1.90	(2.74)	13.28
UBER	1.55	(0.39)	0.00	(0.71)	0.00	0.00	2.46	(3.82)	11.09
F	1.21	0.03	0.02	0.07	1.25	(1.45)	3.34	(2.30)	7.16
T	1.01	0.14	0.10	(18.48)	0.95	(1.16)	3.87	(1.76)	5.31
A	1.27	(0.31)	0.00	(0.20)	0.00	0.00	2.90	(2.73)	7.85
CRM	1.72	(0.42)	0.00	(0.40)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.26	(0.10)	0.00	(0.03)	0.00	0.00	2.34	(3.11)	7.38
MRK	1.29	0.43	0.31	0.77	0.98	(1.58)	2.93	(1.98)	8.74
XOM	1.27	0.39	0.25	1.59	1.08	(1.47)	2.90	(2.12)	6.83

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