Global X Correlations

HYDR Etf

USD 21.76 0.04 0.18%

The current 90-days correlation between Global X Hydrogen and Direxion is -0.15 (i.e., Good diversification). The correlation of Global X 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.

Global X Correlation With Market

Significant diversification

The correlation between Global X Hydrogen and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X Hydrogen 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 Hydrogen. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Global Etf

0.82

QCLN

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Pair Corr

Moving against Global Etf

0.35	FBGX	UBS	Pair Corr
0.33	MSOS	AdvisorShares Pure	Pair Corr
0.47	JNJ	Johnson Johnson	Pair Corr
0.35	PFE	Pfizer Inc Earnings Call This Week	Pair Corr
0.34	XOM	Exxon Mobil Corp Fiscal Year End 7th of February 2025	Pair Corr

Related Correlations Analysis

	HJEN	HDRO	BKCH	KROP	CTEC
HJEN		0.42	0.63	0.13	-0.25	HJEN
HDRO	0.42		0.27	-0.19	0.54	HDRO
BKCH	0.63	0.27		0.12	-0.19	BKCH
KROP	0.13	-0.19	0.12		0.21	KROP
CTEC	-0.25	0.54	-0.19	0.21		CTEC
	HJEN	HDRO	BKCH	KROP	CTEC

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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

BKCH	+ 0.63	HJEN
CTEC	+ 0.54	HDRO
HDRO	+ 0.42	HJEN
BKCH	+ 0.27	HDRO
CTEC	+ 0.21	KROP
KROP	+ 0.13	HJEN

High negative correlations

CTEC	- 0.25	HJEN
CTEC	- 0.19	BKCH
KROP	- 0.19	HDRO

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HJEN	1.66	0.04	0.00	0.15	1.92	(1.79)	3.60	(3.13)	11.30
HDRO	1.92	(0.04)	0.00	(0.07)	0.00	0.00	5.17	(4.82)	14.20
BKCH	4.14	0.31	0.04	(1.71)	4.94	(4.56)	8.31	(9.18)	33.94
KROP	0.80	0.04	(0.01)	0.23	1.01	(0.85)	2.26	(1.51)	5.26
CTEC	1.73	(0.10)	0.00	(0.14)	0.00	0.00	3.61	(3.87)	11.58

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