IShares Correlations

HYGI Etf

USD 27.31 0.00 0.00%

The correlation of IShares 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.

IShares Correlation With Market

Poor diversification

The correlation between IShares and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IShares and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with IShares Etf

Check out Risk vs Return Analysis to better understand how to build diversified portfolios. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving together with IShares Etf

0.87	HYG	iShares iBoxx High	Pair Corr
0.86	USHY	iShares Broad USD	Pair Corr
0.87	JNK	SPDR Bloomberg High	Pair Corr
0.88	SHYG	iShares 0 5	Pair Corr
0.88	HYLB	Xtrackers USD High	Pair Corr
0.87	SJNK	SPDR Bloomberg Short Sell-off Trend	Pair Corr
0.82	ANGL	VanEck Fallen Angel	Pair Corr
0.74	FALN	iShares Fallen Angels	Pair Corr
0.93	HYLS	First Trust Tactical	Pair Corr
0.92	HYDW	Xtrackers Low Beta	Pair Corr
0.8	GDXU	MicroSectors Gold Miners Trending	Pair Corr
0.68	MUU	Direxion Daily MU Upward Rally	Pair Corr
0.78	AGQ	ProShares Ultra Silver Trending	Pair Corr
0.67	MULL	GraniteShares 2x Long Upward Rally	Pair Corr
0.83	JNUG	Direxion Daily Junior	Pair Corr
0.83	NUGT	Direxion Daily Gold	Pair Corr
0.73	SHNY	Microsectors Gold Trending	Pair Corr
0.83	GDMN	WisdomTree Efficient Gold Low Volatility	Pair Corr
0.85	SLVR	Sprott Silver Miners	Pair Corr
0.86	IWD	iShares Russell 1000	Pair Corr
0.86	AA	Alcoa Corp	Pair Corr
0.67	XOM	Exxon Mobil Corp Earnings Call This Week	Pair Corr
0.89	WMT	Walmart Common Stock	Pair Corr
0.86	DD	Dupont De Nemours	Pair Corr
0.92	MRK	Merck Company Earnings Call This Week	Pair Corr

Moving against IShares Etf

0.84	MSFT	Microsoft Aggressive Push	Pair Corr
0.77	HPQ	HP Inc	Pair Corr
0.62	T	ATT Inc Earnings Call This Week	Pair Corr
0.55	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.54	0.3	-0.12	-0.03	-0.16	0.54	0.02	-0.28	-0.24	META
MSFT	0.54		0.78	-0.54	0.48	0.28	0.33	-0.19	-0.85	-0.7	MSFT
UBER	0.3	0.78		-0.45	0.42	0.48	0.03	-0.32	-0.8	-0.51	UBER
F	-0.12	-0.54	-0.45		-0.6	-0.19	0.09	0.52	0.67	0.59	F
T	-0.03	0.48	0.42	-0.6		0.62	-0.15	-0.28	-0.47	-0.66	T
A	-0.16	0.28	0.48	-0.19	0.62		-0.24	-0.16	-0.3	-0.46	A
CRM	0.54	0.33	0.03	0.09	-0.15	-0.24		0.61	-0.11	-0.38	CRM
JPM	0.02	-0.19	-0.32	0.52	-0.28	-0.16	0.61		0.41	0.02	JPM
MRK	-0.28	-0.85	-0.8	0.67	-0.47	-0.3	-0.11	0.41		0.71	MRK
XOM	-0.24	-0.7	-0.51	0.59	-0.66	-0.46	-0.38	0.02	0.71		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

UBER	+ 0.78	MSFT
XOM	+ 0.71	MRK
MRK	+ 0.67	F
A	+ 0.62	T
JPM	+ 0.61	CRM
XOM	+ 0.59	F

High negative correlations

MRK	- 0.85	MSFT
MRK	- 0.8	UBER
XOM	- 0.7	MSFT
XOM	- 0.66	T
T	- 0.6	F
F	- 0.54	MSFT

IShares Competition Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares 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 IShares' 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	1.44	(0.12)	0.00	(1.43)	0.00	0.00	3.16	(2.67)	13.02
MSFT	1.05	(0.13)	0.00	0.63	0.00	0.00	1.78	(2.50)	4.90
UBER	1.45	(0.23)	0.00	(0.24)	0.00	0.00	2.60	(3.82)	10.23
F	1.47	0.11	0.09	0.15	1.32	(1.82)	3.65	(2.35)	16.30
T	0.88	(0.17)	0.00	(0.41)	0.00	0.00	1.53	(1.85)	4.30
A	1.19	(0.19)	0.00	(0.08)	0.00	0.00	2.90	(2.58)	7.85
CRM	1.43	(0.23)	0.00	(0.16)	0.00	0.00	2.94	(3.10)	12.37
JPM	1.11	(0.06)	(0.02)	0.03	1.66	(1.09)	2.00	(3.11)	7.38
MRK	1.24	0.28	0.19	0.47	1.13	(1.50)	3.59	(1.98)	8.09
XOM	1.07	0.27	0.17	4.15	0.96	(1.25)	2.38	(1.51)	5.82

IShares 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 IShares etf to make a market-neutral strategy. Peer analysis of IShares could also be used in its relative valuation, which is a method of valuing IShares by comparing valuation metrics with similar companies.

Principal Lyrical Asset Management Innovator Capital Management New York Life NSPL IVLC Amplify ROCI Pacer Financial CHIC American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

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