NEOS Gold Correlations

IAUI Etf

58.65 0.23 0.39%

The current 90-days correlation between NEOS Gold High and AXS 15X PYPL is 0.3 (i.e., Weak diversification). The correlation of NEOS Gold 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.

NEOS Gold Correlation With Market

Modest diversification

The correlation between NEOS Gold High and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NEOS Gold High and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with NEOS Etf

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in NEOS Gold High. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in producer price index.

Moving together with NEOS Etf

0.71	VTI	Vanguard Total Stock Sell-off Trend	Pair Corr
0.68	SPY	SPDR SP 500 Sell-off Trend	Pair Corr
0.68	IVV	iShares Core SP Sell-off Trend	Pair Corr
0.92	VTV	Vanguard Value Index Sell-off Trend	Pair Corr
0.67	VO	Vanguard Mid Cap	Pair Corr
0.88	VEA	Vanguard FTSE Developed	Pair Corr
0.84	VB	Vanguard Small Cap	Pair Corr
0.75	AMPD	Tidal ETF Services	Pair Corr
0.79	ITWO	Proshares Russell 2000	Pair Corr
0.89	MRK	Merck Company	Pair Corr
0.71	JPM	JPMorgan Chase	Pair Corr
0.8	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.84	JNJ	Johnson Johnson Earnings Call This Week	Pair Corr
0.72	BAC	Bank of America	Pair Corr
0.84	WMT	Walmart Common Stock Aggressive Push	Pair Corr

Moving against NEOS Etf

0.76	MPAY	Exchange Traded Concepts	Pair Corr
0.65	T	ATT Inc	Pair Corr
0.34	ELON	Battleshares TSLA	Pair Corr
0.8	HPQ	HP Inc	Pair Corr
0.79	MSFT	Microsoft	Pair Corr
0.7	PG	Procter Gamble Earnings Call This Week	Pair Corr
0.34	HD	Home Depot	Pair Corr

Related Correlations Analysis

	PYPS	LBHIX	ABHYX	MSTSX	SCAXF	VIASP	WQTM	OSHDF	JRBEX	AMPL
PYPS		0.75	0.63	0.57	0.52	0.64	-0.49	0.0	0.56	0.24	PYPS
LBHIX	0.75		0.75	0.81	0.38	0.8	-0.13	0.0	0.9	0.08	LBHIX
ABHYX	0.63	0.75		0.6	0.04	0.73	-0.2	0.0	0.65	0.36	ABHYX
MSTSX	0.57	0.81	0.6		0.07	0.85	0.1	0.0	0.86	-0.02	MSTSX
SCAXF	0.52	0.38	0.04	0.07		0.02	-0.6	0.0	0.16	0.05	SCAXF
VIASP	0.64	0.8	0.73	0.85	0.02		-0.01	0.0	0.75	0.09	VIASP
WQTM	-0.49	-0.13	-0.2	0.1	-0.6	-0.01		0.0	0.08	-0.35	WQTM
OSHDF	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	OSHDF
JRBEX	0.56	0.9	0.65	0.86	0.16	0.75	0.08	0.0		0.0	JRBEX
AMPL	0.24	0.08	0.36	-0.02	0.05	0.09	-0.35	0.0	0.0		AMPL
	PYPS	LBHIX	ABHYX	MSTSX	SCAXF	VIASP	WQTM	OSHDF	JRBEX	AMPL

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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

JRBEX	+ 0.9	LBHIX
JRBEX	+ 0.86	MSTSX
VIASP	+ 0.85	MSTSX
MSTSX	+ 0.81	LBHIX
VIASP	+ 0.8	LBHIX
LBHIX	+ 0.75	PYPS

High negative correlations

WQTM	- 0.6	SCAXF
WQTM	- 0.49	PYPS
AMPL	- 0.35	WQTM
WQTM	- 0.2	ABHYX
WQTM	- 0.13	LBHIX
AMPL	- 0.02	MSTSX

NEOS Gold Constituents Risk-Adjusted Indicators

There is a big difference between NEOS Etf performing well and NEOS Gold 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 NEOS Gold'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
PYPS	1.43	0.29	0.08	(1.07)	1.80	(1.61)	2.92	(1.99)	11.54
LBHIX	0.11	0.02	(0.37)	0.29	0.00	(0.20)	0.24	(0.24)	0.77
ABHYX	0.09	0.02	(0.34)	(1.59)	0.00	(0.20)	0.23	(0.12)	0.92
MSTSX	0.63	0.17	0.16	0.57	0.27	(0.78)	0.92	(1.01)	11.40
SCAXF	11.83	5.76	0.00	(0.39)	0.00	0.00	0.00	0.00	466.19
VIASP	0.35	0.03	(0.11)	(1.11)	0.44	(0.40)	0.89	(0.69)	2.49
WQTM	1.92	(0.16)	0.00	(0.27)	0.00	0.00	3.48	(5.19)	10.09
OSHDF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
JRBEX	0.30	0.01	(0.09)	0.11	0.24	(0.34)	0.66	(0.62)	1.53
AMPL	3.64	0.34	0.05	(0.63)	3.54	(5.54)	10.26	(5.19)	32.12

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