IShares Convertible Correlations

ICVT Etf

USD 104.72 0.01 0.01%

The current 90-days correlation between iShares Convertible Bond and iShares Edge High is 0.51 (i.e., Very weak diversification). The correlation of IShares Convertible 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.

IShares Convertible Correlation With Market

Very poor diversification

The correlation between iShares Convertible Bond and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Convertible Bond 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, which includes a position in iShares Convertible Bond. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with IShares Etf

0.99	FCVT	First Trust SSI	Pair Corr
0.69	QCON	American Century Inv	Pair Corr
0.87	ITWO	Proshares Russell 2000	Pair Corr
0.82	ELON	Battleshares TSLA	Pair Corr
0.85	CPST	Calamos ETF Trust	Pair Corr
0.91	TSMY	YieldMax TSM Option	Pair Corr
0.9	WIP	SPDR FTSE International	Pair Corr
0.77	XLP	Consumer Staples Select Aggressive Push	Pair Corr
0.83	FUSI	American Century ETF	Pair Corr
0.85	FXA	Invesco CurrencyShares	Pair Corr
0.75	VMBS	Vanguard Mortgage	Pair Corr
0.89	DIVI	Franklin International	Pair Corr
0.87	VBK	Vanguard Small Cap	Pair Corr
0.9	BCD	abrdn Bloomberg All	Pair Corr
0.92	EJUL	Innovator MSCI Emerging	Pair Corr
0.84	IWC	iShares Micro Cap	Pair Corr
0.87	ITA	iShares Aerospace Defense	Pair Corr
0.76	BBP	Virtus LifeSci Biotech	Pair Corr
0.82	UMAY	Innovator ETFs Trust	Pair Corr
0.9	PDBC	Invesco Optimum Yield	Pair Corr
0.78	FJP	First Trust Japan	Pair Corr
0.8	IVV	iShares Core SP	Pair Corr
0.84	STXD	EA Series Trust	Pair Corr
0.91	COM	Direxion Auspice Broad	Pair Corr
0.62	LQD	iShares iBoxx Investment	Pair Corr
0.9	XLI	Industrial Select Sector	Pair Corr
0.88	COMT	iShares GSCI Commodity	Pair Corr
0.86	DBP	Invesco DB Precious	Pair Corr
0.89	FNX	First Trust Mid	Pair Corr
0.92	GMOM	Cambria Global Momentum	Pair Corr
0.82	GAPR	First Trust Exchange	Pair Corr
0.87	LGLV	SPDR SSGA Large	Pair Corr
0.82	SCMB	Schwab Municipal Bond	Pair Corr
0.82	QCAP	FT Vest NASDAQ	Pair Corr
0.84	SMHB	ETRACS 2xMonthly Pay	Pair Corr
0.91	VIS	Vanguard Industrials	Pair Corr

Moving against IShares Etf

0.64

MPAY

Exchange Traded Concepts

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.41	-0.46	0.43	0.16	-0.53	-0.1	0.33	0.48	0.43	META
MSFT	-0.41		0.8	-0.53	-0.65	0.71	0.81	0.06	-0.85	-0.91	MSFT
UBER	-0.46	0.8		-0.46	-0.48	0.78	0.53	-0.09	-0.8	-0.74	UBER
F	0.43	-0.53	-0.46		0.06	-0.41	-0.23	0.3	0.68	0.6	F
T	0.16	-0.65	-0.48	0.06		-0.39	-0.75	-0.13	0.4	0.58	T
A	-0.53	0.71	0.78	-0.41	-0.39		0.48	-0.04	-0.63	-0.78	A
CRM	-0.1	0.81	0.53	-0.23	-0.75	0.48		0.44	-0.56	-0.81	CRM
JPM	0.33	0.06	-0.09	0.3	-0.13	-0.04	0.44		0.21	-0.08	JPM
MRK	0.48	-0.85	-0.8	0.68	0.4	-0.63	-0.56	0.21		0.82	MRK
XOM	0.43	-0.91	-0.74	0.6	0.58	-0.78	-0.81	-0.08	0.82		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	+ 0.82	MRK
CRM	+ 0.81	MSFT
UBER	+ 0.8	MSFT
A	+ 0.78	UBER
A	+ 0.71	MSFT
MRK	+ 0.68	F

High negative correlations

XOM	- 0.91	MSFT
MRK	- 0.85	MSFT
XOM	- 0.81	CRM
MRK	- 0.8	UBER
XOM	- 0.78	A
CRM	- 0.75	T

IShares Convertible Constituents Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares Convertible 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 Convertible'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	1.51	0.00	(0.02)	0.06	1.53	(1.82)	3.43	(2.82)	13.69
MSFT	1.32	(0.36)	0.00	(0.92)	0.00	0.00	1.90	(2.74)	13.28
UBER	1.50	(0.46)	0.00	(0.90)	0.00	0.00	2.41	(3.82)	11.09
F	1.22	0.07	0.05	0.14	1.20	(1.48)	3.34	(2.30)	7.16
T	1.02	0.23	0.17	3.71	0.77	(1.19)	3.87	(1.54)	5.31
A	1.27	(0.30)	0.00	(0.17)	0.00	0.00	2.90	(2.73)	7.85
CRM	1.68	(0.41)	0.00	(0.35)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.26	(0.15)	0.00	(0.04)	0.00	0.00	2.34	(3.11)	7.38
MRK	1.35	0.49	0.35	0.77	0.97	(1.72)	3.59	(1.98)	8.74
XOM	1.24	0.36	0.22	1.65	1.11	(1.42)	2.68	(2.12)	6.83

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