IShares Europe Correlations

IEV Etf

USD 68.11 0.40 0.59%

The current 90-days correlation between iShares Europe ETF and iShares MSCI Germany is 0.87 (i.e., Very poor diversification). The correlation of IShares Europe 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 Europe Correlation With Market

Poor diversification

The correlation between iShares Europe ETF and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Europe ETF 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 Europe ETF. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in services.

Moving together with IShares Etf

0.99	VGK	Vanguard FTSE Europe	Pair Corr
0.98	EZU	iShares MSCI Eurozone	Pair Corr
1.0	BBEU	JPMorgan BetaBuilders Low Volatility	Pair Corr
0.99	IEUR	iShares Core MSCI	Pair Corr
0.98	FEZ	SPDR EURO STOXX	Pair Corr
0.88	HEDJ	WisdomTree Europe Hedged	Pair Corr
0.8	EUFN	iShares MSCI Europe	Pair Corr
0.9	DBEU	Xtrackers MSCI Europe	Pair Corr
0.92	HEZU	iShares Currency Hedged	Pair Corr
0.85	WTMF	WisdomTree Managed	Pair Corr
0.82	EWC	iShares MSCI Canada	Pair Corr
0.77	TOT	Advisor Managed Port	Pair Corr
0.66	IYJ	iShares Industrials ETF	Pair Corr
0.61	PFE	Pfizer Inc	Pair Corr
0.61	INTC	Intel	Pair Corr
0.7	WMT	Walmart Common Stock	Pair Corr
0.63	MCD	McDonalds	Pair Corr
0.65	IBM	International Business	Pair Corr
0.66	JNJ	Johnson Johnson	Pair Corr

Moving against IShares Etf

0.61	T	ATT Inc	Pair Corr
0.55	PG	Procter Gamble	Pair Corr
0.4	HD	Home Depot	Pair Corr
0.31	VZ	Verizon Communications	Pair Corr

Related Correlations Analysis

	CWI	XSOE	TNA	PXF	DCOR	EWG	VSTCX	IYG	PHO	IHDG
CWI		0.72	0.58	0.89	0.88	0.43	0.67	0.46	0.31	0.93	CWI
XSOE	0.72		0.35	0.4	0.55	0.2	0.36	-0.01	0.4	0.51	XSOE
TNA	0.58	0.35		0.4	0.7	0.77	0.75	0.65	0.54	0.46	TNA
PXF	0.89	0.4	0.4		0.85	0.19	0.65	0.55	-0.02	0.95	PXF
DCOR	0.88	0.55	0.7	0.85		0.39	0.85	0.68	0.2	0.86	DCOR
EWG	0.43	0.2	0.77	0.19	0.39		0.41	0.55	0.56	0.29	EWG
VSTCX	0.67	0.36	0.75	0.65	0.85	0.41		0.66	0.24	0.63	VSTCX
IYG	0.46	-0.01	0.65	0.55	0.68	0.55	0.66		0.0	0.47	IYG
PHO	0.31	0.4	0.54	-0.02	0.2	0.56	0.24	0.0		0.17	PHO
IHDG	0.93	0.51	0.46	0.95	0.86	0.29	0.63	0.47	0.17		IHDG
	CWI	XSOE	TNA	PXF	DCOR	EWG	VSTCX	IYG	PHO	IHDG

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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

IHDG	+ 0.95	PXF
IHDG	+ 0.93	CWI
PXF	+ 0.89	CWI
DCOR	+ 0.88	CWI
IHDG	+ 0.86	DCOR
DCOR	+ 0.85	PXF

High negative correlations

PHO	- 0.02	PXF
IYG	- 0.01	XSOE
PHO	- 0.0	IYG

IShares Europe Constituents Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares Europe 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 Europe'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
CWI	0.57	0.00	(0.01)	0.06	0.74	(0.58)	1.16	(1.17)	3.13
XSOE	0.66	(0.04)	(0.05)	0.01	0.94	(0.72)	1.30	(1.29)	4.84
TNA	2.99	(0.06)	0.03	0.04	3.84	(2.85)	6.58	(5.95)	16.54
PXF	0.56	0.05	0.05	0.12	0.69	(0.58)	1.19	(1.29)	2.85
DCOR	0.58	(0.01)	(0.02)	0.04	0.86	(0.54)	1.27	(1.27)	3.32
EWG	0.69	(0.02)	(0.03)	0.03	0.84	(0.70)	1.21	(1.35)	3.33
VSTCX	1.01	(0.10)	0.00	(0.02)	0.00	0.00	2.24	(2.14)	10.35
IYG	0.67	(0.04)	(0.03)	0.02	0.92	(0.72)	1.38	(1.66)	3.99
PHO	0.71	(0.05)	(0.06)	0.00	0.85	(0.67)	1.33	(1.30)	4.04
IHDG	0.54	0.03	0.04	0.10	0.56	(0.64)	1.06	(1.16)	3.70

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