IShares Oil Correlations

IEZ Etf

USD 19.78 0.04 0.20%

The current 90-days correlation between iShares Oil Equipment and Ultimus Managers Trust is 0.62 (i.e., Poor diversification). The correlation of IShares Oil 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 Oil Correlation With Market

Very weak diversification

The correlation between iShares Oil Equipment and DJI is 0.52 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Oil Equipment 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 iShares Oil Equipment. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with IShares Etf

0.75	VDE	Vanguard Energy Index	Pair Corr
0.95	XOP	SPDR SP Oil	Pair Corr
0.98	OIH	VanEck Oil Services	Pair Corr
0.67	IYE	iShares Energy ETF	Pair Corr
0.96	FXN	First Trust Energy	Pair Corr
0.74	FENY	Fidelity MSCI Energy	Pair Corr
0.86	FTXN	First Trust Nasdaq	Pair Corr
0.86	IEO	iShares Oil Gas	Pair Corr
0.71	UPRO	ProShares UltraPro SP500	Pair Corr
0.77	QTJA	Innovator ETFs Trust Low Volatility	Pair Corr
0.72	QTOC	Innovator ETFs Trust Low Volatility	Pair Corr
0.74	XTOC	Innovator ETFs Trust	Pair Corr
0.77	XTJA	Innovator ETFs Trust	Pair Corr
0.81	AXP	American Express	Pair Corr
0.67	CAT	Caterpillar	Pair Corr
0.72	HD	Home Depot	Pair Corr

Moving against IShares Etf

0.7	PG	Procter Gamble	Pair Corr
0.56	TRV	The Travelers Companies	Pair Corr
0.52	MCD	McDonalds	Pair Corr
0.47	KO	Coca Cola Sell-off Trend	Pair Corr
0.46	JNJ	Johnson Johnson	Pair Corr

Related Correlations Analysis

	MDST	MGNR	MISL	DPST	DRIP	DRLL	MLPX	MLPR	MLPA
MDST		0.73	0.46	0.2	-0.71	0.88	0.97	0.68	0.7	MDST
MGNR	0.73		0.63	0.65	-0.83	0.67	0.75	0.44	0.47	MGNR
MISL	0.46	0.63		0.53	-0.59	0.29	0.52	-0.02	-0.01	MISL
DPST	0.2	0.65	0.53		-0.61	0.15	0.25	0.02	0.05	DPST
DRIP	-0.71	-0.83	-0.59	-0.61		-0.73	-0.72	-0.25	-0.27	DRIP
DRLL	0.88	0.67	0.29	0.15	-0.73		0.9	0.75	0.76	DRLL
MLPX	0.97	0.75	0.52	0.25	-0.72	0.9		0.72	0.74	MLPX
MLPR	0.68	0.44	-0.02	0.02	-0.25	0.75	0.72		0.99	MLPR
MLPA	0.7	0.47	-0.01	0.05	-0.27	0.76	0.74	0.99		MLPA
	MDST	MGNR	MISL	DPST	DRIP	DRLL	MLPX	MLPR	MLPA

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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

MLPA	+ 0.99	MLPR
MLPX	+ 0.97	MDST
MLPX	+ 0.9	DRLL
DRLL	+ 0.88	MDST
MLPA	+ 0.76	DRLL
MLPX	+ 0.75	MGNR

High negative correlations

DRIP	- 0.83	MGNR
DRLL	- 0.73	DRIP
MLPX	- 0.72	DRIP
DRIP	- 0.71	MDST
DRIP	- 0.61	DPST
DRIP	- 0.59	MISL

IShares Oil Constituents Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares Oil 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 Oil'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
MDST	0.91	0.11	0.09	0.19	1.09	(1.01)	1.88	(1.78)	5.87
MGNR	1.23	0.05	0.02	0.06	1.82	(1.22)	2.40	(3.88)	8.45
MISL	0.98	0.00	0.00	0.01	1.10	(1.09)	1.71	(1.60)	6.08
DPST	3.54	(0.38)	0.00	(0.10)	0.00	0.00	7.37	(9.03)	21.75
DRIP	2.46	(0.04)	0.00	0.03	0.00	0.00	6.33	(4.57)	17.00
DRLL	1.03	0.13	0.08	0.23	1.46	(0.99)	2.19	(2.75)	6.50
MLPX	1.07	0.14	0.08	0.20	1.39	(1.05)	1.94	(2.17)	7.09
MLPR	1.43	0.25	0.14	0.29	1.60	(1.50)	2.90	(2.75)	8.02
MLPA	0.82	0.15	0.13	0.30	0.91	(0.84)	1.71	(1.53)	4.62

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