Inspire SmallMid Correlations

ISMD Etf

USD 42.77 1.31 3.16%

The current 90-days correlation between Inspire SmallMid Cap and First Trust Nasdaq is 0.46 (i.e., Very weak diversification). The correlation of Inspire SmallMid 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.

Inspire SmallMid Correlation With Market

Almost no diversification

The correlation between Inspire SmallMid Cap and DJI is 0.94 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Inspire SmallMid Cap and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Inspire Etf

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

Moving together with Inspire Etf

0.98	VB	Vanguard Small Cap	Pair Corr
0.99	IJR	iShares Core SP	Pair Corr
0.98	IWM	iShares Russell 2000 Aggressive Push	Pair Corr
0.98	VRTIX	Vanguard Russell 2000	Pair Corr
0.98	VTWO	Vanguard Russell 2000	Pair Corr
1.0	FNDA	Schwab Fundamental Small	Pair Corr
0.99	SPSM	SPDR Portfolio SP	Pair Corr
0.99	DFAS	Dimensional Small Cap	Pair Corr
0.99	VIOO	Vanguard SP Small	Pair Corr
0.97	PRFZ	Invesco FTSE RAFI	Pair Corr
0.85	MUU	Direxion Daily MU	Pair Corr
0.85	MULL	GraniteShares 2x Long	Pair Corr
0.74	AGQ	ProShares Ultra Silver	Pair Corr
0.87	JNUG	Direxion Daily Junior	Pair Corr
0.83	GDXU	MicroSectors Gold Miners	Pair Corr
0.84	KORU	Direxion Daily South	Pair Corr
0.87	NUGT	Direxion Daily Gold	Pair Corr
0.8	SHNY	Microsectors Gold	Pair Corr
0.91	SIL	Global X Silver	Pair Corr
0.86	SIVR	abrdn Physical Silver	Pair Corr
0.93	AHYB	American Century ETF	Pair Corr
0.89	RDIV	Invesco SP Ultra	Pair Corr
0.93	BINC	BlackRock ETF Trust	Pair Corr
0.96	OASC	OneAscent Small Cap	Pair Corr
0.92	VBK	Vanguard Small Cap	Pair Corr
0.81	MRK	Merck Company Aggressive Push	Pair Corr
0.81	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.89	AA	Alcoa Corp	Pair Corr
0.77	CVX	Chevron Corp	Pair Corr
0.82	JNJ	Johnson Johnson	Pair Corr
0.67	HD	Home Depot	Pair Corr

Moving against Inspire Etf

0.74

HPQ

HP Inc

Pair Corr

Related Correlations Analysis

	LST	DFVE	LTL	MARZ	PEMX	JCHI	SHRY	TOKE	FTXH
LST		0.98	0.73	0.79	0.91	0.36	0.97	0.49	0.85	LST
DFVE	0.98		0.71	0.76	0.88	0.28	0.98	0.5	0.86	DFVE
LTL	0.73	0.71		0.82	0.52	0.06	0.74	0.55	0.67	LTL
MARZ	0.79	0.76	0.82		0.63	0.45	0.73	0.42	0.57	MARZ
PEMX	0.91	0.88	0.52	0.63		0.48	0.87	0.26	0.73	PEMX
JCHI	0.36	0.28	0.06	0.45	0.48		0.26	0.05	-0.05	JCHI
SHRY	0.97	0.98	0.74	0.73	0.87	0.26		0.54	0.84	SHRY
TOKE	0.49	0.5	0.55	0.42	0.26	0.05	0.54		0.38	TOKE
FTXH	0.85	0.86	0.67	0.57	0.73	-0.05	0.84	0.38		FTXH
	LST	DFVE	LTL	MARZ	PEMX	JCHI	SHRY	TOKE	FTXH

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

DFVE	+ 0.98	LST
SHRY	+ 0.98	DFVE
SHRY	+ 0.97	LST
PEMX	+ 0.91	LST
PEMX	+ 0.88	DFVE
SHRY	+ 0.87	PEMX

High negative correlations

FTXH

- 0.05

JCHI

Inspire SmallMid Constituents Risk-Adjusted Indicators

There is a big difference between Inspire Etf performing well and Inspire SmallMid 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 Inspire SmallMid'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
LST	0.70	0.08	0.07	0.16	0.69	(0.79)	1.34	(1.26)	3.66
DFVE	0.65	0.08	0.10	0.17	0.54	(0.75)	1.83	(1.32)	3.68
LTL	1.25	(0.03)	(0.03)	0.04	1.36	(1.47)	2.34	(2.52)	8.66
MARZ	0.50	(0.05)	(0.10)	0.00	0.71	(0.48)	1.03	(1.16)	3.23
PEMX	0.79	0.15	0.13	0.28	0.75	(0.90)	2.30	(1.75)	4.15
JCHI	0.69	(0.05)	(0.11)	(0.01)	0.79	(0.76)	1.27	(1.31)	4.63
SHRY	0.60	0.06	0.05	0.16	0.50	(0.69)	1.34	(0.96)	3.46
TOKE	1.94	0.07	0.00	0.56	2.26	(2.37)	5.71	(3.17)	29.19
FTXH	0.84	0.20	0.24	0.40	0.47	(1.09)	2.01	(1.24)	4.73

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