Innovator Russell Correlations

Etfs . USA . 
Etf . Innovator Russell 2000
KJAN Etf  USD 39.19  0.36  0.93%   
The current 90-days correlation between Innovator Russell 2000 and First Trust Cboe is 0.79 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Innovator Russell moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Innovator Russell 2000 moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Innovator Russell Correlation With Market

Very poor diversification

The correlation between Innovator Russell 2000 and DJI is 0.88 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Innovator Russell 2000 and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Innovator Russell 2000. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Innovator Etf

  0.93BUFR First Trust CboePairCorr
  0.93BUFD FT Cboe VestPairCorr
  0.93PSEP Innovator SP 500PairCorr
  0.91PJAN Innovator SP 500PairCorr
  0.91PJUL Innovator SP 500PairCorr
  0.92PAUG Innovator Equity PowerPairCorr
  0.85DNOV FT Cboe VestPairCorr
  0.92PMAY Innovator SP 500PairCorr
  0.92PJUN Innovator SP 500PairCorr
  0.92FNGU MicroSectors FANG IndexPairCorr
  0.75USD ProShares Ultra SemiPairCorr
  0.92FNGO MicroSectors FANG IndexPairCorr
  0.89GBTC Grayscale Bitcoin TrustPairCorr
  0.79TECL Direxion Daily TechnologyPairCorr
  0.92FNGS MicroSectors FANG ETNPairCorr
  0.81ROM ProShares Ultra TechPairCorr
  0.9QLD ProShares Ultra QQQPairCorr
  0.61SMH VanEck Semiconductor ETFPairCorr
  0.81DIS Walt DisneyPairCorr
  0.71CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr
  0.86INTC Intel Fiscal Year End 23rd of January 2025 PairCorr
  0.73TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.89CSCO Cisco Systems Aggressive PushPairCorr
  0.83JPM JPMorgan Chase Fiscal Year End 10th of January 2025 PairCorr
  0.78HPQ HP IncPairCorr
  0.92AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.62HD Home DepotPairCorr
  0.84AA Alcoa Corp Fiscal Year End 15th of January 2025 PairCorr

Moving against Innovator Etf

  0.79MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr
  0.71PFE Pfizer Inc Aggressive PushPairCorr
  0.51PG Procter GamblePairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Innovator Russell Constituents Risk-Adjusted Indicators

There is a big difference between Innovator Etf performing well and Innovator Russell 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 Innovator Russell'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.

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