WisdomTree Gold Correlations

The current 90-days correlation between WisdomTree Gold 2x and WisdomTree Battery Solutions is 0.07 (i.e., Significant diversification). The correlation of WisdomTree Gold 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.

WisdomTree Gold Correlation With Market

Poor diversification

The correlation between WisdomTree Gold 2x and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding WisdomTree Gold 2x and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to WisdomTree Gold could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace WisdomTree Gold when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back WisdomTree Gold - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling WisdomTree Gold 2x to buy it.

Moving together with WisdomTree Etf

0.97	3LSI	WisdomTree Silver	Pair Corr
0.73	3SAP	GraniteShares 3x Short	Pair Corr
0.84	FLXB	Franklin FTSE Brazil	Pair Corr
0.87	VDST	Vanguard Treasury	Pair Corr

Moving against WisdomTree Etf

0.55	3PLT	Leverage Shares 3x	Pair Corr
0.54	PAL3	GraniteShares 3x Long	Pair Corr
0.34	3LVP	GraniteShares 3x Long	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.32	0.12	0.19	0.01	-0.27	0.36	0.17	-0.09	0.03	META
MSFT	0.32		0.74	-0.47	0.28	0.38	0.44	-0.02	-0.8	-0.72	MSFT
UBER	0.12	0.74		-0.44	0.33	0.57	0.1	-0.2	-0.8	-0.53	UBER
F	0.19	-0.47	-0.44		-0.48	-0.24	-0.01	0.3	0.63	0.62	F
T	0.01	0.28	0.33	-0.48		0.44	-0.25	-0.27	-0.37	-0.38	T
A	-0.27	0.38	0.57	-0.24	0.44		-0.1	-0.13	-0.33	-0.54	A
CRM	0.36	0.44	0.1	-0.01	-0.25	-0.1		0.69	-0.15	-0.5	CRM
JPM	0.17	-0.02	-0.2	0.3	-0.27	-0.13	0.69		0.29	-0.13	JPM
MRK	-0.09	-0.8	-0.8	0.63	-0.37	-0.33	-0.15	0.29		0.68	MRK
XOM	0.03	-0.72	-0.53	0.62	-0.38	-0.54	-0.5	-0.13	0.68		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

UBER	+ 0.74	MSFT
JPM	+ 0.69	CRM
XOM	+ 0.68	MRK
MRK	+ 0.63	F
XOM	+ 0.62	F
A	+ 0.57	UBER

High negative correlations

MRK	- 0.8	UBER
MRK	- 0.8	MSFT
XOM	- 0.72	MSFT
XOM	- 0.54	A
XOM	- 0.53	UBER
XOM	- 0.5	CRM

WisdomTree Gold Competition Risk-Adjusted Indicators

There is a big difference between WisdomTree Etf performing well and WisdomTree Gold 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 WisdomTree Gold'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	1.60	0.02	0.00	(0.36)	2.40	(1.68)	3.43	(2.67)	13.02
MSFT	1.23	(0.32)	0.00	(1.41)	0.00	0.00	1.85	(2.70)	13.28
UBER	1.46	(0.30)	0.00	(0.36)	0.00	0.00	2.46	(3.82)	10.23
F	1.28	0.03	0.00	0.26	1.46	(1.46)	3.38	(2.35)	7.16
T	0.96	0.05	0.02	0.23	1.04	(1.03)	1.85	(1.85)	3.77
A	1.19	(0.17)	0.00	(0.37)	0.00	0.00	2.90	(2.58)	7.85
CRM	1.54	(0.30)	0.00	(0.25)	0.00	0.00	2.94	(4.26)	12.37
JPM	1.09	(0.03)	(0.01)	0.01	1.67	(1.09)	1.88	(3.11)	7.38
MRK	1.28	0.33	0.24	0.50	1.13	(1.56)	3.59	(1.98)	8.09
XOM	1.08	0.31	0.23	3.83	0.95	(1.26)	2.38	(1.51)	5.82

WisdomTree Gold Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with WisdomTree Gold etf to make a market-neutral strategy. Peer analysis of WisdomTree Gold could also be used in its relative valuation, which is a method of valuing WisdomTree Gold by comparing valuation metrics with similar companies.

WisdomTree Zinc WisdomTree Brent Crude WisdomTree Aluminium 2x WisdomTree Enhanced Commodity WisdomTree Gold 3x WisdomTree WTI Crude WisdomTree Issuer ICAV WisdomTree Grains WisdomTree Battery Solutions American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

Risk & Return

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