Global X Correlations

Etfs . USA . 
Etf . Global X Lithium
LIT Etf  USD 44.97  0.60  1.32%   
The current 90-days correlation between Global X Lithium and Invesco Solar ETF is 0.62 (i.e., Poor diversification). The correlation of Global X 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.

Global X Correlation With Market

Average diversification

The correlation between Global X Lithium and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X Lithium 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 Global X Lithium. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Global Etf

  0.9EV Mast Global BatteryPairCorr
  0.67VAW Vanguard Materials IndexPairCorr
  0.85XME SPDR SP MetalsPairCorr
  0.61FIW First Trust WaterPairCorr
  0.77URNM Sprott Uranium MinersPairCorr
  0.79VR VRPairCorr
  0.77PWER Macquarie ETF TrustPairCorr
  0.63HHH Howard HughesPairCorr
  0.69MORE MOREPairCorr
  0.76CVX Chevron Corp Fiscal Year End 7th of February 2025 PairCorr
  0.72WMT Walmart Aggressive PushPairCorr
  0.68T ATT Inc Aggressive PushPairCorr
  0.81CSCO Cisco SystemsPairCorr
  0.81XOM Exxon Mobil Corp Aggressive PushPairCorr
  0.88CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr
  0.81INTC Intel Fiscal Year End 23rd of January 2025 PairCorr
  0.86AA Alcoa Corp Fiscal Year End 15th of January 2025 PairCorr
  0.81AXP American Express Fiscal Year End 24th of January 2025 PairCorr

Moving against Global Etf

  0.78MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr
  0.69BA Boeing Fiscal Year End 29th of January 2025 PairCorr
  0.63KO Coca Cola Aggressive PushPairCorr

Related Correlations Analysis

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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   
ICLN
+ 0.91
TAN
DRIV
+ 0.86
ALB
LAC
+ 0.66
ALB
DRIV
+ 0.53
LAC
  
High negative correlations   
ICLN
- 0.83
LAC
ICLN
- 0.67
ALB
LAC
- 0.58
TAN
ALB
- 0.48
TAN
DRIV
- 0.43
ICLN
DRIV
- 0.22
TAN

Global X Constituents Risk-Adjusted Indicators

There is a big difference between Global Etf performing well and Global X 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 Global X'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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