IQ MacKay Correlations

MMIN Etf

USD 24.22 0.02 0.08%

The current 90-days correlation between IQ MacKay Municipal and IQ MacKay Municipal is 0.84 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as IQ MacKay moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if IQ MacKay Municipal moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IQ MacKay Correlation With Market

Very good diversification

The correlation between IQ MacKay Municipal and DJI is -0.32 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IQ MacKay Municipal 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 IQ MacKay Municipal. 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 MMIN Etf

0.95	TFI	SPDR Nuveen Bloomberg	Pair Corr
0.97	PZA	Invesco National AMT	Pair Corr
0.97	MLN	VanEck Long Muni	Pair Corr
0.94	RVNU	Xtrackers Municipal	Pair Corr
0.95	FLMB	Franklin Liberty Federal	Pair Corr
0.97	SMI	VanEck Vectors ETF	Pair Corr
0.88	RTAI	Rareview Tax Advantaged	Pair Corr
0.84	OVM	Overlay Shares Municipal	Pair Corr
0.64	PG	Procter Gamble	Pair Corr
0.75	VZ	Verizon Communications Aggressive Push	Pair Corr

Moving against MMIN Etf

0.48	USD	ProShares Ultra Semi	Pair Corr
0.37	FNGU	MicroSectors FANG Index Sell-off Trend	Pair Corr
0.36	FNGO	MicroSectors FANG Index	Pair Corr
0.35	FNGS	MicroSectors FANG ETN	Pair Corr
0.33	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.33	TECL	Direxion Daily Technology	Pair Corr
0.32	ROM	ProShares Ultra Tech	Pair Corr
0.32	QLD	ProShares Ultra QQQ Sell-off Trend	Pair Corr
0.32	SMH	VanEck Semiconductor ETF	Pair Corr
0.46	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.42	STCE	Schwab Strategic Trust	Pair Corr
0.35	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr

Related Correlations Analysis

	MMIT	FLMB	MUST	HMOP	MEAR
MMIT		0.94	0.89	0.97	0.02	MMIT
FLMB	0.94		0.84	0.95	0.17	FLMB
MUST	0.89	0.84		0.86	0.1	MUST
HMOP	0.97	0.95	0.86		0.08	HMOP
MEAR	0.02	0.17	0.1	0.08		MEAR
	MMIT	FLMB	MUST	HMOP	MEAR

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IQ MacKay Constituents Risk-Adjusted Indicators

There is a big difference between MMIN Etf performing well and IQ MacKay 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 IQ MacKay'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
MMIT	0.15	0.00	(0.35)	0.07	0.21	(0.19)	0.41	(0.29)	1.45
FLMB	0.23	0.01	(0.25)	0.00	0.31	(0.27)	0.50	(0.41)	2.08
MUST	0.29	0.00	(0.23)	0.22	0.36	(0.34)	0.64	(0.53)	2.34
HMOP	0.16	0.00	(0.32)	0.06	0.24	(0.17)	0.33	(0.41)	1.34
MEAR	0.05	0.00	(1.30)	(0.03)	0.00	(0.06)	0.10	(0.08)	0.32

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