Nelson Select Correlations

NELS Etf

25.92 0.05 0.19%

The current 90-days correlation between Nelson Select ETF and ETF Opportunities Trust is -0.11 (i.e., Good diversification). The correlation of Nelson Select 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.

Nelson Select Correlation With Market

Very poor diversification

The correlation between Nelson Select ETF and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nelson Select ETF and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Nelson Etf

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Nelson Select ETF. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Nelson Etf

0.96	VTI	Vanguard Total Stock	Pair Corr
0.96	SPY	SPDR SP 500	Pair Corr
0.96	IVV	iShares Core SP	Pair Corr
0.65	BND	Vanguard Total Bond	Pair Corr
0.79	VTV	Vanguard Value Index	Pair Corr
0.91	VO	Vanguard Mid Cap	Pair Corr
0.85	VEA	Vanguard FTSE Developed	Pair Corr
0.82	VB	Vanguard Small Cap	Pair Corr
0.83	VWO	Vanguard FTSE Emerging	Pair Corr
0.87	CPST	Calamos ETF Trust	Pair Corr
0.86	ITDD	iShares Trust	Pair Corr
0.77	AA	Alcoa Corp	Pair Corr
0.67	DD	Dupont De Nemours Earnings Call This Week	Pair Corr
0.77	BA	Boeing	Pair Corr
0.74	CAT	Caterpillar	Pair Corr

Moving against Nelson Etf

0.57	MPAY	Exchange Traded Concepts	Pair Corr
0.55	HPQ	HP Inc	Pair Corr
0.39	MSFT	Microsoft	Pair Corr

Related Correlations Analysis

	MDAA	MFUT	DRKY	DUKX	EDGH	EDGI	EDGU	NELS	WZRD
MDAA		0.95	0.62	0.96	0.91	0.97	0.81	0.88	-0.89	MDAA
MFUT	0.95		0.7	0.95	0.98	0.97	0.77	0.79	-0.91	MFUT
DRKY	0.62	0.7		0.6	0.72	0.7	0.68	0.67	-0.53	DRKY
DUKX	0.96	0.95	0.6		0.89	0.96	0.84	0.78	-0.9	DUKX
EDGH	0.91	0.98	0.72	0.89		0.92	0.7	0.74	-0.87	EDGH
EDGI	0.97	0.97	0.7	0.96	0.92		0.85	0.86	-0.89	EDGI
EDGU	0.81	0.77	0.68	0.84	0.7	0.85		0.84	-0.68	EDGU
NELS	0.88	0.79	0.67	0.78	0.74	0.86	0.84		-0.7	NELS
WZRD	-0.89	-0.91	-0.53	-0.9	-0.87	-0.89	-0.68	-0.7		WZRD
	MDAA	MFUT	DRKY	DUKX	EDGH	EDGI	EDGU	NELS	WZRD

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

EDGH	+ 0.98	MFUT
EDGI	+ 0.97	MDAA
EDGI	+ 0.97	MFUT
DUKX	+ 0.96	MDAA
EDGI	+ 0.96	DUKX
MFUT	+ 0.95	MDAA

High negative correlations

WZRD	- 0.91	MFUT
WZRD	- 0.9	DUKX
WZRD	- 0.89	EDGI
WZRD	- 0.89	MDAA
WZRD	- 0.87	EDGH
WZRD	- 0.7	NELS

Nelson Select Constituents Risk-Adjusted Indicators

There is a big difference between Nelson Etf performing well and Nelson Select 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 Nelson Select'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
MDAA	0.85	0.04	0.03	0.08	1.13	(0.85)	1.94	(1.75)	5.60
MFUT	0.85	0.15	0.08	0.29	1.33	(0.89)	1.66	(1.36)	8.84
DRKY	0.78	0.06	0.02	0.77	0.94	(0.87)	1.67	(1.18)	6.43
DUKX	0.54	0.11	0.10	1.06	0.59	(0.56)	1.27	(1.21)	3.41
EDGH	0.93	0.15	0.06	0.44	1.65	(0.93)	1.81	(2.33)	9.64
EDGI	0.56	0.07	0.07	0.14	0.70	(0.55)	1.06	(1.33)	3.13
EDGU	0.55	0.01	(0.02)	0.28	0.81	(0.53)	1.12	(1.50)	3.35
NELS	0.63	(0.02)	(0.03)	0.00	0.90	(0.60)	1.19	(1.39)	4.02
WZRD	2.68	(0.40)	0.00	1.30	0.00	0.00	4.49	(7.98)	17.09

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