WisdomTree Natural Correlations

Etfs France . 
Etf . WisdomTree Natural Gas
NGASP Etf  EUR 4.34  0.03  0.70%   
The current 90-days correlation between WisdomTree Natural Gas and WisdomTree Wheat EUR is 0.02 (i.e., Significant diversification). The correlation of WisdomTree Natural 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 Natural Correlation With Market

Good diversification

The correlation between WisdomTree Natural Gas and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding WisdomTree Natural Gas and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to WisdomTree Natural 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 Natural 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 Natural - 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 Natural Gas to buy it.

Moving together with WisdomTree Etf

  0.8DSD Lyxor UCITS DailyPairCorr
  0.67WEATP WisdomTree Wheat EURPairCorr
  0.69BXX Lyxor UCITS StoxxPairCorr

Moving against WisdomTree Etf

  0.71MSE Amundi EURO STOXXPairCorr
  0.71GBS Gold Bullion SecuritiesPairCorr
  0.63CAC Amundi CAC 40PairCorr
  0.63CACC Lyxor CAC 40PairCorr
  0.62JPNH Lyxor UCITS JapanPairCorr
  0.62JPN Lyxor UCITS JapanPairCorr
  0.38EMLD SSgA SPDR ETFsPairCorr
  0.32SPY5 SPDR SP 500PairCorr
  0.31HHH HSBC SP 500PairCorr
  0.31DSB Amundi German BundPairCorr
  0.78CHM Amundi STOXX EuropePairCorr
  0.77GWT Amundi Index SolutionsPairCorr
  0.76MCEU Amundi Index SolutionsPairCorr
  0.75MMS Amundi MSCI EMUPairCorr
  0.74EUDV SSgA SPDR ETFsPairCorr
  0.73EESG Amundi MSCI EMUPairCorr
  0.71CD5 Amundi Index SolutionsPairCorr
  0.63CJ1 Amundi Index SolutionsPairCorr
  0.62EKLDC BNP Paribas EasyPairCorr
  0.61100H Amundi FTSE 100PairCorr
  0.49WEMT2 BNP Paribas EasyPairCorr
  0.47S500H Amundi SP 500PairCorr
  0.35EMBI BNP Paribas EasyPairCorr
  0.32SP5C Amundi Core SPPairCorr
  0.32500 Amundi Index SolutionsPairCorr
  0.79SRIE BNP Paribas EasyPairCorr
  0.76VALD BNP Paribas EasyPairCorr
  0.71ETDD BNP Paribas EasyPairCorr
  0.68EKLD BNP Paribas EasyPairCorr
  0.66PQVM Invesco SP 500PairCorr
  0.64EMSR BNP Paribas EasyPairCorr

Related Correlations Analysis


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
+ 0.8
MSFT
XOM
+ 0.79
MRK
XOM
+ 0.73
F
MRK
+ 0.71
F
JPM
+ 0.66
F
MRK
+ 0.64
JPM
  

High negative correlations

MRK
- 0.84
MSFT
MRK
- 0.81
UBER
T
- 0.71
F
XOM
- 0.7
MSFT
XOM
- 0.64
T
JPM
- 0.6
T

WisdomTree Natural Competition Risk-Adjusted Indicators

There is a big difference between WisdomTree Etf performing well and WisdomTree Natural 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 Natural'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.32 (0.28) 0.00 (0.20) 0.00 
 0.00 
 2.30 
(2.67)
 13.46 
MSFT  0.94 (0.21) 0.00 (0.38) 0.00 
 0.00 
 1.65 
(2.50)
 4.90 
UBER  1.46 (0.23) 0.00 (0.17) 0.00 
 0.00 
 2.60 
(3.82)
 10.23 
F  1.42  0.13  0.12  0.18  1.27 
(1.72)
 3.38 
(2.35)
 16.30 
T  0.89 (0.18) 0.00 (0.42) 0.00 
 0.00 
 1.53 
(1.85)
 4.30 
A  1.14 (0.09)(0.05) 0.02  1.39 
(1.20)
 2.34 
(2.22)
 6.50 
CRM  1.57 (0.16) 0.00 (0.06) 0.00 
 0.00 
 3.66 
(2.92)
 12.37 
JPM  1.12 (0.07)(0.02) 0.04  1.59 
(1.13)
 2.00 
(2.34)
 7.38 
MRK  1.23  0.32  0.23  0.44  1.01 
(1.55)
 3.59 
(1.98)
 8.09 
XOM  1.07  0.23  0.12  2.92  0.98 
(1.24)
 2.37 
(1.51)
 5.82 

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