Sprott Nickel Correlations

NIKL Etf

10.25 0.06 0.58%

The current 90-days correlation between Sprott Nickel Miners and Freedom Day Dividend is 0.36 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Sprott Nickel moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Sprott Nickel Miners moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Sprott Nickel Correlation With Market

Weak diversification

The correlation between Sprott Nickel Miners and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sprott Nickel Miners 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 Sprott Nickel Miners. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with Sprott Etf

0.82	EV	Mast Global Battery	Pair Corr
0.83	XLB	Materials Select Sector	Pair Corr
0.81	VAW	Vanguard Materials Index	Pair Corr
0.79	XME	SPDR SP Metals	Pair Corr
0.67	PHO	Invesco Water Resources	Pair Corr
0.61	MOO	VanEck Agribusiness ETF	Pair Corr
0.87	FXZ	First Trust Materials	Pair Corr
0.64	FIW	First Trust Water	Pair Corr
0.81	URNM	Sprott Uranium Miners	Pair Corr
0.86	IYM	iShares Basic Materials	Pair Corr
0.74	INTC	Intel	Pair Corr
0.7	AA	Alcoa Corp	Pair Corr

Moving against Sprott Etf

0.83	FNGS	MicroSectors FANG ETN	Pair Corr
0.8	FNGO	MicroSectors FANG Index	Pair Corr
0.78	FNGU	MicroSectors FANG Index	Pair Corr
0.76	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.6	FBGX	UBS	Pair Corr
0.49	QLD	ProShares Ultra QQQ	Pair Corr
0.81	BA	Boeing	Pair Corr
0.64	JPM	JPMorgan Chase	Pair Corr
0.56	MMM	3M Company	Pair Corr
0.55	DIS	Walt Disney Earnings Call This Week	Pair Corr
0.5	IBM	International Business Upward Rally	Pair Corr
0.43	BAC	Bank of America Sell-off Trend	Pair Corr

Related Correlations Analysis

	MBOX	DIEM	MCHI	DIPS	DISO	DIVB	DIVD	DIVG	DIVI
MBOX		0.15	0.03	-0.13	0.34	0.97	0.69	0.91	0.38	MBOX
DIEM	0.15		0.86	0.0	-0.48	0.21	0.54	0.28	0.71	DIEM
MCHI	0.03	0.86		0.16	-0.5	0.13	0.5	0.17	0.68	MCHI
DIPS	-0.13	0.0	0.16		-0.18	-0.05	0.18	0.0	0.22	DIPS
DISO	0.34	-0.48	-0.5	-0.18		0.26	-0.3	0.1	-0.36	DISO
DIVB	0.97	0.21	0.13	-0.05	0.26		0.78	0.95	0.45	DIVB
DIVD	0.69	0.54	0.5	0.18	-0.3	0.78		0.8	0.82	DIVD
DIVG	0.91	0.28	0.17	0.0	0.1	0.95	0.8		0.41	DIVG
DIVI	0.38	0.71	0.68	0.22	-0.36	0.45	0.82	0.41		DIVI
	MBOX	DIEM	MCHI	DIPS	DISO	DIVB	DIVD	DIVG	DIVI

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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

DIVB	+ 0.97	MBOX
DIVG	+ 0.95	DIVB
DIVG	+ 0.91	MBOX
MCHI	+ 0.86	DIEM
DIVI	+ 0.82	DIVD
DIVG	+ 0.8	DIVD

High negative correlations

DISO	- 0.5	MCHI
DISO	- 0.48	DIEM
DIVI	- 0.36	DISO
DIVD	- 0.3	DISO
DISO	- 0.18	DIPS
DIPS	- 0.13	MBOX

Sprott Nickel Constituents Risk-Adjusted Indicators

There is a big difference between Sprott Etf performing well and Sprott Nickel 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 Sprott Nickel'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
MBOX	0.62	0.00	(0.05)	0.10	0.75	(0.67)	1.27	(1.03)	5.51
DIEM	0.63	(0.06)	0.00	(0.10)	0.00	0.00	1.34	(1.81)	5.07
MCHI	1.29	(0.01)	(0.03)	0.07	1.76	(1.29)	2.45	(2.72)	12.27
DIPS	1.77	0.04	(0.03)	0.00	2.67	(1.63)	2.53	(3.53)	23.85
DISO	0.80	0.19	0.13	1.21	0.57	(0.96)	1.51	(1.24)	6.23
DIVB	0.59	0.00	(0.08)	0.09	0.66	(0.66)	1.11	(0.76)	5.73
DIVD	0.52	(0.03)	(0.14)	(0.02)	0.67	(0.56)	0.89	(0.98)	3.36
DIVG	0.58	(0.04)	(0.13)	(0.03)	0.75	(0.57)	1.12	(1.12)	4.36
DIVI	0.57	(0.02)	(0.10)	0.03	0.78	(0.63)	1.34	(1.46)	3.80

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