Innovator Nasdaq Correlations

Etfs . USA . 
Etf . Innovator Nasdaq 100 Power
NJAN Etf  USD 47.47  0.04  0.08%   
The current 90-days correlation between Innovator Nasdaq 100 and First Trust Cboe is 0.92 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Innovator Nasdaq moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Innovator Nasdaq 100 Power moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Innovator Nasdaq Correlation With Market

Poor diversification

The correlation between Innovator Nasdaq 100 Power and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Innovator Nasdaq 100 Power 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 Innovator Nasdaq 100 Power. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Innovator Etf

  0.99BUFR First Trust CboePairCorr
  0.98BUFD FT Cboe VestPairCorr
  0.99PSEP Innovator SP 500PairCorr
  0.99PJAN Innovator SP 500PairCorr
  0.99PJUL Innovator SP 500PairCorr
  0.99PAUG Innovator Equity PowerPairCorr
  0.97DNOV FT Cboe VestPairCorr
  0.99PMAY Innovator SP 500PairCorr
  0.99PJUN Innovator SP 500PairCorr
  0.96FNGU MicroSectors FANG IndexPairCorr
  0.87USD ProShares Ultra SemiPairCorr
  0.97FNGO MicroSectors FANG IndexPairCorr
  0.83GBTC Grayscale Bitcoin TrustPairCorr
  0.88TECL Direxion Daily TechnologyPairCorr
  0.98FNGS MicroSectors FANG ETNPairCorr
  0.91ROM ProShares Ultra TechPairCorr
  0.96QLD ProShares Ultra QQQPairCorr
  0.76SMH VanEck Semiconductor ETFPairCorr
  0.8DIS Walt DisneyPairCorr
  0.86CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr
  0.67XOM Exxon Mobil Corp Sell-off TrendPairCorr
  0.92INTC Intel Fiscal Year End 23rd of January 2025 PairCorr
  0.76TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.96CSCO Cisco Systems Aggressive PushPairCorr
  0.73JPM JPMorgan Chase Fiscal Year End 10th of January 2025 PairCorr
  0.85HPQ HP IncPairCorr
  0.94AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.79HD Home DepotPairCorr
  0.95AA Alcoa Corp Fiscal Year End 15th of January 2025 PairCorr

Moving against Innovator Etf

  0.87MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr
  0.62PFE Pfizer Inc Aggressive PushPairCorr
  0.58PG Procter GamblePairCorr

Related Correlations Analysis

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Innovator Nasdaq Constituents Risk-Adjusted Indicators

There is a big difference between Innovator Etf performing well and Innovator Nasdaq 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 Innovator Nasdaq'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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