NXG NextGen Correlations

NXG Etf

USD 54.36 0.49 0.91%

The current 90-days correlation between NXG NextGen Infrastr and Lazard Global Total is 0.19 (i.e., Average diversification). The correlation of NXG NextGen 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.

NXG NextGen Correlation With Market

Very poor diversification

The correlation between NXG NextGen Infrastructure and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NXG NextGen Infrastructure and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with NXG Etf

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in NXG NextGen Infrastructure. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in median.

Moving together with NXG Etf

0.82	BHK	BlackRock Core Bond	Pair Corr
0.77	BME	BlackRock Health Sciences	Pair Corr
0.67	RFMZ	RiverNorth Flexible	Pair Corr
0.64	RMM	RiverNorth Managed	Pair Corr
0.64	PPT	Putnam Premier Income	Pair Corr
0.7	BGR	BlackRock Energy	Pair Corr
0.77	PHT	PHT	Pair Corr
0.85	PCLN	2023 ETF	Pair Corr
0.85	MDY	SPDR SP MIDCAP	Pair Corr
0.8	SLYG	SPDR SP 600	Pair Corr
0.64	KRMA	Global X Conscious	Pair Corr
0.69	SPY	SPDR SP 500	Pair Corr
0.69	IVV	iShares Core SP	Pair Corr
0.83	SLYV	SPDR SP 600	Pair Corr
0.87	UDI	USCF ETF Trust	Pair Corr
0.82	FPXE	First Trust IPOX	Pair Corr
0.74	LSEQ	Harbor ETF Trust	Pair Corr
0.88	SCZ	iShares MSCI EAFE	Pair Corr
0.8	WLTG	ETF Opportunities Trust	Pair Corr
0.88	JPIE	JP Morgan Exchange	Pair Corr
0.73	HCOW	Amplify Cash Flow	Pair Corr
0.88	FNDC	Schwab Fundamental	Pair Corr
0.82	ESML	iShares ESG Aware	Pair Corr
0.73	IAUM	iShares Gold Trust	Pair Corr
0.83	PMAY	Innovator SP 500	Pair Corr
0.77	JANW	AIM ETF Products	Pair Corr
0.7	QCJA	FT Vest Nasdaq	Pair Corr
0.83	PMIO	PGIM ETF Trust	Pair Corr
0.77	PFF	iShares Preferred	Pair Corr
0.84	VGUS	Vanguard Ultra Short	Pair Corr
0.89	GENW	Spinnaker ETF Series	Pair Corr

Moving against NXG Etf

0.77	FRHC	Freedom Holding Corp Earnings Call This Week	Pair Corr
0.67	IGV	iShares Expanded Tech	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.41	-0.46	0.43	0.16	-0.53	-0.1	0.33	0.48	0.43	META
MSFT	-0.41		0.8	-0.53	-0.65	0.71	0.81	0.06	-0.85	-0.91	MSFT
UBER	-0.46	0.8		-0.46	-0.48	0.78	0.53	-0.09	-0.8	-0.74	UBER
F	0.43	-0.53	-0.46		0.06	-0.41	-0.23	0.3	0.68	0.6	F
T	0.16	-0.65	-0.48	0.06		-0.39	-0.75	-0.13	0.4	0.58	T
A	-0.53	0.71	0.78	-0.41	-0.39		0.48	-0.04	-0.63	-0.78	A
CRM	-0.1	0.81	0.53	-0.23	-0.75	0.48		0.44	-0.56	-0.81	CRM
JPM	0.33	0.06	-0.09	0.3	-0.13	-0.04	0.44		0.21	-0.08	JPM
MRK	0.48	-0.85	-0.8	0.68	0.4	-0.63	-0.56	0.21		0.82	MRK
XOM	0.43	-0.91	-0.74	0.6	0.58	-0.78	-0.81	-0.08	0.82		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

XOM	+ 0.82	MRK
CRM	+ 0.81	MSFT
UBER	+ 0.8	MSFT
A	+ 0.78	UBER
A	+ 0.71	MSFT
MRK	+ 0.68	F

High negative correlations

XOM	- 0.91	MSFT
MRK	- 0.85	MSFT
XOM	- 0.81	CRM
MRK	- 0.8	UBER
XOM	- 0.78	A
CRM	- 0.75	T

NXG NextGen Competition Risk-Adjusted Indicators

There is a big difference between NXG Etf performing well and NXG NextGen 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 NXG NextGen'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
META	1.51	0.00	(0.02)	0.06	1.53	(1.82)	3.43	(2.82)	13.69
MSFT	1.32	(0.36)	0.00	(0.92)	0.00	0.00	1.90	(2.74)	13.28
UBER	1.50	(0.46)	0.00	(0.90)	0.00	0.00	2.41	(3.82)	11.09
F	1.22	0.07	0.05	0.14	1.20	(1.48)	3.34	(2.30)	7.16
T	1.02	0.23	0.17	3.71	0.77	(1.19)	3.87	(1.54)	5.31
A	1.27	(0.30)	0.00	(0.17)	0.00	0.00	2.90	(2.73)	7.85
CRM	1.68	(0.41)	0.00	(0.35)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.26	(0.15)	0.00	(0.04)	0.00	0.00	2.34	(3.11)	7.38
MRK	1.35	0.49	0.35	0.77	0.97	(1.72)	3.59	(1.98)	8.74
XOM	1.24	0.36	0.22	1.65	1.11	(1.42)	2.68	(2.12)	6.83

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