IShares New Correlations

NYF Etf

USD 54.24 0.09 0.17%

The current 90-days correlation between iShares New York and iShares California Muni is 0.95 (i.e., Almost no diversification). The correlation of IShares New 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.

IShares New Correlation With Market

Very good diversification

The correlation between iShares New York and DJI is -0.34 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares New York 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 iShares New York. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with IShares Etf

0.94	PZT	Invesco New York	Pair Corr
0.91	FMNY	First Trust Exchange	Pair Corr
0.96	MBND	SPDR Nuveen Municipal	Pair Corr

Moving against IShares Etf

0.61	NVDL	GraniteShares 15x Long	Pair Corr
0.61	NVDX	T Rex 2X	Pair Corr
0.61	NVDU	Direxion Daily NVDA	Pair Corr
0.58	USD	ProShares Ultra Semi	Pair Corr
0.45	JBBB	Janus Detroit Street	Pair Corr
0.4	GDE	WisdomTree Efficient Gold	Pair Corr
0.37	GLD	SPDR Gold Shares	Pair Corr
0.34	VONG	Vanguard Russell 1000	Pair Corr
0.33	CRPT	First Trust SkyBridge	Pair Corr
0.32	DAPP	VanEck Digital Trans	Pair Corr
0.41	QYLD	Global X NASDAQ	Pair Corr
0.38	VGT	Vanguard Information	Pair Corr
0.37	AAAU	Goldman Sachs Physical	Pair Corr
0.33	JEPQ	JPMorgan Nasdaq Equity	Pair Corr
0.32	VOX	Vanguard Communication	Pair Corr
0.32	KRE	SPDR SP Regional Sell-off Trend	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.27	0.55	0.04	0.55	0.04	0.64	0.28	-0.53	0.72	META
MSFT	0.27		0.22	0.15	0.18	-0.01	0.03	-0.12	0.12	-0.19	MSFT
UBER	0.55	0.22		-0.05	-0.06	0.27	-0.01	-0.14	0.08	0.35	UBER
F	0.04	0.15	-0.05		0.2	-0.4	0.47	0.69	-0.34	0.32	F
T	0.55	0.18	-0.06	0.2		-0.5	0.79	0.6	-0.78	0.38	T
A	0.04	-0.01	0.27	-0.4	-0.5		-0.47	-0.62	0.64	-0.01	A
CRM	0.64	0.03	-0.01	0.47	0.79	-0.47		0.85	-0.91	0.65	CRM
JPM	0.28	-0.12	-0.14	0.69	0.6	-0.62	0.85		-0.83	0.48	JPM
MRK	-0.53	0.12	0.08	-0.34	-0.78	0.64	-0.91	-0.83		-0.56	MRK
XOM	0.72	-0.19	0.35	0.32	0.38	-0.01	0.65	0.48	-0.56		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

JPM	+ 0.85	CRM
CRM	+ 0.79	T
XOM	+ 0.72	META
JPM	+ 0.69	F
XOM	+ 0.65	CRM
CRM	+ 0.64	META

High negative correlations

MRK	- 0.91	CRM
MRK	- 0.83	JPM
MRK	- 0.78	T
JPM	- 0.62	A
XOM	- 0.56	MRK
MRK	- 0.53	META

IShares New Competition Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares New 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 IShares New'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	1.06	0.06	0.02	0.20	1.40	(1.15)	2.62	(3.15)	8.02
MSFT	0.92	(0.05)	(0.05)	0.05	1.49	(0.89)	2.09	(1.85)	8.19
UBER	1.62	(0.12)	(0.05)	0.00	2.30	(1.74)	2.69	(2.53)	20.10
F	1.43	(0.15)	(0.04)	0.02	2.20	(1.42)	2.53	(2.90)	11.21
T	0.92	0.28	0.15	(7.88)	0.85	(1.05)	2.56	(1.72)	6.47
A	1.17	(0.09)	0.00	(0.05)	0.00	0.00	2.71	(2.42)	9.02
CRM	1.34	0.21	0.16	0.30	1.16	(1.53)	3.18	(1.93)	9.09
JPM	1.12	(0.01)	0.06	0.11	1.40	(1.21)	2.05	(2.00)	15.87
MRK	0.91	(0.21)	0.00	(0.74)	0.00	0.00	2.00	(2.13)	4.89
XOM	1.01	(0.05)	(0.08)	0.02	1.33	(1.07)	2.10	(2.09)	5.74

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