Defiance Daily Correlations

OKLL Etf

10.48 2.26 17.74%

The current 90-days correlation between Defiance Daily Target and SPDR SP International is 0.44 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Defiance Daily moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Defiance Daily Target moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Defiance Daily Correlation With Market

Excellent diversification

The correlation between Defiance Daily Target and DJI is -0.52 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Defiance Daily Target and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Defiance Etf

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Defiance Daily Target. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Defiance Etf

0.66	QLD	ProShares Ultra QQQ	Pair Corr
0.72	TECL	Direxion Daily Technology	Pair Corr
0.79	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr

Moving against Defiance Etf

0.7	IGEB	iShares Edge Investment	Pair Corr
0.69	CFA	VictoryShares 500	Pair Corr
0.66	NRGU	Bank of Montreal	Pair Corr
0.64	AMPD	Tidal ETF Services	Pair Corr
0.61	CPST	Calamos ETF Trust	Pair Corr
0.58	GUSH	Direxion Daily SP	Pair Corr
0.41	ITWO	Proshares Russell 2000	Pair Corr
0.32	ELON	Battleshares TSLA	Pair Corr
0.79	VYMI	Vanguard International	Pair Corr
0.75	ERET	iShares Environmentally	Pair Corr
0.75	STXV	EA Series Trust	Pair Corr
0.74	SPDV	AAM SP 500	Pair Corr
0.74	TAXT	Northern Trust Tax	Pair Corr
0.73	ESGD	iShares ESG Aware	Pair Corr
0.73	DXJ	WisdomTree Japan Hedged	Pair Corr
0.71	DVYE	iShares Emerging Markets	Pair Corr
0.71	DFE	WisdomTree Europe	Pair Corr
0.7	CCNR	CoreCommodity Natural	Pair Corr
0.65	HEEM	iShares Currency Hedged	Pair Corr
0.64	HIYS	Invesco High Yield Symbol Change	Pair Corr
0.63	LALT	Invesco Multi Strategy	Pair Corr
0.6	EAFG	Pacer Funds Trust	Pair Corr
0.6	GPGCX	Grandeur Peak Global	Pair Corr
0.75	EMIF	iShares Emerging Markets	Pair Corr
0.75	DFIC	Dimensional International	Pair Corr
0.74	MEXX	Direxion Daily MSCI	Pair Corr
0.74	ILOW	AB Active ETFs	Pair Corr
0.72	JEPI	JPMorgan Equity Premium	Pair Corr
0.69	FNK	First Trust Mid	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.12	-0.14	0.13	0.12	-0.31	-0.04	0.23	0.08	0.21	META
MSFT	-0.12		0.84	-0.65	-0.86	0.8	0.93	0.33	-0.91	-0.94	MSFT
UBER	-0.14	0.84		-0.57	-0.77	0.85	0.75	0.19	-0.81	-0.83	UBER
F	0.13	-0.65	-0.57		0.41	-0.59	-0.51	-0.05	0.75	0.7	F
T	0.12	-0.86	-0.77	0.41		-0.65	-0.84	-0.29	0.75	0.76	T
A	-0.31	0.8	0.85	-0.59	-0.65		0.67	0.2	-0.75	-0.84	A
CRM	-0.04	0.93	0.75	-0.51	-0.84	0.67		0.53	-0.82	-0.9	CRM
JPM	0.23	0.33	0.19	-0.05	-0.29	0.2	0.53		-0.13	-0.32	JPM
MRK	0.08	-0.91	-0.81	0.75	0.75	-0.75	-0.82	-0.13		0.92	MRK
XOM	0.21	-0.94	-0.83	0.7	0.76	-0.84	-0.9	-0.32	0.92		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

CRM	+ 0.93	MSFT
XOM	+ 0.92	MRK
A	+ 0.85	UBER
UBER	+ 0.84	MSFT
A	+ 0.8	MSFT
XOM	+ 0.76	T

High negative correlations

XOM	- 0.94	MSFT
MRK	- 0.91	MSFT
XOM	- 0.9	CRM
T	- 0.86	MSFT
XOM	- 0.84	A
CRM	- 0.84	T

Defiance Daily Competition Risk-Adjusted Indicators

There is a big difference between Defiance Etf performing well and Defiance Daily 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 Defiance Daily'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	1.54	0.08	0.04	0.17	1.53	(1.74)	3.43	(2.81)	13.69
MSFT	1.33	(0.31)	0.00	(0.50)	0.00	0.00	2.19	(2.87)	13.28
UBER	1.56	(0.19)	0.00	(0.30)	0.00	0.00	2.70	(3.82)	11.09
F	1.22	0.09	0.07	0.17	1.05	(1.50)	3.61	(2.22)	7.50
T	1.05	0.15	0.05	(0.64)	0.99	(1.22)	3.87	(1.76)	7.44
A	1.24	(0.41)	0.00	(0.32)	0.00	0.00	2.48	(2.73)	7.20
CRM	1.80	(0.30)	0.00	(0.18)	0.00	0.00	3.66	(4.75)	12.37
JPM	1.27	(0.11)	(0.03)	0.01	1.83	(1.30)	2.34	(3.11)	8.17
MRK	1.27	0.33	0.20	0.72	1.10	(1.42)	2.81	(2.06)	8.74
XOM	1.32	0.41	0.23	12.19	1.09	(1.57)	2.90	(2.44)	6.83

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