Overlay Shares Correlations

OVF Etf

USD 32.22 0.36 1.13%

The current 90-days correlation between Overlay Shares Foreign and TrueShares Structured Outcome is 0.73 (i.e., Poor diversification). The correlation of Overlay Shares 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.

Overlay Shares Correlation With Market

Almost no diversification

The correlation between Overlay Shares Foreign and DJI is 0.91 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Overlay Shares Foreign and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Overlay Etf

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

Moving together with Overlay Etf

1.0	VEA	Vanguard FTSE Developed	Pair Corr
1.0	IEFA	iShares Core MSCI	Pair Corr
1.0	VEU	Vanguard FTSE All	Pair Corr
1.0	EFA	iShares MSCI EAFE	Pair Corr
1.0	IXUS	iShares Core MSCI	Pair Corr
1.0	SPDW	SPDR SP World	Pair Corr
1.0	IDEV	iShares Core MSCI	Pair Corr
1.0	ESGD	iShares ESG Aware	Pair Corr
1.0	JIRE	JP Morgan Exchange	Pair Corr
1.0	DFAX	Dimensional World	Pair Corr
0.93	MUU	Direxion Daily MU Buyout Trend	Pair Corr
0.93	MULL	GraniteShares 2x Long	Pair Corr
0.95	KORU	Direxion Daily South Upward Rally	Pair Corr
0.78	GDXU	MicroSectors Gold Miners	Pair Corr
0.85	JNUG	Direxion Daily Junior	Pair Corr
0.81	FNGD	MicroSectors FANG Index	Pair Corr
0.87	NUGT	Direxion Daily Gold	Pair Corr
0.84	BWET	ETF Managers Group Trending	Pair Corr
0.84	SHNY	Microsectors Gold	Pair Corr
0.79	DBA	Invesco DB Agriculture	Pair Corr
0.78	FXC	Invesco CurrencyShares	Pair Corr
0.87	WDNA	WisdomTree BioRevolution	Pair Corr
0.91	TLCI	Touchstone ETF Trust	Pair Corr
0.94	DFSD	Dimensional ETF Trust	Pair Corr
0.9	GDXY	YieldMax Gold Miners	Pair Corr
0.93	PFFA	Virtus InfraCap Preferred	Pair Corr
0.91	XYLD	Global X SP	Pair Corr
0.97	IQSZ	Invesco Actively Managed	Pair Corr
0.67	WEBS	Direxion Daily Dow	Pair Corr
0.88	XFIX	Fm Investments Symbol Change	Pair Corr
0.98	CHPS	Xtrackers Semiconductor	Pair Corr
0.98	FIDU	Fidelity MSCI Industrials	Pair Corr
0.84	PSFD	Pacer Swan SOS	Pair Corr
0.87	SIXJ	AIM ETF Products	Pair Corr
0.99	IRTR	iShares Trust	Pair Corr
0.87	XAUG	FT Cboe Vest	Pair Corr

Related Correlations Analysis

	OVM	HSMV	IFEB	OVS	OASC	IWMW	BJK	RNRG	YFYA	AUGZ
OVM		0.89	0.95	0.94	0.9	0.91	-0.61	0.91	0.94	0.7	OVM
HSMV	0.89		0.91	0.9	0.81	0.8	-0.73	0.9	0.86	0.45	HSMV
IFEB	0.95	0.91		0.95	0.93	0.93	-0.55	0.88	0.91	0.68	IFEB
OVS	0.94	0.9	0.95		0.97	0.95	-0.52	0.86	0.94	0.74	OVS
OASC	0.9	0.81	0.93	0.97		0.97	-0.36	0.76	0.9	0.81	OASC
IWMW	0.91	0.8	0.93	0.95	0.97		-0.39	0.79	0.91	0.8	IWMW
BJK	-0.61	-0.73	-0.55	-0.52	-0.36	-0.39		-0.81	-0.61	0.01	BJK
RNRG	0.91	0.9	0.88	0.86	0.76	0.79	-0.81		0.9	0.49	RNRG
YFYA	0.94	0.86	0.91	0.94	0.9	0.91	-0.61	0.9		0.71	YFYA
AUGZ	0.7	0.45	0.68	0.74	0.81	0.8	0.01	0.49	0.71		AUGZ
	OVM	HSMV	IFEB	OVS	OASC	IWMW	BJK	RNRG	YFYA	AUGZ

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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

OASC	+ 0.97	OVS
IWMW	+ 0.97	OASC
IFEB	+ 0.95	OVM
OVS	+ 0.95	IFEB
IWMW	+ 0.95	OVS
OVS	+ 0.94	OVM

High negative correlations

RNRG	- 0.81	BJK
BJK	- 0.73	HSMV
YFYA	- 0.61	BJK
BJK	- 0.61	OVM
BJK	- 0.55	IFEB
BJK	- 0.52	OVS

Overlay Shares Constituents Risk-Adjusted Indicators

There is a big difference between Overlay Etf performing well and Overlay Shares 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 Overlay Shares' 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
OVM	0.21	0.03	(0.06)	0.23	0.10	(0.23)	0.47	(0.33)	1.97
HSMV	0.49	0.07	0.06	0.22	0.33	(0.58)	1.34	(0.73)	2.51
IFEB	0.19	0.04	(0.04)	0.21	0.00	(0.21)	0.54	(0.48)	1.55
OVS	0.91	0.11	0.13	0.15	0.82	(1.15)	2.91	(2.02)	5.88
OASC	0.74	0.07	0.09	0.13	0.67	(0.95)	2.02	(1.36)	4.41
IWMW	0.48	0.03	0.01	0.11	0.62	(0.47)	1.24	(1.19)	4.57
BJK	0.80	(0.17)	0.00	(0.12)	0.00	0.00	1.66	(1.94)	5.69
RNRG	0.69	0.14	0.14	0.35	0.52	(0.79)	1.96	(1.37)	4.07
YFYA	0.12	0.01	(0.27)	0.12	0.00	(0.18)	0.30	(0.20)	0.91
AUGZ	0.42	(0.01)	(0.09)	0.04	0.57	(0.41)	0.71	(0.88)	2.90

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