WisdomTree Physical Correlations

Etfs . Netherlands . 
Etf . WisdomTree Physical Gold
PHAU Etf   421.36  9.82  2.39%   
The current 90-days correlation between WisdomTree Physical Gold and Vanguard FTSE Developed is -0.17 (i.e., Good diversification). The correlation of WisdomTree Physical 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. If the correlation is 0, the equities are not correlated; they are entirely random.

WisdomTree Physical Correlation With Market

Poor diversification

The correlation between WisdomTree Physical Gold and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding WisdomTree Physical Gold and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to WisdomTree Physical could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace WisdomTree Physical when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back WisdomTree Physical - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling WisdomTree Physical Gold to buy it.

Moving together with WisdomTree Etf

  0.96FXGD FinEx Physically GoldPairCorr
  0.97AUCO LG Gold MiningPairCorr
  0.92ITWN iShares MSCI TaiwanPairCorr
  0.79PHAG WisdomTree PhysicalPairCorr
  0.65GLUH iShares Core UKPairCorr
  0.86IJPE iShares MSCI JapanPairCorr
  0.77IEGA iShares III PublicPairCorr
  0.97EXXY iShares DiversifiedPairCorr
  0.85EMPA iShares MSCI EMUPairCorr
  0.88CEMU iShares VII plcPairCorr
  0.86NTM VanEck Multi AssetPairCorr
  0.86MODU iShares Moderate PorPairCorr
  0.87IEAC iShares Core CorpPairCorr
  0.97GLDU Amundi Index SolutionsPairCorr
  0.85IASP iShares Asia PropertyPairCorr
  0.79IWDP iShares Developed MarketsPairCorr
  0.8DFEU iShares Europe DefencePairCorr
  0.81H2OA iShares Global WaterPairCorr
  0.79IWDE iShares MSCI WorldPairCorr
  0.92SAWI iShares MSCI ACWIPairCorr
  0.93INRA iShares Global CleanPairCorr
  0.87VECP Vanguard EUR CorporatePairCorr
  0.95EXCH iShares MSCI EMPairCorr
  0.95CMEX iShares VII PublicPairCorr
  0.87IESE iShares MSCI EuropePairCorr
  0.9WENS iShares MSCI WorldPairCorr
  0.88MAGU BlackRock ESG MultiPairCorr
  0.86CYBU iShares China CNYPairCorr
  0.92CNYB iShares China CNYPairCorr
  0.84CBE7 iShares VII PublicPairCorr
  0.95IFFI iShares MSCI ACPairCorr

Moving against WisdomTree Etf

  0.72SXLK SSgA SPDR ETFsPairCorr
  0.52CNDX iShares NASDAQ 100PairCorr

Related Correlations Analysis


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
+ 0.81
MSFT
MRK
+ 0.77
T
  

High negative correlations

XOM
- 0.94
MSFT
MRK
- 0.92
MSFT
XOM
- 0.91
CRM
T
- 0.86
MSFT
XOM
- 0.85
A
CRM
- 0.85
T

WisdomTree Physical Competition Risk-Adjusted Indicators

There is a big difference between WisdomTree Etf performing well and WisdomTree Physical 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 WisdomTree Physical'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.50  0.05  0.02  0.13  1.55 
(1.67)
 3.43 
(2.81)
 13.69 
MSFT  1.34 (0.29) 0.00 (0.49) 0.00 
 0.00 
 2.19 
(2.87)
 13.28 
UBER  1.57 (0.17) 0.00 (0.27) 0.00 
 0.00 
 2.70 
(3.82)
 11.09 
F  1.27  0.00  0.00  0.07  1.37 
(1.52)
 3.61 
(2.30)
 7.50 
T  1.03  0.17  0.07 (0.78) 0.94 
(1.22)
 3.87 
(1.76)
 7.44 
A  1.24 (0.46) 0.00 (0.38) 0.00 
 0.00 
 2.48 
(2.73)
 7.20 
CRM  1.82 (0.31) 0.00 (0.18) 0.00 
 0.00 
 3.66 
(4.75)
 12.37 
JPM  1.28 (0.11)(0.03) 0.01  1.84 
(1.30)
 2.34 
(3.11)
 8.17 
MRK  1.27  0.27  0.16  0.59  1.18 
(1.39)
 2.81 
(2.06)
 8.74 
XOM  1.31  0.44  0.25  10.44  1.07 
(1.56)
 2.90 
(2.44)
 6.83 

Be your own money manager

Our tools can tell you how much better you can do entering a position in WisdomTree Physical without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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