Defiance Daily Correlations

PLTZ Etf

20.93 0.04 0.19%

The current 90-days correlation between Defiance Daily Target and Defiance Daily Target is -0.01 (i.e., Good diversification). The correlation of Defiance Daily 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.

Defiance Daily Correlation With Market

Very good diversification

The correlation between Defiance Daily Target and DJI is -0.45 (i.e., Very good 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 population.

Moving together with Defiance Etf

0.7	SH	ProShares Short SP500	Pair Corr
0.69	SDS	ProShares UltraShort	Pair Corr
0.68	SPXS	Direxion Daily SP	Pair Corr
0.71	QID	ProShares UltraShort QQQ	Pair Corr
0.64	RWM	ProShares Short Russ	Pair Corr
0.77	DOG	ProShares Short Dow30	Pair Corr

Moving against Defiance Etf

0.71	SMH	VanEck Semiconductor ETF	Pair Corr
0.69	QLD	ProShares Ultra QQQ	Pair Corr
0.68	UPRO	ProShares UltraPro SP500	Pair Corr
0.53	USD	ProShares Ultra Semi	Pair Corr
0.52	ROM	ProShares Ultra Tech	Pair Corr
0.48	TECL	Direxion Daily Technology	Pair Corr
0.78	ITDJ	iShares Trust	Pair Corr
0.77	PSI	Invesco Dynamic Semi	Pair Corr
0.73	GTR	WisdomTree Target Range	Pair Corr
0.72	SOXX	iShares Semiconductor ETF	Pair Corr
0.64	CPER	United States Copper	Pair Corr
0.57	VOO	Vanguard SP 500	Pair Corr
0.57	JADE	JP Morgan Exchange	Pair Corr
0.54	SPXL	Direxion Daily SP500	Pair Corr
0.53	CSD	Invesco SP Spin	Pair Corr
0.52	QQH	HCM Defender 100	Pair Corr
0.5	ECOW	Pacer Emerging Markets	Pair Corr
0.47	SCZ	iShares MSCI EAFE	Pair Corr
0.43	FSST	Fidelity Sustainability	Pair Corr
0.39	GBUG	Sprott Active Gold	Pair Corr
0.37	ZSB	USCF Sustainable Battery	Pair Corr
0.74	FFLG	Fidelity Covington Trust Low Volatility	Pair Corr
0.72	TJUL	Innovator Etfs Trust	Pair Corr
0.7	AGEM	abrdn Emerging Markets	Pair Corr
0.7	CPSU	Calamos SP 500	Pair Corr
0.69	FTBI	First Trust Exchange	Pair Corr
0.67	SLX	VanEck Steel ETF	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.66	0.57	-0.64	0.57	-0.6	0.23	-0.14	-0.59	-0.63	META
MSFT	0.66		0.83	-0.51	0.36	-0.22	0.09	-0.3	-0.77	-0.6	MSFT
UBER	0.57	0.83		-0.62	0.57	-0.33	-0.1	-0.2	-0.84	-0.59	UBER
F	-0.64	-0.51	-0.62		-0.71	0.56	0.27	0.38	0.7	0.76	F
T	0.57	0.36	0.57	-0.71		-0.57	-0.45	-0.16	-0.54	-0.49	T
A	-0.6	-0.22	-0.33	0.56	-0.57		-0.17	-0.25	0.51	0.28	A
CRM	0.23	0.09	-0.1	0.27	-0.45	-0.17		0.33	0.01	0.13	CRM
JPM	-0.14	-0.3	-0.2	0.38	-0.16	-0.25	0.33		0.25	0.36	JPM
MRK	-0.59	-0.77	-0.84	0.7	-0.54	0.51	0.01	0.25		0.64	MRK
XOM	-0.63	-0.6	-0.59	0.76	-0.49	0.28	0.13	0.36	0.64		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

UBER	+ 0.83	MSFT
XOM	+ 0.76	F
MRK	+ 0.7	F
MSFT	+ 0.66	META
XOM	+ 0.64	MRK
UBER	+ 0.57	META

High negative correlations

MRK	- 0.84	UBER
MRK	- 0.77	MSFT
T	- 0.71	F
F	- 0.64	META
XOM	- 0.63	META
F	- 0.62	UBER

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	1.40	(0.25)	0.00	(0.21)	0.00	0.00	2.30	(2.72)	13.52
MSFT	0.92	(0.12)	0.00	(0.14)	0.00	0.00	1.78	(2.50)	5.08
UBER	1.48	(0.36)	0.00	(0.28)	0.00	0.00	2.60	(3.82)	10.51
F	1.51	0.15	0.09	0.16	1.69	(1.65)	3.38	(2.63)	16.30
T	0.96	(0.26)	0.00	(0.85)	0.00	0.00	1.61	(2.18)	5.75
A	1.25	0.08	0.06	0.13	1.31	(1.37)	2.34	(2.21)	11.03
CRM	1.57	0.03	0.02	0.09	2.02	(1.54)	3.66	(2.92)	9.91
JPM	1.03	0.00	0.01	0.06	1.41	(1.02)	2.00	(1.91)	7.02
MRK	1.45	0.38	0.27	0.50	1.07	(1.86)	4.85	(2.06)	11.45
XOM	0.96	0.09	0.04	0.47	0.99	(1.02)	1.96	(1.51)	4.99

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