Defiance Daily Correlations

QBTZ Etf

11.26 1.34 13.51%

The current 90-days correlation between Defiance Daily Target and SPDR Series Trust is -0.18 (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

Excellent diversification

The correlation between Defiance Daily Target and DJI is -0.68 (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 population.

Moving together with Defiance Etf

0.64	SH	ProShares Short SP500	Pair Corr
0.71	SPXU	ProShares UltraPro Short	Pair Corr
0.69	SDS	ProShares UltraShort	Pair Corr
0.7	SPXS	Direxion Daily SP	Pair Corr
0.64	RWM	ProShares Short Russ	Pair Corr
0.76	TAIL	Cambria Tail Risk	Pair Corr
0.7	DOG	ProShares Short Dow30	Pair Corr

Moving against Defiance Etf

0.61	DFEN	Direxion Daily Aerospace	Pair Corr
0.49	NUGT	Direxion Daily Gold	Pair Corr
0.48	USD	ProShares Ultra Semi	Pair Corr
0.38	UGL	ProShares Ultra Gold	Pair Corr
0.36	DGP	DB Gold Double	Pair Corr
0.64	PSMR	Pacer Swan SOS	Pair Corr
0.58	ETHO	Amplify Etho Climate	Pair Corr
0.57	AHYB	American Century ETF	Pair Corr
0.5	URA	Global X Uranium	Pair Corr
0.49	DFE	WisdomTree Europe	Pair Corr
0.48	DOO	BRP Inc Symbol Change	Pair Corr
0.47	IJS	iShares SP Small	Pair Corr
0.41	DISV	Dimensional ETF Trust	Pair Corr
0.38	STXV	EA Series Trust	Pair Corr
0.36	DUSL	Direxion Daily Indus	Pair Corr
0.36	VYMI	Vanguard International	Pair Corr
0.36	RHRX	Starboard Investment	Pair Corr
0.35	TAXT	Northern Trust Tax	Pair Corr
0.34	MEXX	Direxion Daily MSCI	Pair Corr
0.34	PID	Invesco International	Pair Corr
0.77	PDEC	Innovator SP 500	Pair Corr
0.68	DIA	SPDR Dow Jones	Pair Corr
0.68	NAPR	Innovator Nasdaq 100	Pair Corr
0.64	RSST	Return Stacked Stocks	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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