Global X Correlations

RNRG Etf

USD 9.14 0.03 0.33%

The current 90-days correlation between Global X Renewable and Global X CleanTech is 0.66 (i.e., Poor diversification). The correlation of Global X 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.

Global X Correlation With Market

Good diversification

The correlation between Global X Renewable and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X Renewable and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Global Etf

0.96	YLCO	Global X YieldCo	Pair Corr
0.9	BITI	ProShares Trust	Pair Corr
0.86	RFDI	First Trust RiverFront	Pair Corr
0.94	KO	Coca Cola Aggressive Push	Pair Corr
0.82	PFE	Pfizer Inc Fiscal Year End 4th of February 2025	Pair Corr
0.82	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.65	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr

Moving against Global Etf

0.9	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.89	CIRC	JPMorgan	Pair Corr
0.84	GLDX	USCF Gold Strategy Symbol Change	Pair Corr
0.81	SPY	SPDR SP 500	Pair Corr
0.77	TSL	GraniteShares 125x Long	Pair Corr
0.76	PPA	Invesco Aerospace Defense	Pair Corr
0.65	EVUS	iShares ESG Aware	Pair Corr
0.63	FXU	First Trust Utilities	Pair Corr
0.56	AMPS	Altus Power	Pair Corr
0.37	IDU	iShares Utilities ETF	Pair Corr
0.31	VPU	Vanguard Utilities Index	Pair Corr
0.31	FUTY	Fidelity MSCI Utilities	Pair Corr
0.88	CSCO	Cisco Systems	Pair Corr
0.81	DIS	Walt Disney Aggressive Push	Pair Corr
0.79	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.78	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.72	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.72	HPQ	HP Inc	Pair Corr
0.64	T	ATT Inc Aggressive Push	Pair Corr
0.59	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.56	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.5	HD	Home Depot	Pair Corr

Related Correlations Analysis

	CTEC	VPN	AQWA	WNDY	GXTG
CTEC		-0.4	0.26	0.69	-0.04	CTEC
VPN	-0.4		-0.08	0.2	0.54	VPN
AQWA	0.26	-0.08		0.45	0.61	AQWA
WNDY	0.69	0.2	0.45		0.56	WNDY
GXTG	-0.04	0.54	0.61	0.56		GXTG
	CTEC	VPN	AQWA	WNDY	GXTG

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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

WNDY	+ 0.69	CTEC
GXTG	+ 0.61	AQWA
GXTG	+ 0.56	WNDY
GXTG	+ 0.54	VPN
WNDY	+ 0.45	AQWA
AQWA	+ 0.26	CTEC

High negative correlations

VPN	- 0.4	CTEC
AQWA	- 0.08	VPN
GXTG	- 0.04	CTEC

Global X Constituents Risk-Adjusted Indicators

There is a big difference between Global Etf performing well and Global X 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 Global X'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
CTEC	1.67	(0.12)	0.00	1.06	0.00	0.00	3.23	(3.44)	14.22
VPN	0.80	0.12	0.00	(0.24)	1.03	(0.87)	2.16	(1.67)	5.52
AQWA	0.69	(0.05)	(0.09)	0.02	0.80	(0.75)	1.49	(1.15)	3.79
WNDY	1.39	(0.03)	0.00	0.14	0.00	0.00	3.05	(3.58)	11.94
GXTG	1.17	0.05	0.01	0.16	1.37	(1.25)	2.66	(2.23)	6.27

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