Cambria Cannabis Correlations

TOKE Etf  USD 4.88  0.08  1.61%   
The current 90-days correlation between Cambria Cannabis ETF and Amplify Seymour Cannabis is 0.36 (i.e., Weak diversification). The correlation of Cambria Cannabis 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.

Cambria Cannabis Correlation With Market

CambriaDowDiversified AwayCambriaDowDiversified Away100%

Weak diversification

The correlation between Cambria Cannabis ETF and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cambria Cannabis ETF and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Cambria Cannabis ETF. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with Cambria Etf

  0.83ICLN iShares Global CleanPairCorr
  0.64TAN Invesco Solar ETFPairCorr
  0.89MSOS AdvisorShares PurePairCorr
  0.9MJ Amplify ETF TrustPairCorr
  0.66URNM Sprott Uranium MinersPairCorr
  0.72DIS Walt DisneyPairCorr
  0.69TRV The Travelers CompaniesPairCorr
  0.79AA Alcoa CorpPairCorr
  0.7HPQ HP IncPairCorr

Moving against Cambria Etf

  0.65KSA iShares MSCI SaudiPairCorr
  0.57FNGO MicroSectors FANG IndexPairCorr
  0.54FNGS MicroSectors FANG ETNPairCorr
  0.5RXI iShares Global ConsumerPairCorr
  0.44FNGU MicroSectors FANG IndexPairCorr
  0.66BA BoeingPairCorr
  0.55MMM 3M CompanyPairCorr
  0.48DBEF Xtrackers MSCI EAFEPairCorr
  0.41CSCO Cisco SystemsPairCorr
  0.32GE GE AerospacePairCorr
  0.31WMT Walmart Aggressive PushPairCorr

Related Correlations Analysis

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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   
MSOSYOLO
YOLOCNBS
MSOSCNBS
THCXCNBS
POTXCNBS
POTXTHCX
  
High negative correlations   
MSOSPOTX
YOLOPOTX
MSOSTHCX
YOLOTHCX
POTXTHCX
POTXCNBS

Cambria Cannabis Constituents Risk-Adjusted Indicators

There is a big difference between Cambria Etf performing well and Cambria Cannabis 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 Cambria Cannabis' 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.

Trending Assets

POTX
POTX
0.00  0.00  0.00 
MSOS
AdvisorShares Pure
3.10  -0.14  -4.32 
THCX
THCX
0.00  0.00  0.00 
YOLO
AdvisorShares Pure
2.11  -0.01  -0.47 
CNBS
Amplify Seymour Cannabis
19.65  -0.62  -3.06