Innovator Correlations

Etfs . USA . 
Etf . Innovator SP 500
UAPR Etf  USD 30.92  0.07  0.23%   
The current 90-days correlation between Innovator SP 500 and First Trust Cboe is 0.96 (i.e., Almost no diversification). The correlation of Innovator 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.

Innovator Correlation With Market

Poor diversification

The correlation between Innovator SP 500 and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Innovator SP 500 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 Innovator SP 500. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with Innovator Etf

  1.0BUFR First Trust CboePairCorr
  0.99BUFD FT Cboe VestPairCorr
  0.99PSEP Innovator SP 500PairCorr
  0.99PJAN Innovator SP 500PairCorr
  1.0PJUL Innovator SP 500PairCorr
  1.0PAUG Innovator Equity PowerPairCorr
  0.95DNOV FT Cboe VestPairCorr
  1.0PMAY Innovator SP 500PairCorr
  1.0PJUN Innovator SP 500PairCorr
  0.97FNGU MicroSectors FANG IndexPairCorr
  0.86USD ProShares Ultra SemiPairCorr
  0.98FNGO MicroSectors FANG IndexPairCorr
  0.82GBTC Grayscale Bitcoin TrustPairCorr
  0.91TECL Direxion Daily TechnologyPairCorr
  0.98FNGS MicroSectors FANG ETNPairCorr
  0.93ROM ProShares Ultra TechPairCorr
  0.97QLD ProShares Ultra QQQPairCorr
  0.76SMH VanEck Semiconductor ETFPairCorr
  0.79DIS Walt DisneyPairCorr
  0.86CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr
  0.68XOM Exxon Mobil Corp Sell-off TrendPairCorr
  0.92INTC Intel Fiscal Year End 23rd of January 2025 PairCorr
  0.79TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.96CSCO Cisco Systems Aggressive PushPairCorr
  0.74JPM JPMorgan Chase Fiscal Year End 10th of January 2025 PairCorr
  0.86HPQ HP IncPairCorr
  0.95AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.81HD Home DepotPairCorr
  0.94AA Alcoa Corp Fiscal Year End 15th of January 2025 PairCorr

Moving against Innovator Etf

  0.84MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr
  0.6PFE Pfizer Inc Aggressive PushPairCorr
  0.47PG Procter GamblePairCorr

Related Correlations Analysis

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Innovator Constituents Risk-Adjusted Indicators

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

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