IPath Series Correlations

Etfs . USA . 
Etf . iPath Series B
VXZ Etf  USD 50.86  0.40  0.79%   
The current 90-days correlation between iPath Series B and ProShares VIX Mid Term is 0.98 (i.e., Almost no diversification). The correlation of IPath Series 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.

IPath Series Correlation With Market

Very good diversification

The correlation between iPath Series B and DJI is -0.3 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iPath Series B 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 iPath Series B. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with IPath Etf

  0.64UUP Invesco DB DollarPairCorr
  0.7VXX iPath Series B Sell-off TrendPairCorr
  0.68VIXY ProShares VIX ShortPairCorr
  0.99VIXM ProShares VIX MidPairCorr
  0.63EUO ProShares UltraShort EuroPairCorr

Moving against IPath Etf

  0.74VB Vanguard Small CapPairCorr
  0.69VO Vanguard Mid CapPairCorr
  0.67VTV Vanguard Value Index Sell-off TrendPairCorr
  0.62UDN Invesco DB DollarPairCorr
  0.53BND Vanguard Total BondPairCorr
  0.48VTI Vanguard Total Stock Sell-off TrendPairCorr
  0.41SPY SPDR SP 500 Sell-off TrendPairCorr
  0.41IVV iShares Core SPPairCorr
  0.36CEFD ETRACS Monthly PayPairCorr
  0.66HPQ HP IncPairCorr
  0.66AA Alcoa CorpPairCorr
  0.64XOM Exxon Mobil CorpPairCorr
  0.62VZ Verizon Communications Sell-off TrendPairCorr
  0.58HD Home DepotPairCorr
  0.53PG Procter GamblePairCorr
  0.51CVX Chevron CorpPairCorr
  0.46JNJ Johnson JohnsonPairCorr
  0.42BAC Bank of AmericaPairCorr

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   
VXX
+ 1.0
VIXY
RWM
+ 0.77
VIXM
VXX
+ 0.69
VIXM
VIXY
+ 0.67
VIXM
RWM
+ 0.42
VXX
RWM
+ 0.4
VIXY
  
High negative correlations   
SVXY
- 0.87
VXX
SVXY
- 0.86
VIXY
SVXY
- 0.83
VIXM
RWM
- 0.76
SVXY

IPath Series Constituents Risk-Adjusted Indicators

There is a big difference between IPath Etf performing well and IPath Series 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 IPath Series' 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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