WisdomTree Carbon Correlations

WCO2 Etf

22.01 0.22 1.01%

The current 90-days correlation between WisdomTree Carbon and iShares Gold Producers is 0.27 (i.e., Modest diversification). The correlation of WisdomTree Carbon 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.

WisdomTree Carbon Correlation With Market

Good diversification

The correlation between WisdomTree Carbon and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding WisdomTree Carbon and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to WisdomTree Carbon could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace WisdomTree Carbon when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back WisdomTree Carbon - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling WisdomTree Carbon to buy it.

Moving together with WisdomTree Etf

0.68	DSOL	WisdomTree Solana EUR	Pair Corr
0.68	SLNC	CoinShares FTX Physical	Pair Corr
0.67	VS0L	VanEck Solana ETN	Pair Corr

Moving against WisdomTree Etf

0.65	EL4T	Deka Deutsche Brse	Pair Corr
0.63	EXHE	iShares Pfandbriefe UCITS	Pair Corr
0.58	ZPRA	SPDR SP Pan	Pair Corr
0.55	X03F	db x trackers	Pair Corr
0.52	JEAA	JPM EUR Aggregate	Pair Corr
0.52	GSXG	Goldman Sachs Global	Pair Corr
0.48	IUS4	iShares III Public	Pair Corr
0.41	DVDG	Franklin Global Quality	Pair Corr
0.77	SPYC	SSgA SPDR ETFs	Pair Corr
0.65	XDWS	Xtrackers MSCI World	Pair Corr
0.63	DBXR	Xtrackers II	Pair Corr
0.57	VGEA	Vanguard EUR Eurozone	Pair Corr
0.54	EXX7	iShares Nikkei 225	Pair Corr
0.52	XYPD	Xtrackers II	Pair Corr
0.5	T3MP	JPMorgan ETFs ICAV	Pair Corr
0.46	EGV3	MULTI UNITS LUXEMBOURG	Pair Corr
0.45	S0LR	Invesco Solar Energy	Pair Corr
0.37	VGEK	Vanguard FTSE Developed	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.38	-0.43	0.41	0.14	-0.49	-0.08	0.34	0.45	0.41	META
MSFT	-0.38		0.81	-0.55	-0.68	0.73	0.83	0.07	-0.86	-0.91	MSFT
UBER	-0.43	0.81		-0.49	-0.53	0.8	0.58	-0.08	-0.8	-0.76	UBER
F	0.41	-0.55	-0.49		0.14	-0.45	-0.28	0.28	0.7	0.62	F
T	0.14	-0.68	-0.53	0.14		-0.44	-0.77	-0.14	0.45	0.6	T
A	-0.49	0.73	0.8	-0.45	-0.44		0.52	-0.02	-0.66	-0.79	A
CRM	-0.08	0.83	0.58	-0.28	-0.77	0.52		0.44	-0.61	-0.82	CRM
JPM	0.34	0.07	-0.08	0.28	-0.14	-0.02	0.44		0.21	-0.09	JPM
MRK	0.45	-0.86	-0.8	0.7	0.45	-0.66	-0.61	0.21		0.84	MRK
XOM	0.41	-0.91	-0.76	0.62	0.6	-0.79	-0.82	-0.09	0.84		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

XOM	+ 0.84	MRK
CRM	+ 0.83	MSFT
UBER	+ 0.81	MSFT
A	+ 0.8	UBER
A	+ 0.73	MSFT
MRK	+ 0.7	F

High negative correlations

XOM	- 0.91	MSFT
MRK	- 0.86	MSFT
XOM	- 0.82	CRM
MRK	- 0.8	UBER
XOM	- 0.79	A
CRM	- 0.77	T

WisdomTree Carbon Competition Risk-Adjusted Indicators

There is a big difference between WisdomTree Etf performing well and WisdomTree Carbon 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 WisdomTree Carbon'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	1.50	0.02	0.00	0.07	1.52	(1.82)	3.43	(2.82)	13.69
MSFT	1.32	(0.38)	0.00	(1.03)	0.00	0.00	1.90	(2.74)	13.28
UBER	1.51	(0.44)	0.00	(0.83)	0.00	0.00	2.41	(3.82)	11.09
F	1.21	0.07	0.05	0.13	1.18	(1.44)	3.34	(2.30)	7.16
T	1.00	0.21	0.17	6.48	0.77	(1.18)	3.87	(1.54)	5.31
A	1.25	(0.33)	0.00	(0.22)	0.00	0.00	2.90	(2.73)	7.85
CRM	1.71	(0.45)	0.00	(0.42)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.27	(0.10)	0.00	(0.02)	0.00	0.00	2.34	(3.11)	7.38
MRK	1.29	0.43	0.31	0.78	1.00	(1.59)	2.93	(1.98)	8.74
XOM	1.25	0.32	0.20	1.60	1.14	(1.43)	2.68	(2.12)	6.83

Be your own money manager

Our tools can tell you how much better you can do entering a position in WisdomTree Carbon without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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