WisdomTree Enhanced Correlations

WCOA Etf

18.31 0.03 0.16%

The current 90-days correlation between WisdomTree Enhanced and WisdomTree Battery Solutions is 0.42 (i.e., Very weak diversification). The correlation of WisdomTree Enhanced 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.

WisdomTree Enhanced Correlation With Market

Very poor diversification

The correlation between WisdomTree Enhanced Commodity and DJI is 0.81 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding WisdomTree Enhanced Commodity and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to WisdomTree Enhanced 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 Enhanced 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 Enhanced - 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 Enhanced Commodity to buy it.

Moving together with WisdomTree Etf

0.96	2MU	Leverage Shares 2x	Pair Corr
0.89	TSM3	Leverage Shares 3x	Pair Corr
0.96	KOR3	Leverage Shares 3x	Pair Corr
0.89	GDX3	Leverage Shares 3x	Pair Corr
0.88	3GDE	Leverage Shares 3x	Pair Corr
0.69	3SIL	WisdomTree Silver	Pair Corr
0.72	3LSI	WisdomTree Silver	Pair Corr
0.73	3LRR	GraniteShares 3x Long	Pair Corr
0.76	LSIL	WisdomTree Silver	Pair Corr
0.95	3GOL	WisdomTree Gold 3x	Pair Corr
0.92	WNDU	SPDR MSCI World	Pair Corr
0.86	ASHR	Xtrackers Harvest CSI300	Pair Corr
0.99	AIGC	WisdomTree Broad Com	Pair Corr
0.97	HSEM	HSBC Emerging Market	Pair Corr
0.66	VAGU	Vanguard Global Aggregate	Pair Corr
0.94	EMPR	Franklin Libertyshares	Pair Corr
0.91	IDFN	Invesco Markets II	Pair Corr
0.94	SDG9	Xtrackers MSCI Global	Pair Corr
0.87	VHYG	Vanguard FTSE All	Pair Corr
0.81	UESD	iShares Ultrashort Bond	Pair Corr
0.97	XMMD	Xtrackers MSCI	Pair Corr
0.82	SGQD	Lyxor SG Global	Pair Corr
0.9	OIGB	Vaneck Ucits Etfs	Pair Corr
0.77	SGQX	Lyxor SG Global	Pair Corr
0.86	XSNR	Xtrackers Stoxx	Pair Corr
0.86	LEMV	Ossiam Europe ESG	Pair Corr
0.71	500U	Amundi Index Solutions	Pair Corr
0.63	XRES	Source Real Estate	Pair Corr
0.91	FWRA	Invesco FTSE All	Pair Corr
0.79	LDCU	PIMCO Low Duration	Pair Corr
0.81	SJNK	SSgA SPDR ETFs	Pair Corr
0.7	ACWI	SSgA SPDR ETFs	Pair Corr
0.8	HPRA	HSBC FTSE EPRA	Pair Corr
0.8	EUHD	PowerShares EURO STOXX	Pair Corr
0.9	ARMR	GLOBAL X ETFS	Pair Corr
0.9	EMAS	SSgA SPDR ETFs	Pair Corr
0.83	UIND	First Trust Equity	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.41	-0.46	0.43	0.16	-0.53	-0.1	0.33	0.48	0.43	META
MSFT	-0.41		0.8	-0.53	-0.65	0.71	0.81	0.06	-0.85	-0.91	MSFT
UBER	-0.46	0.8		-0.46	-0.48	0.78	0.53	-0.09	-0.8	-0.74	UBER
F	0.43	-0.53	-0.46		0.06	-0.41	-0.23	0.3	0.68	0.6	F
T	0.16	-0.65	-0.48	0.06		-0.39	-0.75	-0.13	0.4	0.58	T
A	-0.53	0.71	0.78	-0.41	-0.39		0.48	-0.04	-0.63	-0.78	A
CRM	-0.1	0.81	0.53	-0.23	-0.75	0.48		0.44	-0.56	-0.81	CRM
JPM	0.33	0.06	-0.09	0.3	-0.13	-0.04	0.44		0.21	-0.08	JPM
MRK	0.48	-0.85	-0.8	0.68	0.4	-0.63	-0.56	0.21		0.82	MRK
XOM	0.43	-0.91	-0.74	0.6	0.58	-0.78	-0.81	-0.08	0.82		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	+ 0.82	MRK
CRM	+ 0.81	MSFT
UBER	+ 0.8	MSFT
A	+ 0.78	UBER
A	+ 0.71	MSFT
MRK	+ 0.68	F

High negative correlations

XOM	- 0.91	MSFT
MRK	- 0.85	MSFT
XOM	- 0.81	CRM
MRK	- 0.8	UBER
XOM	- 0.78	A
CRM	- 0.75	T

WisdomTree Enhanced Competition Risk-Adjusted Indicators

There is a big difference between WisdomTree Etf performing well and WisdomTree Enhanced 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 Enhanced'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	1.51	0.00	(0.02)	0.06	1.53	(1.82)	3.43	(2.82)	13.69
MSFT	1.32	(0.36)	0.00	(0.92)	0.00	0.00	1.90	(2.74)	13.28
UBER	1.50	(0.46)	0.00	(0.90)	0.00	0.00	2.41	(3.82)	11.09
F	1.22	0.07	0.05	0.14	1.20	(1.48)	3.34	(2.30)	7.16
T	1.02	0.23	0.17	3.71	0.77	(1.19)	3.87	(1.54)	5.31
A	1.27	(0.30)	0.00	(0.17)	0.00	0.00	2.90	(2.73)	7.85
CRM	1.68	(0.41)	0.00	(0.35)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.26	(0.15)	0.00	(0.04)	0.00	0.00	2.34	(3.11)	7.38
MRK	1.35	0.49	0.35	0.77	0.97	(1.72)	3.59	(1.98)	8.74
XOM	1.24	0.36	0.22	1.65	1.11	(1.42)	2.68	(2.12)	6.83

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