Energy Select Correlations

XLE Etf

USD 54.35 0.37 0.69%

The current 90-days correlation between Energy Select Sector and SPDR SP SmallCap is 0.3 (i.e., Weak diversification). The correlation of Energy Select 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.

Energy Select Correlation With Market

Poor diversification

The correlation between Energy Select Sector and DJI is 0.7 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Energy Select Sector and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Energy Etf

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Energy Select Sector. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Energy Etf

1.0	VDE	Vanguard Energy Index	Pair Corr
0.89	XOP	SPDR SP Oil	Pair Corr
0.97	OIH	VanEck Oil Services	Pair Corr
1.0	IYE	iShares Energy ETF	Pair Corr
1.0	IXC	iShares Global Energy	Pair Corr
0.98	FXN	First Trust Energy	Pair Corr
1.0	FENY	Fidelity MSCI Energy	Pair Corr
0.99	FTXN	First Trust Nasdaq	Pair Corr
0.91	IEO	iShares Oil Gas Low Volatility	Pair Corr
0.84	MUU	Direxion Daily MU	Pair Corr
0.84	MULL	GraniteShares 2x Long	Pair Corr
0.95	KORU	Direxion Daily South	Pair Corr
0.62	GDXU	MicroSectors Gold Miners Upward Rally	Pair Corr
0.67	JNUG	Direxion Daily Junior	Pair Corr
0.84	FNGD	MicroSectors FANG Index	Pair Corr
0.71	NUGT	Direxion Daily Gold	Pair Corr
0.92	BWET	ETF Managers Group	Pair Corr
0.76	SHNY	Microsectors Gold	Pair Corr
0.8	JPIE	JP Morgan Exchange	Pair Corr
0.97	EIPI	First Trust Exchange	Pair Corr
0.68	PMAY	Innovator SP 500	Pair Corr
0.92	CCNR	CoreCommodity Natural	Pair Corr
0.71	CTEX	ProShares SP Kensho	Pair Corr
0.81	VGUS	Vanguard Ultra Short	Pair Corr
0.93	SCDV	ETF Series Solutions	Pair Corr
0.9	UDI	USCF ETF Trust	Pair Corr
0.68	GAPR	First Trust Exchange	Pair Corr
0.92	GENW	Spinnaker ETF Series	Pair Corr
0.66	FXC	Invesco CurrencyShares	Pair Corr
0.72	PFF	iShares Preferred	Pair Corr
0.78	ESML	iShares ESG Aware	Pair Corr
0.65	XYLD	Global X SP	Pair Corr
0.63	JANW	AIM ETF Products	Pair Corr

Related Correlations Analysis

	EZJ	BRAZ	MAPP	SCDS	DIVG	UGE	BNKD	RITA	ESIX
EZJ		0.87	0.87	0.8	0.95	0.92	-0.65	0.87	0.84	EZJ
BRAZ	0.87		0.86	0.78	0.88	0.89	-0.56	0.75	0.76	BRAZ
MAPP	0.87	0.86		0.93	0.88	0.8	-0.84	0.64	0.91	MAPP
SCDS	0.8	0.78	0.93		0.88	0.78	-0.88	0.57	0.97	SCDS
DIVG	0.95	0.88	0.88	0.88		0.96	-0.76	0.82	0.93	DIVG
UGE	0.92	0.89	0.8	0.78	0.96		-0.58	0.86	0.83	UGE
BNKD	-0.65	-0.56	-0.84	-0.88	-0.76	-0.58		-0.37	-0.88	BNKD
RITA	0.87	0.75	0.64	0.57	0.82	0.86	-0.37		0.64	RITA
ESIX	0.84	0.76	0.91	0.97	0.93	0.83	-0.88	0.64		ESIX
	EZJ	BRAZ	MAPP	SCDS	DIVG	UGE	BNKD	RITA	ESIX

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

ESIX	+ 0.97	SCDS
UGE	+ 0.96	DIVG
DIVG	+ 0.95	EZJ
SCDS	+ 0.93	MAPP
ESIX	+ 0.93	DIVG
UGE	+ 0.92	EZJ

High negative correlations

ESIX	- 0.88	BNKD
BNKD	- 0.88	SCDS
BNKD	- 0.84	MAPP
BNKD	- 0.76	DIVG
BNKD	- 0.65	EZJ
BNKD	- 0.58	UGE

Energy Select Constituents Risk-Adjusted Indicators

There is a big difference between Energy Etf performing well and Energy Select 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 Energy Select'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
EZJ	1.69	0.33	0.18	0.24	1.66	(1.85)	4.28	(3.28)	9.28
BRAZ	1.28	0.23	0.11	0.36	1.75	(1.33)	2.53	(2.97)	9.07
MAPP	0.45	0.03	0.01	0.12	0.55	(0.45)	0.81	(0.89)	2.87
SCDS	0.84	0.06	0.06	0.11	0.85	(0.94)	2.31	(1.77)	4.82
DIVG	0.60	0.13	0.17	0.25	0.38	(0.72)	1.54	(0.94)	3.19
UGE	1.26	0.45	0.38	1.39	0.61	(1.57)	2.97	(1.66)	6.54
BNKD	2.94	(0.11)	0.00	0.09	0.00	0.00	7.08	(5.92)	17.58
RITA	0.51	0.05	0.02	0.19	0.54	(0.55)	1.17	(1.02)	2.58
ESIX	0.91	0.07	0.08	0.12	0.88	(1.12)	2.66	(1.78)	6.36

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