Health Care Correlations

Etfs . USA . 
Etf . Health Care Select
XLV Etf  USD 147.34  1.68  1.15%   
The current 90-days correlation between Health Care Select and Consumer Staples Select is 0.53 (i.e., Very weak diversification). The correlation of Health Care 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.

Health Care Correlation With Market

Weak diversification

The correlation between Health Care Select and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Health Care Select and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Health Care Select. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with Health Etf

  1.0VHT Vanguard Health CarePairCorr
  0.88IBB iShares Biotechnology ETFPairCorr
  0.78XBI SPDR SP BiotechPairCorr
  0.98IXJ iShares Global HealthcarePairCorr
  1.0IYH iShares Healthcare ETFPairCorr
  1.0FHLC Fidelity MSCI HealthPairCorr
  0.89IHF iShares HealthcarePairCorr
  0.71CAT Caterpillar Earnings Call This WeekPairCorr
  0.63INTC IntelPairCorr
  0.86JNJ Johnson JohnsonPairCorr
  0.71DD Dupont De Nemours Earnings Call This WeekPairCorr
  0.63HPQ HP IncPairCorr

Moving against Health Etf

  0.65DSJA DSJAPairCorr
  0.55RSPY Tuttle Capital ManagementPairCorr
  0.42MEME Roundhill InvestmentsPairCorr
  0.38AMPD Tidal Trust IIPairCorr
  0.6BA BoeingPairCorr

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   
XLK
+ 0.71
XLY
XLU
+ 0.69
XLI
XLU
+ 0.54
XLP
XLI
+ 0.49
XLP
XLK
+ 0.32
XLI
XLK
+ 0.16
XLP
  
High negative correlations   
XLU
- 0.36
XLY
XLY
- 0.09
XLP
XLK
- 0.07
XLU

Health Care Constituents Risk-Adjusted Indicators

There is a big difference between Health Etf performing well and Health Care 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 Health Care'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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