ZKB Gold Correlations

Etfs . Switzerland . 
Etf . ZKB Gold ETF
ZGLD Etf  CHF 1,191  12.60  1.07%   
The current 90-days correlation between ZKB Gold ETF and ZKB Silver ETF is 0.76 (i.e., Poor diversification). The correlation of ZKB Gold 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.

ZKB Gold Correlation With Market

Very poor diversification

The correlation between ZKB Gold ETF and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ZKB Gold ETF and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to ZKB Gold could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ZKB Gold 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 ZKB Gold - 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 ZKB Gold ETF to buy it.

Moving together with ZKB Etf

  0.99ZGLDUS ZKB Gold ETFPairCorr
  1.0ZGLDEU ZKB Gold ETFPairCorr
  0.87ZSILEU ZKB Silver ETFPairCorr
  0.96AUUSI UBS ETF GoldPairCorr
  0.99AUCHAH UBS ETF GoldPairCorr
  0.85ZSIL ZKB Silver ETFPairCorr
  0.86ZSILHC ZKB Silver ETFPairCorr
  0.88ZSILUS ZKB Silver ETFPairCorr
  0.96GDXJ VanEck Junior GoldPairCorr
  0.97AUCO LG Gold MiningPairCorr
  0.94ESGO AuAg Gold MiningPairCorr
  0.93HKOR HSBC MSCI KOREAPairCorr
  0.76XMKO Xtrackers MSCI KoreaPairCorr
  0.93IKOR iShares MSCI KoreaPairCorr
  0.96GGMUSY UBS ETF plcPairCorr
  0.96GDX VanEck Gold MinersPairCorr
  0.84SPICHA UBS ETF SPIPairCorr
  0.84GLUG LG Clean WaterPairCorr
  0.88SHEME UBSFund SolutionsPairCorr
  0.8AWSRIS UBS ETF plcPairCorr
  0.88FACH Invesco High YieldPairCorr
  0.87EMHD Invesco FTSE EmergingPairCorr
  0.74IBZL iShares MSCI BrazilPairCorr
  0.85IMEA iShares Core MSCIPairCorr
  0.87SMMCHA UBS ETF SMIMPairCorr
  0.92USFMA UBS ETF plcPairCorr
  0.86JPHG Amundi Index SolutionsPairCorr
  0.79SX7EEX iShares EURO STOXXPairCorr
  0.93PSRW Invesco FTSE RAFIPairCorr
  0.82IWDP iShares Developed MarketsPairCorr
  0.75HYLC iShares Global HighPairCorr
  0.86IUES iShares SP 500PairCorr
  0.89CSPXJ iShares VII PLCPairCorr
  0.86TPXY Amundi Index SolutionsPairCorr
  0.95RGLDS Raiffeisen ETF SolidPairCorr

Moving against ZKB Etf

  0.75XRPL CoinShares Physical XRPPairCorr

Related Correlations Analysis


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

CRM
+ 0.91
MSFT
XOM
+ 0.91
MRK
UBER
+ 0.82
MSFT
A
+ 0.81
UBER
A
+ 0.79
MSFT
MRK
+ 0.75
F
  

High negative correlations

XOM
- 0.94
MSFT
MRK
- 0.89
MSFT
XOM
- 0.88
CRM
CRM
- 0.84
T
T
- 0.84
MSFT
XOM
- 0.83
A

ZKB Gold Competition Risk-Adjusted Indicators

There is a big difference between ZKB Etf performing well and ZKB Gold 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 ZKB Gold'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.53  0.09  0.04  0.20  1.51 
(1.75)
 3.43 
(2.81)
 13.69 
MSFT  1.33 (0.33) 0.00 (0.60) 0.00 
 0.00 
 2.19 
(2.87)
 13.28 
UBER  1.61 (0.31) 0.00  0.76  0.00 
 0.00 
 2.46 
(4.25)
 11.09 
F  1.29  0.09  0.07  0.19  1.16 
(1.56)
 3.61 
(2.30)
 7.50 
T  1.04  0.18  0.06 (1.21) 0.94 
(1.20)
 3.87 
(1.76)
 7.44 
A  1.26 (0.33) 0.00 (0.19) 0.00 
 0.00 
 2.90 
(2.72)
 7.85 
CRM  1.74 (0.35) 0.00 (0.21) 0.00 
 0.00 
 3.41 
(4.75)
 12.37 
JPM  1.25 (0.15)(0.05) 0.01  1.79 
(1.31)
 2.34 
(3.11)
 8.17 
MRK  1.22  0.33  0.22  0.58  0.98 
(1.40)
 2.81 
(1.98)
 8.74 
XOM  1.29  0.37  0.19  3.51  1.09 
(1.50)
 2.90 
(2.44)
 6.83 

Be your own money manager

Our tools can tell you how much better you can do entering a position in ZKB Gold 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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