ARK Innovation Correlations

ARKK Etf  USD 43.32  0.05  0.12%   
The current 90-days correlation between ARK Innovation ETF and SPDR SP 400 is 0.64 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ARK Innovation moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ARK Innovation ETF moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ARK Innovation Correlation With Market

Very weak diversification

The correlation between ARK Innovation ETF and DJI is 0.53 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ARK Innovation ETF and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in ARK Innovation ETF. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with ARK Etf

  0.63VOT Vanguard Mid CapPairCorr
  0.85IWP iShares Russell MidPairCorr
  0.62IJK iShares SP MidPairCorr
  0.74JKH iShares Morningstar MidPairCorr
  0.62MDYG SPDR SP 400PairCorr
  0.81IMCG iShares Morningstar MidPairCorr
  0.81FPX First Trust EquityPairCorr
  0.63IVOG Vanguard SP MidPairCorr
  0.76VBK Vanguard Small CapPairCorr
  0.78JNJ Johnson Johnson Financial Report 18th of July 2024 PairCorr
  0.67CSCO Cisco Systems Aggressive PushPairCorr
  0.81TRV The Travelers Companies Financial Report 18th of July 2024 PairCorr
  0.85HD Home DepotPairCorr
  0.73IBM International Business Financial Report 17th of July 2024 PairCorr
  0.84INTC Intel Aggressive PushPairCorr

Moving against ARK Etf

  0.73GE GE Aerospace Financial Report 23rd of July 2024 PairCorr
  0.57MMM 3M Company Financial Report 23rd of July 2024 PairCorr
  0.42PG Procter Gamble Financial Report 26th of July 2024 PairCorr
  0.41AXP American Express Financial Report 19th of July 2024 PairCorr
  0.37BAC Bank of America Financial Report 16th of July 2024 PairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

ARK Innovation Constituents Risk-Adjusted Indicators

There is a big difference between ARK Etf performing well and ARK Innovation 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 ARK Innovation'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.