MicroSectors FANG Correlations

FNGD Etf  USD 26.73  3.87  16.93%   
The current 90-days correlation between MicroSectors FANG Index and MicroSectors FANG Index is -1.0 (i.e., Pay attention - limited upside). The correlation of MicroSectors FANG 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.

MicroSectors FANG Correlation With Market

Very good diversification

The correlation between MicroSectors FANG Index and DJI is -0.33 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MicroSectors FANG Index and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in MicroSectors FANG Index. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in price.

Moving together with MicroSectors Etf

  0.98SH ProShares Short SP500 Aggressive PushPairCorr
  0.99PSQ ProShares Short QQQ Buyout TrendPairCorr
  0.98SPXU ProShares UltraPro Short Buyout TrendPairCorr
  0.98SDS ProShares UltraShort Buyout TrendPairCorr
  0.98SPXS Direxion Daily SP Buyout TrendPairCorr
  0.99QID ProShares UltraShort QQQ Buyout TrendPairCorr
  0.98SPDN Direxion Daily SPPairCorr
  0.7LUX Tema Luxury ETFPairCorr
  0.86DIS Walt Disney Financial Report 14th of August 2024 PairCorr

Moving against MicroSectors Etf

  0.98WINN Harbor Long TermPairCorr
  0.86SMI VanEck Vectors ETFPairCorr
  0.85HUM Humana Inc Financial Report 7th of August 2024 PairCorr
  0.81BAC Bank of America Fiscal Year End 10th of January 2025 PairCorr
  0.51SHLD Global X FundsPairCorr
  0.91WMT Walmart Sell-off TrendPairCorr
  0.88T ATT Inc Buyout TrendPairCorr
  0.84HPQ HP Inc Fiscal Year End 19th of November 2024 PairCorr
  0.8MMM 3M Company Fiscal Year End 28th of January 2025 PairCorr
  0.74KO Coca Cola Fiscal Year End 11th of February 2025 PairCorr
  0.72DD Dupont De Nemours Financial Report 7th of August 2024 PairCorr
  0.58PG Procter Gamble Financial Report 26th of July 2024 PairCorr
  0.53HD Home DepotPairCorr
  0.46IBM International Business Sell-off TrendPairCorr

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   
TECSSOXS
LABDSOXS
LABDTECS
NRGDFNGU
  
High negative correlations   
TECSFNGU
SOXSFNGU
NRGDSOXS
NRGDTECS
LABDFNGU
LABDNRGD

MicroSectors FANG Constituents Risk-Adjusted Indicators

There is a big difference between MicroSectors Etf performing well and MicroSectors FANG 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 MicroSectors FANG'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.