MicroSectors FANG Correlations
| FNGD Etf | USD 9.36 0.56 6.36% |
The correlation of MicroSectors FANG is a statistical measure of how it moves in relation to other equities. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as MicroSectors FANG moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if MicroSectors FANG Index moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
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 tightly coupled with the direction of predictive economic indicators such as signals in price. MicroSectors |
The ability to find closely correlated positions to MicroSectors FANG could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace MicroSectors FANG 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 MicroSectors FANG - 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 MicroSectors FANG Index to buy it.
Moving together with MicroSectors Etf
| + | 0.76 | SH | ProShares Short SP500 | PairCorr | ||
| + | 0.89 | PSQ | ProShares Short QQQ | PairCorr | ||
| + | 0.8 | SPXU | ProShares UltraPro Short | PairCorr | ||
| + | 0.78 | SDS | ProShares UltraShort | PairCorr | ||
| + | 0.82 | SPXS | Direxion Daily SP | PairCorr | ||
| + | 0.94 | QID | ProShares UltraShort QQQ | PairCorr | ||
| + | 0.77 | SPDN | Direxion Daily SP | PairCorr |
Moving against MicroSectors Etf
| - | 0.94 | VUG | Vanguard Growth Index | PairCorr | ||
| - | 0.81 | VTI | Vanguard Total Stock | PairCorr | ||
| - | 0.81 | SPY | SPDR SP 500 | PairCorr | ||
| - | 0.81 | IVV | IShares Core SP | PairCorr | ||
| - | 0.64 | VO | Vanguard Mid-Cap Index | PairCorr | ||
| - | 0.62 | VB | Vanguard Small-Cap Index | PairCorr | ||
| - | 0.61 | VEA | Vanguard FTSE Developed | PairCorr | ||
| - | 0.49 | VTV | Vanguard Value Index | PairCorr | ||
| - | 0.65 | MSFT | Microsoft | Fiscal Quarter End 30th of September 2023 | PairCorr |
Related Correlations Analysis
DIVB | MCSE | MDCP | GK | MJ | PP | XT | DKRB | MEME | ||
DIVB | 0.07 | 0.52 | 0.34 | 0.16 | 0.04 | 0.5 | -0.3 | 0.62 | DIVB | |
MCSE | 0.07 | 0.78 | 0.85 | -0.67 | 0.82 | 0.75 | 0.13 | 0.72 | MCSE | |
MDCP | 0.52 | 0.78 | 0.86 | -0.45 | 0.67 | 0.85 | -0.07 | 0.87 | MDCP | |
GK | 0.34 | 0.85 | 0.86 | -0.29 | 0.91 | 0.96 | 0.26 | 0.86 | GK | |
MJ | 0.16 | -0.67 | -0.45 | -0.29 | -0.24 | -0.17 | 0.36 | -0.23 | MJ | |
PP | 0.04 | 0.82 | 0.67 | 0.91 | -0.24 | 0.83 | 0.56 | 0.67 | PP | |
XT | 0.5 | 0.75 | 0.85 | 0.96 | -0.17 | 0.83 | 0.22 | 0.89 | XT | |
DKRB | -0.3 | 0.13 | -0.07 | 0.26 | 0.36 | 0.56 | 0.22 | -0.03 | DKRB | |
MEME | 0.62 | 0.72 | 0.87 | 0.86 | -0.23 | 0.67 | 0.89 | -0.03 | MEME | |
DIVB | MCSE | MDCP | GK | MJ | PP | XT | DKRB | MEME |
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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 | High negative correlations |
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.| Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Information Ratio | Expected Shortfall | Potential Upside | Value At@Risk | Maximum Drawdown | |
|---|---|---|---|---|---|---|---|---|---|---|
| DIVB | 0.50 | 0.01 | 0.02 | 0.06 | 0.63 | 0.0203 | (0.49) | 1.01 | (1.01) | 2.40 |
| MCSE | 0.81 | (0.24) | 0.00 | (0.21) | 0.00 | (0.24) | 0.00 | 1.49 | (1.54) | 5.14 |
| MDCP | 0.58 | (0.03) | 0.00 | (0.03) | 0.00 | (0.0415) | 0.00 | 1.01 | (1.07) | 3.60 |
| GK | 0.85 | (0.09) | 0.00 | (0.07) | 0.00 | (0.09) | 0.00 | 1.53 | (1.40) | 4.60 |
| MJ | 2.65 | 0.46 | 0.16 | 0.27 | 2.36 | 0.12 | (3.46) | 7.67 | (4.55) | 25.75 |
| PP | 1.24 | (0.17) | 0.00 | (0.11) | 0.00 | (0.11) | 0.00 | 2.61 | (3.10) | 7.47 |
| XT | 0.83 | (0.08) | 0.00 | (0.06) | 0.00 | (0.08) | 0.00 | 1.65 | (1.66) | 5.02 |
| DKRB | 1.25 | (0.03) | 0.00 | (0.02) | 0.00 | (0.0179) | 0.00 | 2.82 | (2.80) | 7.27 |
| MEME | 1.89 | (0.10) | 0.00 | (0.04) | 0.00 | (0.0423) | 0.00 | 4.39 | (4.02) | 10.49 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in MicroSectors FANG 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.Did you try this?
Run Fundamental Analysis Now
Fundamental AnalysisView fundamental data based on most recent published financial statements |
| All Next | Launch Module |
Already Invested in MicroSectors FANG Index?
The danger of trading MicroSectors FANG Index is mainly related to its market volatility and ETF specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of MicroSectors FANG is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than MicroSectors FANG. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile MicroSectors FANG Index is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
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 tightly coupled with the direction of predictive economic indicators such as signals in price. Note that the MicroSectors FANG Index information on this page should be used as a complementary analysis to other MicroSectors FANG's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Money Managers module to screen money managers from public funds and ETFs managed around the world.
Complementary Tools for MicroSectors Etf analysis
When running MicroSectors FANG's price analysis, check to measure MicroSectors FANG's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy MicroSectors FANG is operating at the current time. Most of MicroSectors FANG's value examination focuses on studying past and present price action to predict the probability of MicroSectors FANG's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move MicroSectors FANG's price. Additionally, you may evaluate how the addition of MicroSectors FANG to your portfolios can decrease your overall portfolio volatility.
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |
The market value of MicroSectors FANG Index is measured differently than its book value, which is the value of MicroSectors that is recorded on the company's balance sheet. Investors also form their own opinion of MicroSectors FANG's value that differs from its market value or its book value, called intrinsic value, which is MicroSectors FANG's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because MicroSectors FANG's market value can be influenced by many factors that don't directly affect MicroSectors FANG's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between MicroSectors FANG's value and its price as these two are different measures arrived at by different means. Investors typically determine if MicroSectors FANG is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, MicroSectors FANG's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.