MicroSectors FANG Correlations

Etfs . USA . 
Etf . MicroSectors FANG Index
FNGO Etf  USD 69.30  0.77  1.12%   
The current 90-days correlation between MicroSectors FANG Index and MicroSectors FANG ETN is 0.98 (i.e., Almost no diversification). 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.

MicroSectors FANG Correlation With Market

Very weak diversification

The correlation between MicroSectors FANG Index and DJI is 0.57 (i.e., Very weak 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

  0.72SSO ProShares Ultra SP500PairCorr
  0.78SPXL Direxion Daily SP500PairCorr
  0.97QLD ProShares Ultra QQQPairCorr
  0.78UPRO ProShares UltraPro SP500PairCorr
  0.94TECL Direxion Daily TechnologyPairCorr
  0.64GUSH Direxion Daily SPPairCorr
  1.0FNGU MicroSectors FANG IndexPairCorr
  0.72QTJA Innovator ETFs TrustPairCorr
  0.86QTAP Innovator Growth 100 Low VolatilityPairCorr
  0.72INTC Intel Aggressive PushPairCorr
  0.81AA Alcoa Corp Fiscal Year End 15th of January 2025 PairCorr
  0.91MSFT Microsoft Aggressive PushPairCorr

Moving against MicroSectors Etf

  0.64TSJA TSJAPairCorr
  0.63DSJA DSJAPairCorr
  0.68JNJ Johnson Johnson Fiscal Year End 28th of January 2025 PairCorr
  0.66MMM 3M Company Fiscal Year End 28th of January 2025 PairCorr
  0.65KO Coca Cola Fiscal Year End 11th of February 2025 PairCorr
  0.57PG Procter GamblePairCorr
  0.48IBM International Business Fiscal Year End 22nd of January 2025 PairCorr
  0.45TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.45T ATT Inc Aggressive PushPairCorr
  0.44PFE Pfizer Inc Aggressive PushPairCorr
  0.31XOM Exxon Mobil Corp 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   
WEBL
+ 0.91
FNGS
WANT
+ 0.82
FNGS
WANT
+ 0.79
WEBL
BNKU
+ 0.37
WANT
BNKU
+ 0.23
WEBL
BNKU
+ 0.16
FNGS
  
High negative correlations   
FNGD
- 0.95
FNGS
WANT
- 0.85
FNGD
FNGD
- 0.85
WEBL
BNKU
- 0.33
FNGD

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.

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