MicroSectors FANG Correlations

FNGU Etf  USD 407.60  20.40  4.77%   
The current 90-days correlation between MicroSectors FANG Index and Direxion Daily Retail is 0.36 (i.e., Weak diversification). 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. If the correlation is 0, the equities are not correlated; they are entirely random.

MicroSectors FANG Correlation With Market

Weak diversification

The correlation between MicroSectors FANG Index and DJI is 0.33 (i.e., 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

  0.95SSO ProShares Ultra SP500PairCorr
  0.94SPXL Direxion Daily SP500PairCorr
  0.99QLD ProShares Ultra QQQ Potential GrowthPairCorr
  0.94UPRO ProShares UltraPro SP500PairCorr
  0.98TECL Direxion Daily TechnologyPairCorr
  0.7DSJA DSJAPairCorr
  0.81RSPY Tuttle Capital ManagementPairCorr
  0.96MPAY Akros Monthly PayoutPairCorr
  0.84MEME Roundhill InvestmentsPairCorr
  0.9MSFT Microsoft Aggressive PushPairCorr
  0.85HPQ HP Inc Sell-off TrendPairCorr
  0.75DD Dupont De Nemours Financial Report 7th of August 2024 PairCorr
  0.73T ATT Inc Aggressive PushPairCorr
  0.84WMT Walmart Aggressive PushPairCorr
  0.64MMM 3M Company Financial Report 23rd of July 2024 PairCorr
  0.7BAC Bank of America Aggressive PushPairCorr

Moving against MicroSectors Etf

  0.73NRGU MicroSectors Big OilPairCorr
  0.68GUSH Direxion Daily SPPairCorr
  0.35TRV The Travelers Companies Financial Report 18th of July 2024 PairCorr
  0.63DIS Walt Disney Sell-off TrendPairCorr
  0.56CAT Caterpillar Financial Report 6th of August 2024 PairCorr
  0.54CSCO Cisco Systems Sell-off TrendPairCorr
  0.44CVX Chevron Corp Financial Report 26th of July 2024 PairCorr
  0.33INTC Intel Financial Report 25th of July 2024 PairCorr

Related Correlations Analysis

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   
OHYFXVIASP
TYLGOHYFX
KNGSCRYX
OHYFXMSTSX
SCRYXRETL
TYLGVIASP
  
High negative correlations   
KNFVIASP
KNFOHYFX
KNFTYLG
TYLGSCRYY
KNFMSTSX
VIASPSCRYY

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
RETL  2.99 (0.05) 0.00 (0.03) 0.00 
 5.95 
 16.28 
SCRYY  2.11 (0.15) 0.00 (0.11) 0.00 
 3.56 
 15.76 
SCRYX  0.83 (0.03) 0.00 (0.04) 0.00 
 1.51 
 4.67 
MSTSX  0.47  0.02  0.04  0.13  0.72 
 0.92 
 3.08 
VIASP  1.29  0.27  0.13  0.23  1.80 
 3.96 
 13.41 
OHYFX  0.15  0.01  0.09  0.29  0.06 
 0.32 
 0.95 
OREAF  0.30 (0.16) 0.00 (20.98) 0.00 
 0.00 
 10.00 
TYLG  0.64  0.05  0.06  0.07  0.87 
 1.36 
 3.70 
KNG  0.44 (0.01) 0.00 (0.03) 0.00 
 0.81 
 2.86 
KNF  1.52 (0.13) 0.00 (0.16) 0.00 
 2.92 
 8.13