ETF Series Correlations

JUCY Etf  USD 24.67  0.14  0.56%   
The correlation of ETF Series 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 ETF Series moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ETF Series Solutions 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 Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in ETF Series Solutions. 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.
  
The ability to find closely correlated positions to ETF Series could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ETF Series 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 ETF Series - 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 ETF Series Solutions to buy it.

Moving together with ETF Etf

+0.62VTIVanguard Total StockPairCorr
+0.71SPYSPDR SP 500 Aggressive PushPairCorr
+0.71IVVIShares Core SPPairCorr
+0.83VUGVanguard Growth IndexPairCorr
+0.71BUFFInnovator LadderedPairCorr
+0.68FIGSimplify Macro StrategyPairCorr

Moving against ETF Etf

-0.8AXPAmerican Express Fiscal Quarter End 30th of June 2023 PairCorr
-0.5VBVanguard Small-Cap IndexPairCorr
-0.82CATCaterpillar Buyout TrendPairCorr

Related Correlations

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Correlation Matchups

The Correlation Coefficient is a useful tool to identify correlated or non-correlated securities, which is essential in developing a diversified portfolio. It tells us the relationship between two positions you have in your portfolio or considering acquiring. Over a given time period, the two securities movetogether 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   
MSFTMETA
CRMMSFT
CRMMETA
AT
UBERMETA
UBERMSFT
  
High negative correlations   
TUBER
AMSFT
AMETA
CRMA
TMSFT
TMETA

ETF Series Competition Risk-Adjusted Indicators

Nowadays, there is a big difference between ETF Etf performing well and ETF Series ETF doing well compared to the competition. There are way too many exceptions to the normal that investors can tell for sure what's good or bad unless they analyze ETF Series' multiple risk-adjusted performance indicators. 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
META 1.55  0.73  0.52  0.55  0.83  0.29 (2.01)  3.70 (1.62)  15.55 
MSFT 1.28  0.48  0.45  1.13  0.72  0.29 (1.70)  3.20 (1.84)  9.09 
UBER 1.90  0.32  0.16  0.27  1.72  0.12 (2.25)  4.55 (3.55)  13.86 
F 1.78  0.07  0.03  0.03  2.24  0.0251 (1.78)  4.14 (3.98)  10.93 
T 1.19 (0.27)  0.00 (0.46)  0.00 (0.14)  0.00  1.96 (3.79)  12.36 
A 1.27 (0.20)  0.00 (0.18)  0.00 (0.12)  0.00  2.11 (3.16)  8.97 
CRM 1.37  0.39  0.24  0.44  1.29  0.19 (1.54)  2.63 (2.18)  16.19 
JPM 1.34  0.02  0.01  0.00  1.86  0.0064 (1.39)  2.68 (2.94)  9.73 
MRK 0.91  0.09  0.09  0.24  1.08  0.08 (0.98)  2.03 (1.82)  6.97 
XOM 1.39 (0.03)  0.00 (0.04)  0.00 (0.0209)  0.00  2.49 (2.43)  9.88 

Be your own money manager

Our tools can tell you how much better you can do entering a position in ETF Series 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.

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Already Invested in ETF Series Solutions?

The danger of trading ETF Series Solutions 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 ETF Series 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 ETF Series. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile ETF Series Solutions 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 Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in ETF Series Solutions. 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 ETF Series Solutions information on this page should be used as a complementary analysis to other ETF Series' 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 Focused Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.

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When running ETF Series' price analysis, check to measure ETF Series' 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 ETF Series is operating at the current time. Most of ETF Series' value examination focuses on studying past and present price action to predict the probability of ETF Series' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move ETF Series' price. Additionally, you may evaluate how the addition of ETF Series to your portfolios can decrease your overall portfolio volatility.
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The market value of ETF Series Solutions is measured differently than its book value, which is the value of ETF that is recorded on the company's balance sheet. Investors also form their own opinion of ETF Series' value that differs from its market value or its book value, called intrinsic value, which is ETF Series' 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 ETF Series' market value can be influenced by many factors that don't directly affect ETF Series' 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 ETF Series' value and its price as these two are different measures arrived at by different means. Investors typically determine if ETF Series is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, ETF Series' 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.