IQ MacKay Correlations

MMIN Etf  USD 24.36  0.09  0.37%   
The current 90-days correlation between IQ MacKay Municipal and IQ MacKay Municipal is 0.82 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as IQ MacKay moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if IQ MacKay Municipal moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IQ MacKay Correlation With Market

Very good diversification

The correlation between IQ MacKay Municipal and DJI is -0.31 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IQ MacKay Municipal and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in IQ MacKay Municipal. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with MMIN Etf

  0.96TFI SPDR Nuveen BloombergPairCorr
  0.96PZA Invesco National AMTPairCorr
  0.97MLN VanEck Long MuniPairCorr
  0.93RVNU Xtrackers MunicipalPairCorr
  0.95FLMB Franklin Liberty FederalPairCorr
  0.97SMI VanEck Vectors ETFPairCorr
  0.86RTAI Rareview Tax Advantaged Low VolatilityPairCorr
  0.82OVM Overlay Shares MunicipalPairCorr
  0.78VZ Verizon Communications Aggressive PushPairCorr

Moving against MMIN Etf

  0.51NVDX T Rex 2XPairCorr
  0.51NVDL GraniteShares 15x LongPairCorr
  0.51NVDU Direxion Daily NVDAPairCorr
  0.46USD ProShares Ultra SemiPairCorr
  0.34HPQ HP IncPairCorr
  0.31CSCO Cisco Systems Aggressive PushPairCorr

Related Correlations Analysis

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IQ MacKay Constituents Risk-Adjusted Indicators

There is a big difference between MMIN Etf performing well and IQ MacKay 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 IQ MacKay'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.