Correlation Analysis Between ETFMG Alternative and NASDAQ UK

This module allows you to analyze existing cross correlation between ETFMG Alternative Harvest and NASDAQ UK. You can compare the effects of market volatilities on ETFMG Alternative and NASDAQ UK and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in ETFMG Alternative with a short position of NASDAQ UK. See also your portfolio center. Please also check ongoing floating volatility patterns of ETFMG Alternative and NASDAQ UK.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 

ETFMG Alternative Harvest  vs.  NASDAQ UK

 Performance (%) 

Pair Volatility

Allowing for the 30-days total investment horizon, ETFMG Alternative Harvest is expected to under-perform the NASDAQ UK. In addition to that, ETFMG Alternative is 2.78 times more volatile than NASDAQ UK. It trades about -0.13 of its total potential returns per unit of risk. NASDAQ UK is currently generating about -0.03 per unit of volatility. If you would invest  101,851  in NASDAQ UK on June 19, 2019 and sell it today you would lose (840.00)  from holding NASDAQ UK or give up 0.82% of portfolio value over 30 days.

Pair Corralation between ETFMG Alternative and NASDAQ UK

Time Period2 Months [change]
ValuesDaily Returns

Diversification Opportunities for ETFMG Alternative and NASDAQ UK

ETFMG Alternative Harvest diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding ETFMG Alternative Harvest and NASDAQ UK in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NASDAQ UK and ETFMG Alternative is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on ETFMG Alternative Harvest are associated (or correlated) with NASDAQ UK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NASDAQ UK has no effect on the direction of ETFMG Alternative i.e. ETFMG Alternative and NASDAQ UK go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.