Innovator Etfs Correlations

APRD Etf

24.98 0.04 0.16%

The current 90-days correlation between Innovator Etfs Trust and Innovator Premium Income is 0.74 (i.e., Poor diversification). The correlation of Innovator Etfs 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.

Innovator Etfs Correlation With Market

Very weak diversification

The correlation between Innovator Etfs Trust and DJI is 0.44 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Innovator Etfs Trust and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Innovator Etfs Trust. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Innovator Etf

0.85	INOV	Innovator ETFs Trust	Pair Corr
0.66	FXY	Invesco CurrencyShares	Pair Corr
0.61	PMBS	PIMCO Mortgage Backed	Pair Corr
0.64	AMPD	Tidal Trust II	Pair Corr
0.87	IDOG	ALPS International Sector	Pair Corr
0.9	GE	GE Aerospace	Pair Corr
0.84	JNJ	Johnson Johnson Sell-off Trend	Pair Corr
0.84	T	ATT Inc	Pair Corr
0.89	MMM	3M Company	Pair Corr
0.86	CSCO	Cisco Systems	Pair Corr

Moving against Innovator Etf

0.75	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.32	HD	Home Depot	Pair Corr
0.77	MSFT	Microsoft	Pair Corr
0.74	MRK	Merck Company Sell-off Trend	Pair Corr
0.71	AA	Alcoa Corp	Pair Corr
0.53	CAT	Caterpillar	Pair Corr
0.47	HPQ	HP Inc	Pair Corr
0.45	DIS	Walt Disney	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.23	0.69	-0.47	0.5	0.31	0.07	0.89	-0.78	0.2	META
MSFT	-0.23		-0.65	0.44	-0.75	0.62	0.88	-0.08	0.54	-0.16	MSFT
UBER	0.69	-0.65		-0.51	0.8	-0.22	-0.56	0.62	-0.86	0.42	UBER
F	-0.47	0.44	-0.51		-0.27	0.21	0.3	-0.37	0.66	0.25	F
T	0.5	-0.75	0.8	-0.27		-0.51	-0.65	0.32	-0.7	0.39	T
A	0.31	0.62	-0.22	0.21	-0.51		0.72	0.54	0.15	0.04	A
CRM	0.07	0.88	-0.56	0.3	-0.65	0.72		0.16	0.36	-0.19	CRM
JPM	0.89	-0.08	0.62	-0.37	0.32	0.54	0.16		-0.67	0.23	JPM
MRK	-0.78	0.54	-0.86	0.66	-0.7	0.15	0.36	-0.67		-0.24	MRK
XOM	0.2	-0.16	0.42	0.25	0.39	0.04	-0.19	0.23	-0.24		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.89	META
CRM	+ 0.88	MSFT
T	+ 0.8	UBER
CRM	+ 0.72	A
UBER	+ 0.69	META
MRK	+ 0.66	F

High negative correlations

MRK	- 0.86	UBER
MRK	- 0.78	META
T	- 0.75	MSFT
MRK	- 0.7	T
MRK	- 0.67	JPM
CRM	- 0.65	T

Innovator Etfs Competition Risk-Adjusted Indicators

There is a big difference between Innovator Etf performing well and Innovator Etfs 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 Innovator Etfs' 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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
META	1.59	0.08	0.00	(0.03)	0.00	0.00	2.57	(3.59)	8.90
MSFT	1.10	(0.12)	0.00	(0.30)	0.00	0.00	2.58	(2.14)	10.31
UBER	1.92	0.20	0.10	0.28	2.38	(2.01)	4.72	(3.30)	12.75
F	1.42	0.05	0.00	(0.06)	0.00	0.00	2.71	(2.89)	10.14
T	1.07	0.24	0.16	0.33	1.64	(1.12)	1.90	(2.12)	11.66
A	1.16	(0.12)	0.00	(0.23)	0.00	0.00	2.92	(2.59)	9.03
CRM	1.45	(0.26)	0.00	(0.35)	0.00	0.00	2.72	(3.81)	8.88
JPM	1.10	0.04	0.00	(0.08)	0.00	0.00	1.99	(3.35)	6.85
MRK	1.21	(0.12)	0.00	1.56	0.00	0.00	2.08	(2.24)	11.57
XOM	1.04	0.04	0.07	(0.02)	1.37	(1.07)	2.55	(2.36)	5.89

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