ARK Space Correlations

ARKX Etf

USD 19.16 0.00 0.00%

The current 90-days correlation between ARK Space Exploration and ARK Autonomous Technology is 0.96 (i.e., Almost no diversification). The correlation of ARK Space 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.

ARK Space Correlation With Market

Very weak diversification

The correlation between ARK Space Exploration and DJI is 0.54 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ARK Space Exploration 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 ARK Space Exploration. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with ARK Etf

0.92	VOT	Vanguard Mid Cap	Pair Corr
0.93	IWP	iShares Russell Mid	Pair Corr
0.91	ARKK	ARK Innovation ETF	Pair Corr
0.9	IJK	iShares SP Mid	Pair Corr
0.92	JKH	iShares Morningstar Mid	Pair Corr
0.94	KOMP	SPDR Kensho New	Pair Corr
0.9	MDYG	SPDR SP 400	Pair Corr
0.92	IMCG	iShares Morningstar Mid	Pair Corr
0.87	FPX	First Trust Equity	Pair Corr
0.9	IVOG	Vanguard SP Mid	Pair Corr
0.73	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.69	HPQ	HP Inc	Pair Corr
0.87	BAC	Bank of America Sell-off Trend	Pair Corr
0.64	MSFT	Microsoft	Pair Corr
0.92	AXP	American Express Sell-off Trend	Pair Corr
0.65	WMT	Walmart Aggressive Push	Pair Corr
0.83	HD	Home Depot	Pair Corr

Moving against ARK Etf

0.61	PMBS	PIMCO Mortgage Backed	Pair Corr
0.57	FXY	Invesco CurrencyShares	Pair Corr
0.57	KO	Coca Cola	Pair Corr
0.41	AMPD	Tidal Trust II	Pair Corr
0.64	VZ	Verizon Communications	Pair Corr
0.59	TRV	The Travelers Companies	Pair Corr
0.55	JNJ	Johnson Johnson	Pair Corr
0.47	MCD	McDonalds	Pair Corr
0.45	T	ATT Inc Earnings Call Today	Pair Corr
0.41	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	ARKQ	ARKF	ARKW	ARKG	PRNT
ARKQ		0.85	0.93	0.74	0.74	ARKQ
ARKF	0.85		0.98	0.9	0.94	ARKF
ARKW	0.93	0.98		0.84	0.89	ARKW
ARKG	0.74	0.9	0.84		0.87	ARKG
PRNT	0.74	0.94	0.89	0.87		PRNT
	ARKQ	ARKF	ARKW	ARKG	PRNT

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ARK Space Constituents Risk-Adjusted Indicators

There is a big difference between ARK Etf performing well and ARK Space 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 ARK Space'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 Deviation	Jensen Alpha	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
ARKQ	1.83	(0.07)	(0.12)	3.44	(4.01)	11.12
ARKF	2.00	(0.06)	(0.10)	3.56	(4.42)	11.54
ARKW	2.03	(0.11)	(0.14)	3.66	(4.81)	13.15
ARKG	2.53	0.07	(0.03)	4.77	(5.67)	13.68
PRNT	1.15	(0.05)	(0.12)	1.97	(2.54)	6.89

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