BNY Mellon Correlations

BKDV Etf

25.43 0.08 0.31%

The current 90-days correlation between BNY Mellon ETF and FT Vest Equity is 0.77 (i.e., Poor diversification). The correlation of BNY Mellon 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.

BNY Mellon Correlation With Market

Poor diversification

The correlation between BNY Mellon ETF and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BNY Mellon ETF 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 BNY Mellon ETF. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with BNY Etf

0.98	VTV	Vanguard Value Index	Pair Corr
0.97	VYM	Vanguard High Dividend	Pair Corr
0.97	IWD	iShares Russell 1000	Pair Corr
0.93	DGRO	iShares Core Dividend	Pair Corr
0.84	IVE	iShares SP 500	Pair Corr
0.88	DVY	iShares Select Dividend	Pair Corr
0.84	SPYV	SPDR Portfolio SP	Pair Corr
0.64	FVD	First Trust Value	Pair Corr
0.83	IUSV	iShares Core SP	Pair Corr
0.62	QTJA	Innovator ETFs Trust	Pair Corr
0.67	XTOC	Innovator ETFs Trust	Pair Corr
0.82	QTAP	Innovator Growth 100 Low Volatility	Pair Corr
0.71	XTJA	Innovator ETFs Trust	Pair Corr
0.91	XTAP	Innovator Equity Acc	Pair Corr
0.78	GE	GE Aerospace	Pair Corr

Moving against BNY Etf

0.64

MRK

Merck Company

Pair Corr

Related Correlations Analysis

	DHDG	MBCC	DIHP	MCDS	MCHS	DISV	DJAN	MDLV	DJUL
DHDG		0.94	0.02	0.87	-0.24	-0.19	0.83	0.08	0.95	DHDG
MBCC	0.94		0.22	0.74	-0.07	-0.01	0.77	0.29	0.89	MBCC
DIHP	0.02	0.22		-0.37	0.91	0.96	-0.28	0.94	-0.16	DIHP
MCDS	0.87	0.74	-0.37		-0.61	-0.54	0.9	-0.29	0.93	MCDS
MCHS	-0.24	-0.07	0.91	-0.61		0.95	-0.54	0.86	-0.43	MCHS
DISV	-0.19	-0.01	0.96	-0.54	0.95		-0.48	0.88	-0.38	DISV
DJAN	0.83	0.77	-0.28	0.9	-0.54	-0.48		-0.2	0.95	DJAN
MDLV	0.08	0.29	0.94	-0.29	0.86	0.88	-0.2		-0.08	MDLV
DJUL	0.95	0.89	-0.16	0.93	-0.43	-0.38	0.95	-0.08		DJUL
	DHDG	MBCC	DIHP	MCDS	MCHS	DISV	DJAN	MDLV	DJUL

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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

DISV	+ 0.96	DIHP
DJUL	+ 0.95	DHDG
DISV	+ 0.95	MCHS
DJUL	+ 0.95	DJAN
MBCC	+ 0.94	DHDG
MDLV	+ 0.94	DIHP

High negative correlations

MCHS	- 0.61	MCDS
DJAN	- 0.54	MCHS
DISV	- 0.54	MCDS
DJAN	- 0.48	DISV
DJUL	- 0.43	MCHS
DJUL	- 0.38	DISV

BNY Mellon Constituents Risk-Adjusted Indicators

There is a big difference between BNY Etf performing well and BNY Mellon 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 BNY Mellon'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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
DHDG	0.43	(0.02)	0.00	(0.12)	0.00	0.00	0.87	(0.94)	2.86
MBCC	0.77	(0.03)	0.00	(0.11)	0.00	0.00	1.34	(2.25)	4.26
DIHP	0.59	0.11	0.18	0.15	0.69	(0.63)	1.30	(1.21)	3.71
MCDS	0.79	(0.07)	0.00	(0.15)	0.00	0.00	1.28	(2.08)	4.01
MCHS	1.14	0.18	0.19	0.84	1.07	(1.27)	2.90	(1.70)	5.93
DISV	0.65	0.18	0.22	0.23	0.68	(0.66)	1.54	(1.20)	5.30
DJAN	0.29	(0.02)	0.00	(0.13)	0.00	0.00	0.61	(0.77)	2.02
MDLV	0.56	0.08	0.13	0.11	0.82	(0.52)	1.08	(1.52)	3.33
DJUL	0.45	(0.02)	0.00	(0.12)	0.00	0.00	0.80	(1.08)	2.99

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