BNY Mellon Correlations
| BKHY Etf | USD 47.83 0.04 0.08% |
The current 90-days correlation between BNY Mellon High and BNY Mellon International is 0.63 (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
Good diversification
The correlation between BNY Mellon High and DJI is -0.2 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BNY Mellon High and DJI in the same portfolio, assuming nothing else is changed.
BNY |
Moving together with BNY Etf
| 0.91 | HYG | iShares iBoxx High | PairCorr |
| 0.92 | USHY | iShares Broad USD Sell-off Trend | PairCorr |
| 0.99 | JNK | SPDR Bloomberg High Sell-off Trend | PairCorr |
| 0.99 | SHYG | iShares 0 5 | PairCorr |
| 0.92 | HYLB | Xtrackers USD High Sell-off Trend | PairCorr |
| 0.9 | SJNK | SPDR Bloomberg Short Sell-off Trend | PairCorr |
| 0.91 | ANGL | VanEck Fallen Angel | PairCorr |
| 0.95 | FALN | iShares Fallen Angels | PairCorr |
| 0.87 | HYLS | First Trust Tactical | PairCorr |
| 0.95 | HYDW | Xtrackers Low Beta | PairCorr |
| 0.7 | BABX | GraniteShares 175x Long | PairCorr |
| 0.68 | XPP | ProShares Ultra FTSE | PairCorr |
| 0.72 | GDXU | MicroSectors Gold Miners | PairCorr |
| 0.69 | JNUG | Direxion Daily Junior | PairCorr |
| 0.8 | SHNY | Microsectors Gold | PairCorr |
| 0.72 | KO | Coca Cola | PairCorr |
| 0.81 | MMM | 3M Company | PairCorr |
| 0.81 | CSCO | Cisco Systems | PairCorr |
| 0.79 | JNJ | Johnson Johnson | PairCorr |
| 0.83 | GE | GE Aerospace | PairCorr |
| 0.8 | IBM | International Business | PairCorr |
| 0.62 | MCD | McDonalds | PairCorr |
| 0.63 | CVX | Chevron Corp Sell-off Trend | PairCorr |
Moving against BNY Etf
Related Correlations Analysis
| 0.88 | -0.37 | -0.22 | -0.45 | BKIE | ||
| 0.88 | -0.27 | -0.1 | -0.31 | BKEM | ||
| -0.37 | -0.27 | 0.94 | 0.99 | BKMC | ||
| -0.22 | -0.1 | 0.94 | 0.92 | BKLC | ||
| -0.45 | -0.31 | 0.99 | 0.92 | BKSE | ||
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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
| High negative correlations
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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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| BKIE | 0.66 | 0.07 | 0.17 | (0.40) | 0.80 | 1.32 | 4.54 | |||
| BKEM | 0.77 | 0.04 | 0.11 | (0.66) | 0.99 | 1.57 | 5.40 | |||
| BKMC | 0.85 | (0.16) | 0.00 | 1.27 | 0.00 | 1.37 | 4.13 | |||
| BKLC | 0.82 | (0.12) | 0.00 | 0.49 | 0.00 | 1.19 | 4.60 | |||
| BKSE | 0.90 | (0.19) | 0.00 | 1.55 | 0.00 | 1.47 | 4.51 |