MicroSectors FANG Correlations

Etfs . USA . 
Etf . MicroSectors FANG Index
FNGO Etf  USD 80.12  1.81  2.31%   
The current 90-days correlation between MicroSectors FANG Index and MicroSectors FANG ETN is 0.97 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as MicroSectors FANG moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if MicroSectors FANG Index moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

MicroSectors FANG Correlation With Market

Very weak diversification

The correlation between MicroSectors FANG Index and DJI is 0.57 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MicroSectors FANG Index and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in MicroSectors FANG Index. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in price.

Moving together with MicroSectors Etf

  0.97SSO ProShares Ultra SP500PairCorr
  0.97SPXL Direxion Daily SP500PairCorr
  0.98QLD ProShares Ultra QQQPairCorr
  0.97UPRO ProShares UltraPro SP500PairCorr
  0.96TECL Direxion Daily TechnologyPairCorr
  0.86LABU Direxion Daily SP Downward RallyPairCorr
  0.85FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.71OIH VanEck Oil ServicesPairCorr
  0.96ARKW ARK Next GenerationPairCorr
  0.9WTMF WisdomTree ManagedPairCorr
  0.91BST BlackRock Science TechPairCorr
  0.66CAT CaterpillarPairCorr
  0.71AA Alcoa CorpPairCorr
  0.88AXP American ExpressPairCorr
  0.81DIS Walt DisneyPairCorr
  0.83BAC Bank of America Aggressive PushPairCorr
  0.8MSFT Microsoft Aggressive PushPairCorr

Moving against MicroSectors Etf

  0.48GDXU MicroSectors Gold MinersPairCorr
  0.35PG Procter GamblePairCorr
  0.76TRV The Travelers CompaniesPairCorr
  0.68JNJ Johnson JohnsonPairCorr
  0.61KO Coca Cola Sell-off TrendPairCorr
  0.57T ATT Inc Aggressive PushPairCorr
  0.5XOM Exxon Mobil Corp Earnings Call This WeekPairCorr
  0.49MCD McDonaldsPairCorr

Related Correlations Analysis

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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   
WEBL
+ 0.91
FNGS
WANT
+ 0.88
FNGS
WANT
+ 0.85
WEBL
BNKU
+ 0.43
WEBL
BNKU
+ 0.39
FNGS
BNKU
+ 0.33
WANT
  
High negative correlations   
FNGD
- 0.99
FNGS
FNGD
- 0.91
WEBL
WANT
- 0.83
FNGD
BNKU
- 0.47
FNGD

MicroSectors FANG Constituents Risk-Adjusted Indicators

There is a big difference between MicroSectors Etf performing well and MicroSectors FANG 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 MicroSectors FANG'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.

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