MicroSectors FANG Correlations

FNGO Etf

USD 89.84 4.16 4.43%

The current 90-days correlation between MicroSectors FANG Index and MicroSectors FANG ETN is 0.05 (i.e., Significant 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

Good diversification

The correlation between MicroSectors FANG Index and DJI is -0.17 (i.e., Good 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

0.7	QLD	ProShares Ultra QQQ	Pair Corr
0.88	FNGU	MicroSectors FANG Index	Pair Corr
0.85	RXI	iShares Global Consumer	Pair Corr
0.65	WMT	Walmart	Pair Corr
0.88	BA	Boeing	Pair Corr

Moving against MicroSectors Etf

0.52	LABU	Direxion Daily SP	Pair Corr
0.78	AA	Alcoa Corp	Pair Corr
0.76	XOM	Exxon Mobil Corp	Pair Corr
0.7	TRV	The Travelers Companies	Pair Corr
0.65	HPQ	HP Inc Earnings Call Today	Pair Corr

Related Correlations Analysis

	FNGS	WEBL	FNGD	WANT	BNKU
FNGS		0.81	-0.91	0.56	0.0	FNGS
WEBL	0.81		-0.7	0.37	0.0	WEBL
FNGD	-0.91	-0.7		-0.39	0.0	FNGD
WANT	0.56	0.37	-0.39		0.0	WANT
BNKU	0.0	0.0	0.0	0.0		BNKU
	FNGS	WEBL	FNGD	WANT	BNKU

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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	+ 0.81	FNGS
WANT	+ 0.56	FNGS
WANT	+ 0.37	WEBL
BNKU	+ 0.0	FNGS
BNKU	+ 0.0	WEBL
BNKU	+ 0.0	FNGD

High negative correlations

FNGD	- 0.91	FNGS
FNGD	- 0.7	WEBL
WANT	- 0.39	FNGD
BNKU	- 0.0	WANT
BNKU	- 0.0	FNGD
BNKU	- 0.0	WEBL

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FNGS	1.27	0.08	0.05	0.13	1.52	(1.45)	2.83	(2.73)	7.53
WEBL	2.77	0.01	0.00	0.01	3.84	(2.84)	5.79	(5.92)	20.54
FNGD	3.55	(0.35)	0.00	(0.43)	0.00	0.00	6.31	(7.92)	23.52
WANT	2.78	(0.12)	0.00	(0.07)	0.00	0.00	6.30	(5.87)	19.73
BNKU	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC