Goldman Sachs Correlations

GHYB Etf  USD 44.73  0.07  0.16%   
The current 90-days correlation between Goldman Sachs Access and iShares iBoxx High is 0.08 (i.e., Significant diversification). The correlation of Goldman Sachs 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.

Goldman Sachs Correlation With Market

Very weak diversification

The correlation between Goldman Sachs Access and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Goldman Sachs Access and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Goldman Sachs Access. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with Goldman Etf

  0.91HYG iShares iBoxx HighPairCorr
  0.99USHY iShares Broad USDPairCorr
  0.99JNK SPDR Bloomberg HighPairCorr
  0.91SHYG iShares 0 5PairCorr
  0.99HYLB Xtrackers USD HighPairCorr
  0.91SJNK SPDR Bloomberg ShortPairCorr
  0.85ANGL VanEck Fallen AngelPairCorr
  0.98FALN iShares Fallen AngelsPairCorr
  0.94HYLS First Trust TacticalPairCorr
  0.84HYDW Xtrackers Low BetaPairCorr
  0.76VTI Vanguard Total StockPairCorr
  0.74SPY SPDR SP 500PairCorr
  0.74IVV iShares Core SPPairCorr
  0.65VUG Vanguard Growth IndexPairCorr
  0.77VO Vanguard Mid CapPairCorr
  0.8VB Vanguard Small CapPairCorr
  0.73FFTY Innovator IBD 50PairCorr
  0.72CGUS Capital Group CorePairCorr
  0.74CPAI Northern LightsPairCorr
  0.61PDBA Invesco AgriculturePairCorr
  0.65SABA Saba Capital Income Symbol ChangePairCorr
  0.73RPG Invesco SP 500PairCorr
  0.65ARKQ ARK Autonomous TechnologyPairCorr
  0.72GPIX Goldman Sachs SPPairCorr
  0.92SHYL Xtrackers Short DurationPairCorr

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   
CRMT
JPMCRM
JPMT
MSFTMETA
XOMUBER
XOMF
  
High negative correlations   
MRKJPM
MRKCRM
CRMUBER
MRKT
TUBER
XOMMSFT

Goldman Sachs Competition Risk-Adjusted Indicators

There is a big difference between Goldman Etf performing well and Goldman Sachs 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 Goldman Sachs' 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.21  0.10  0.05  0.23  1.41 
 2.62 
 7.43 
MSFT  0.86  0.00 (0.01) 0.03  1.61 
 1.78 
 8.14 
UBER  1.72 (0.25) 0.00 (2.15) 0.00 
 2.67 
 20.41 
F  1.45 (0.15) 0.00 (0.07) 0.00 
 2.53 
 11.21 
T  0.95  0.10  0.06  0.42  1.12 
 1.93 
 7.95 
A  1.23 (0.05) 0.00 (0.07) 0.00 
 2.71 
 9.02 
CRM  1.49  0.40  0.22 (11.15) 1.31 
 3.18 
 14.80 
JPM  1.06  0.16  0.15  0.13  1.09 
 1.99 
 15.87 
MRK  0.98 (0.25) 0.00 (1.14) 0.00 
 1.72 
 5.17 
XOM  0.90 (0.12) 0.00 (0.76) 0.00 
 1.83 
 6.06