USCF Gold Correlations

Etfs . USA . 
Etf . USCF Gold Strategy
GLDX Etf  USD 33.51  0.12  0.36%   
The current 90-days correlation between USCF Gold Strategy and iShares MSCI Global is 0.73 (i.e., Poor diversification). The correlation of USCF Gold 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.

USCF Gold Correlation With Market

Good diversification

The correlation between USCF Gold Strategy and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding USCF Gold Strategy 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 USCF Gold Strategy. 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 USCF Etf

  1.0GLD SPDR Gold SharesPairCorr
  1.0IAU iShares Gold TrustPairCorr
  0.96SLV iShares Silver TrustPairCorr
  1.0GLDM SPDR Gold MiniSharesPairCorr
  1.0SGOL abrdn Physical GoldPairCorr
  0.99GLTR abrdn Physical PreciousPairCorr
  0.96SIVR abrdn Physical SilverPairCorr
  1.0IAUM iShares Gold TrustPairCorr
  0.72XOM Exxon Mobil CorpPairCorr
  0.9T ATT Inc Earnings Call TomorrowPairCorr
  0.71TRV The Travelers CompaniesPairCorr
  0.7MCD McDonaldsPairCorr
  0.77CVX Chevron CorpPairCorr
  0.83MMM 3M CompanyPairCorr
  0.9JNJ Johnson JohnsonPairCorr
  0.8VZ Verizon CommunicationsPairCorr
  0.81IBM International BusinessPairCorr
  0.85GE GE AerospacePairCorr

Moving against USCF Etf

  0.72NAIL Direxion Daily HomebPairCorr
  0.7USD ProShares Ultra SemiPairCorr
  0.7TECL Direxion Daily TechnologyPairCorr
  0.65GBTC Grayscale Bitcoin TrustPairCorr
  0.58FNGO MicroSectors FANG IndexPairCorr
  0.58FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.5SPXL Direxion Daily SP500PairCorr
  0.49UPRO ProShares UltraPro SP500PairCorr
  0.34USO United States OilPairCorr
  0.66AA Alcoa CorpPairCorr
  0.64MRK Merck CompanyPairCorr
  0.61CAT CaterpillarPairCorr
  0.57HPQ HP IncPairCorr
  0.47AXP American ExpressPairCorr

Related Correlations Analysis

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USCF Gold Constituents Risk-Adjusted Indicators

There is a big difference between USCF Etf performing well and USCF Gold 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 USCF Gold'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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