Global X Correlations

GOEX Etf

USD 33.19 0.63 1.86%

The current 90-days correlation between Global X Gold and US Global GO is 0.98 (i.e., Almost no diversification). The correlation of Global X 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.

Global X Correlation With Market

Average diversification

The correlation between Global X Gold and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X Gold 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 Global X Gold. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with Global Etf

0.96	GDX	VanEck Gold Miners	Pair Corr
0.76	SIL	Global X Silver	Pair Corr
0.88	SILJ	Amplify ETF Trust	Pair Corr
0.95	SGDM	Sprott Gold Miners	Pair Corr
0.99	SGDJ	Sprott Junior Gold	Pair Corr
0.97	GOAU	US Global GO	Pair Corr
0.75	INTL	Main International ETF	Pair Corr
0.65	VTI	Vanguard Total Stock	Pair Corr
0.77	T	ATT Inc Aggressive Push	Pair Corr
0.66	JNJ	Johnson Johnson	Pair Corr
0.72	CSCO	Cisco Systems	Pair Corr
0.76	WMT	Walmart	Pair Corr
0.79	JPM	JPMorgan Chase	Pair Corr
0.79	GE	GE Aerospace	Pair Corr

Moving against Global Etf

0.49	VXX	iPath Series B Low Volatility	Pair Corr
0.35	FNGD	MicroSectors FANG Index Trending	Pair Corr
0.71	MRK	Merck Company Aggressive Push	Pair Corr
0.36	MSFT	Microsoft	Pair Corr

Related Correlations Analysis

	GOAU	SGDJ	SGDM	RING	SILJ
GOAU		0.94	0.95	0.97	0.9	GOAU
SGDJ	0.94		0.94	0.94	0.84	SGDJ
SGDM	0.95	0.94		0.99	0.76	SGDM
RING	0.97	0.94	0.99		0.8	RING
SILJ	0.9	0.84	0.76	0.8		SILJ
	GOAU	SGDJ	SGDM	RING	SILJ

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Global X Constituents Risk-Adjusted Indicators

There is a big difference between Global Etf performing well and Global X 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 Global X'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
GOAU	1.39	0.10	0.05	0.19	1.81	(1.42)	2.69	(3.47)	7.76
SGDJ	1.60	0.14	0.06	0.29	2.04	(1.53)	3.00	(3.49)	9.09
SGDM	1.36	0.22	0.12	0.42	1.57	(1.47)	3.13	(3.06)	7.21
RING	1.41	0.17	0.09	0.32	1.70	(1.51)	3.02	(3.08)	7.92
SILJ	1.77	(0.06)	0.00	(0.12)	0.00	0.00	4.15	(4.36)	10.44

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