Gotham Enhanced Correlations

GSPY Etf

USD 31.06 0.06 0.19%

The current 90-days correlation between Gotham Enhanced 500 and Tidal ETF Trust is 0.78 (i.e., Poor diversification). The correlation of Gotham Enhanced 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.

Gotham Enhanced Correlation With Market

Poor diversification

The correlation between Gotham Enhanced 500 and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Gotham Enhanced 500 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 Gotham Enhanced 500. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with Gotham Etf

0.99	VTI	Vanguard Total Stock	Pair Corr
1.0	SPY	SPDR SP 500	Pair Corr
1.0	IVV	iShares Core SP	Pair Corr
0.87	VIG	Vanguard Dividend	Pair Corr
1.0	VV	Vanguard Large Cap	Pair Corr
0.92	RSP	Invesco SP 500	Pair Corr
0.99	IWB	iShares Russell 1000	Pair Corr
0.99	ESGU	iShares ESG Aware	Pair Corr
0.99	DFAC	Dimensional Core Equity	Pair Corr
1.0	SPLG	SPDR Portfolio SP	Pair Corr
0.98	UPRO	ProShares UltraPro SP500	Pair Corr
0.96	QTJA	Innovator ETFs Trust	Pair Corr
0.98	QTOC	Innovator ETFs Trust	Pair Corr
0.99	XTOC	Innovator ETFs Trust	Pair Corr
0.82	QTAP	Innovator Growth 100	Pair Corr
0.96	XTJA	Innovator ETFs Trust	Pair Corr
0.62	XTAP	Innovator Equity Acc	Pair Corr
0.78	JPM	JPMorgan Chase	Pair Corr
0.88	HD	Home Depot	Pair Corr
0.92	AXP	American Express	Pair Corr
0.79	DIS	Walt Disney	Pair Corr
0.86	BAC	Bank of America	Pair Corr
0.63	MSFT	Microsoft	Pair Corr

Moving against Gotham Etf

0.49	VZ	Verizon Communications	Pair Corr
0.4	JNJ	Johnson Johnson	Pair Corr
0.35	KO	Coca Cola	Pair Corr

Related Correlations Analysis

	GVLU	GVALX	GSUS	HEGD	ZIG
GVLU		0.55	0.88	0.89	0.91	GVLU
GVALX	0.55		0.49	0.52	0.33	GVALX
GSUS	0.88	0.49		0.99	0.85	GSUS
HEGD	0.89	0.52	0.99		0.84	HEGD
ZIG	0.91	0.33	0.85	0.84		ZIG
	GVLU	GVALX	GSUS	HEGD	ZIG

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Gotham Enhanced Constituents Risk-Adjusted Indicators

There is a big difference between Gotham Etf performing well and Gotham Enhanced 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 Gotham Enhanced'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
GVLU	0.68	(0.05)	(0.13)	1.26	(1.20)	3.34
GVALX	0.79	(0.11)	(0.23)	1.06	(1.22)	10.37
GSUS	0.80	(0.04)	(0.12)	1.33	(1.74)	4.66
HEGD	0.47	(0.04)	(0.15)	0.83	(0.97)	2.07
ZIG	0.86	(0.15)	(0.24)	1.41	(2.00)	5.01

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