BNPP Greenbond Correlations

GSSBD Etf   8.18  0.01  0.12%   
The correlation of BNPP Greenbond 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.

BNPP Greenbond Correlation With Market

Average diversification

The correlation between BNPP Greenbond ETF and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BNPP Greenbond ETF and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to BNPP Greenbond could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace BNPP Greenbond when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back BNPP Greenbond - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling BNPP Greenbond ETF to buy it.

Moving together with BNPP Etf

  0.79JPN Lyxor UCITS JapanPairCorr
  0.77EMLD SSgA SPDR ETFsPairCorr

Related Correlations Analysis

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

BNPP Greenbond Competition Risk-Adjusted Indicators

There is a big difference between BNPP Etf performing well and BNPP Greenbond 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 BNPP Greenbond'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.26  0.07  0.04  0.32  1.44 
 2.62 
 7.43 
MSFT  0.90 (0.04) 0.00  2.27  0.00 
 1.78 
 8.14 
UBER  1.72 (0.19) 0.00 (0.96) 0.00 
 2.67 
 20.41 
F  1.39 (0.10) 0.00 (0.34) 0.00 
 2.38 
 11.21 
T  0.95  0.08  0.05 (0.34) 1.16 
 1.93 
 7.95 
A  1.12 (0.12) 0.00 (0.34) 0.00 
 2.43 
 8.06 
CRM  1.47  0.33  0.20  6.67  1.34 
 3.18 
 14.80 
JPM  1.06  0.26  0.19 (17.88) 1.04 
 1.99 
 15.87 
MRK  0.98 (0.20) 0.00 (1.81) 0.00 
 1.72 
 5.17 
XOM  0.77 (0.15) 0.00 (0.76) 0.00 
 1.71 
 6.06 

BNPP Greenbond Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with BNPP Greenbond etf to make a market-neutral strategy. Peer analysis of BNPP Greenbond could also be used in its relative valuation, which is a method of valuing BNPP Greenbond by comparing valuation metrics with similar companies.
 Risk & Return  Correlation