FlexShares Morningstar Correlations

GUNR Etf

USD 38.29 0.07 0.18%

The current 90-days correlation between FlexShares Morningstar and SPDR SP Global is 0.97 (i.e., Almost no diversification). The correlation of FlexShares Morningstar 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.

FlexShares Morningstar Correlation With Market

Very weak diversification

The correlation between FlexShares Morningstar Global and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding FlexShares Morningstar Global 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 FlexShares Morningstar Global. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with FlexShares Etf

0.92	XLB	Materials Select Sector	Pair Corr
0.9	VAW	Vanguard Materials Index	Pair Corr
0.84	XME	SPDR SP Metals	Pair Corr
0.77	PHO	Invesco Water Resources	Pair Corr
0.9	MOO	VanEck Agribusiness ETF	Pair Corr
0.84	FXZ	First Trust Materials	Pair Corr
0.79	FIW	First Trust Water	Pair Corr
0.94	IYM	iShares Basic Materials	Pair Corr
0.72	BAC	Bank of America	Pair Corr
0.8	XOM	Exxon Mobil Corp	Pair Corr
0.64	TRV	The Travelers Companies	Pair Corr
0.91	CVX	Chevron Corp	Pair Corr

Moving against FlexShares Etf

0.39	FNGO	MicroSectors FANG Index	Pair Corr
0.33	FNGS	MicroSectors FANG ETN	Pair Corr
0.31	FNGU	MicroSectors FANG Index	Pair Corr
0.44	PFE	Pfizer Inc Aggressive Push	Pair Corr

Related Correlations Analysis

	GNR	NFRA	NANR	TDTT	HAP
GNR		0.82	0.93	0.68	0.98	GNR
NFRA	0.82		0.86	0.44	0.9	NFRA
NANR	0.93	0.86		0.4	0.96	NANR
TDTT	0.68	0.44	0.4		0.6	TDTT
HAP	0.98	0.9	0.96	0.6		HAP
	GNR	NFRA	NANR	TDTT	HAP

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FlexShares Morningstar Constituents Risk-Adjusted Indicators

There is a big difference between FlexShares Etf performing well and FlexShares Morningstar 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 FlexShares Morningstar'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
GNR	0.68	(0.01)	0.00	(0.02)	0.00	0.00	1.38	(1.32)	4.47
NFRA	0.53	(0.01)	(0.01)	(0.01)	0.74	(0.54)	0.95	(0.97)	3.05
NANR	0.82	(0.07)	0.00	(0.11)	0.00	0.00	1.28	(1.78)	4.74
TDTT	0.10	0.02	0.08	0.48	0.00	(0.13)	0.21	(0.17)	0.63
HAP	0.66	(0.01)	(0.01)	(0.01)	0.95	(0.64)	1.19	(1.46)	4.24

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