Global X Correlations

Etfs . USA . 
Etf . Global X Guru
GURU Etf  USD 51.34  0.30  0.59%   
The current 90-days correlation between Global X Guru and Global X Millennials is 0.83 (i.e., Very poor 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

Weak diversification

The correlation between Global X Guru and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X Guru 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 Guru. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Global Etf

  0.94VTI Vanguard Total StockPairCorr
  0.9SPY SPDR SP 500 Aggressive PushPairCorr
  0.9IVV iShares Core SPPairCorr
  0.72VIG Vanguard DividendPairCorr
  0.9VV Vanguard Large CapPairCorr
  0.73RSP Invesco SP 500PairCorr
  0.92IWB iShares Russell 1000PairCorr
  0.91ESGU iShares ESG AwarePairCorr
  0.94DFAC Dimensional Core EquityPairCorr
  0.9SPLG SPDR Portfolio SPPairCorr
  0.69VUG Vanguard Growth IndexPairCorr
  0.91VO Vanguard Mid CapPairCorr
  0.97VB Vanguard Small CapPairCorr
  0.8ETH Grayscale Ethereum Mini Buyout TrendPairCorr
  0.93IYG iShares FinancialPairCorr
  0.73BTC Grayscale Bitcoin MiniPairCorr
  0.61YMAG YieldMax MagnificentPairCorr
  0.84ETHT ProShares Trust Upward RallyPairCorr
  0.71WANT Direxion Daily CnsmrPairCorr
  0.91Z Zillow Group ClassPairCorr
  0.62TSLY Tidal Trust IIPairCorr
  0.8FETH Fidelity Advantage Ether Buyout TrendPairCorr
  0.83XOUT GraniteShares XOUT LargePairCorr
  0.77BITX Volatility Shares Trust Buyout TrendPairCorr
  0.85AUGP PGIM Large CapPairCorr

Related Correlations Analysis

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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   
AOR
+ 0.99
AOM
SOCL
+ 0.68
MILN
AOR
+ 0.59
SOCL
AOM
+ 0.56
SOCL
AOR
+ 0.48
MILN
AOM
+ 0.41
MILN
  
High negative correlations   
GNR
- 0.5
MILN
GNR
- 0.31
SOCL

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.

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