Defiance Next Correlations

HDRO Etf

USD 30.34 1.23 3.90%

A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Defiance Next moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Defiance Next Gen moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Defiance Next Correlation With Market

Modest diversification

The correlation between Defiance Next Gen and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Defiance Next Gen 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 Defiance Next Gen. 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 Defiance Etf

0.89	GRI	GRI Bio Earnings Call This Week	Pair Corr
0.8	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.72	MSFT	Microsoft	Pair Corr
0.77	AA	Alcoa Corp	Pair Corr

Moving against Defiance Etf

0.87	JNJ	Johnson Johnson	Pair Corr
0.78	FXY	Invesco CurrencyShares	Pair Corr
0.6	MCD	McDonalds	Pair Corr
0.51	AMPD	Tidal Trust II	Pair Corr
0.38	IXC	iShares Global Energy	Pair Corr
0.33	XLE	Energy Select Sector Aggressive Push	Pair Corr
0.83	T	ATT Inc Earnings Call This Week	Pair Corr
0.78	KO	Coca Cola	Pair Corr
0.77	GE	GE Aerospace	Pair Corr
0.67	CSCO	Cisco Systems	Pair Corr
0.62	PG	Procter Gamble	Pair Corr
0.58	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.31	DD	Dupont De Nemours	Pair Corr

Related Correlations Analysis

	HJEN	HYDR	HTOO	BATT	CTEC
HJEN		0.0	0.0	0.0	0.0	HJEN
HYDR	0.0		0.85	0.67	0.9	HYDR
HTOO	0.0	0.85		0.45	0.78	HTOO
BATT	0.0	0.67	0.45		0.74	BATT
CTEC	0.0	0.9	0.78	0.74		CTEC
	HJEN	HYDR	HTOO	BATT	CTEC

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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

CTEC	+ 0.9	HYDR
HTOO	+ 0.85	HYDR
CTEC	+ 0.78	HTOO
CTEC	+ 0.74	BATT
BATT	+ 0.67	HYDR
BATT	+ 0.45	HTOO

High negative correlations

CTEC	- 0.0	HJEN
BATT	- 0.0	HJEN
HTOO	- 0.0	HJEN
HYDR	- 0.0	HJEN

Defiance Next Constituents Risk-Adjusted Indicators

There is a big difference between Defiance Etf performing well and Defiance Next 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 Defiance Next'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
HJEN	0.00	0.00	0.00	0.00	0.00	0.00
HYDR	2.15	(0.31)	9.92	4.46	(5.50)	15.31
HTOO	5.32	(0.55)	(1.68)	14.89	(9.68)	41.07
BATT	1.21	(0.02)	1.43	2.27	(2.30)	7.29
CTEC	1.67	(0.06)	(0.30)	3.61	(4.09)	9.61

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