| HELX Etf | | | USD 30.15 0.24 0.79% |
The current 90-days correlation between Franklin Genomic Adv and Invesco DWA Industrials is 0.5 (i.e., Very weak diversification). The correlation of Franklin Genomic 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.
Franklin Genomic Correlation With Market
Very weak diversification
The correlation between Franklin Genomic Advancements and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Genomic Advancements 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 Franklin Genomic Advancements. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as
signals in bureau of economic analysis.