IShares North Correlations

IGE Etf

USD 45.63 0.59 1.31%

The current 90-days correlation between iShares North American and iShares Energy ETF is 0.93 (i.e., Almost no diversification). The correlation of IShares North 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.

IShares North Correlation With Market

Very good diversification

The correlation between iShares North American and DJI is -0.23 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares North American 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 iShares North American. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in price.

Moving together with IShares Etf

0.76	XME	SPDR SP Metals	Pair Corr
0.66	FXZ	First Trust Materials	Pair Corr
0.63	IYM	iShares Basic Materials	Pair Corr

Moving against IShares Etf

0.44	PG	Procter Gamble	Pair Corr
0.38	PFE	Pfizer Inc	Pair Corr

Related Correlations Analysis

	IYE	IYM	IXC	IGN	ICF
IYE		0.54	0.95	0.0	0.06	IYE
IYM	0.54		0.6	0.0	0.62	IYM
IXC	0.95	0.6		0.0	0.2	IXC
IGN	0.0	0.0	0.0		0.0	IGN
ICF	0.06	0.62	0.2	0.0		ICF
	IYE	IYM	IXC	IGN	ICF

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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

IXC	+ 0.95	IYE
ICF	+ 0.62	IYM
IXC	+ 0.6	IYM
IYM	+ 0.54	IYE
ICF	+ 0.2	IXC
ICF	+ 0.06	IYE

High negative correlations

ICF	- 0.0	IGN
IGN	- 0.0	IXC
IGN	- 0.0	IYM
IGN	- 0.0	IYE

IShares North Constituents Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares North 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 IShares North'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
IYE	0.96	0.14	0.11	(0.47)	1.31	(0.92)	1.94	(2.20)	5.72
IYM	0.74	0.04	0.09	(0.28)	0.86	(0.82)	1.43	(1.36)	5.06
IXC	0.77	0.15	0.17	(0.78)	0.87	(0.80)	1.52	(1.80)	4.97
IGN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ICF	0.85	0.03	0.06	(0.36)	1.07	(0.83)	1.71	(1.80)	4.81

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