IShares Medical Correlations

IHI Etf

USD 60.46 0.85 1.43%

The current 90-days correlation between iShares Medical Devices and iShares Healthcare Providers is 0.39 (i.e., Weak diversification). The correlation of IShares Medical 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 Medical Correlation With Market

Poor diversification

The correlation between iShares Medical Devices and DJI is 0.61 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Medical Devices 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 Medical Devices. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with IShares Etf

0.71	XLV	Health Care Select	Pair Corr
0.81	VHT	Vanguard Health Care	Pair Corr
0.78	IBB	iShares Biotechnology ETF	Pair Corr
0.64	IXJ	iShares Global Healthcare	Pair Corr
0.79	IYH	iShares Healthcare ETF	Pair Corr
0.81	FHLC	Fidelity MSCI Health	Pair Corr
0.74	ARKG	ARK Genomic Revolution Low Volatility	Pair Corr
0.7	IHF	iShares Healthcare	Pair Corr
0.77	DHF	BNY Mellon High	Pair Corr
0.82	ARP	Advisors Inner Circle	Pair Corr
0.7	MMM	3M Company	Pair Corr
0.92	JPM	JPMorgan Chase	Pair Corr
0.77	CSCO	Cisco Systems	Pair Corr
0.76	GE	GE Aerospace	Pair Corr

Related Correlations Analysis

	IHF	IGV	ITA	IHE	IYH
IHF		-0.02	0.82	0.61	0.85	IHF
IGV	-0.02		0.26	-0.32	-0.13	IGV
ITA	0.82	0.26		0.55	0.74	ITA
IHE	0.61	-0.32	0.55		0.86	IHE
IYH	0.85	-0.13	0.74	0.86		IYH
	IHF	IGV	ITA	IHE	IYH

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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

IYH	+ 0.86	IHE
IYH	+ 0.85	IHF
ITA	+ 0.82	IHF
IYH	+ 0.74	ITA
IHE	+ 0.61	IHF
IHE	+ 0.55	ITA

High negative correlations

IHE	- 0.32	IGV
IYH	- 0.13	IGV
IGV	- 0.02	IHF

IShares Medical Constituents Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares Medical 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 Medical'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
IHF	0.89	0.14	0.13	0.15	1.02	(0.98)	2.21	(1.89)	6.35
IGV	1.38	(0.12)	0.00	(0.14)	0.00	0.00	2.12	(3.41)	7.87
ITA	0.91	0.06	0.09	(0.34)	1.09	(0.99)	2.11	(2.03)	5.64
IHE	0.76	0.07	0.11	(0.59)	0.91	(0.75)	1.31	(1.53)	4.10
IYH	0.66	0.08	0.14	0.14	0.64	(0.71)	1.27	(1.15)	3.37

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