IShares Aerospace Correlations

ITA Etf

USD 153.86 0.83 0.54%

The current 90-days correlation between iShares Aerospace Defense and SPDR SP Aerospace is 0.93 (i.e., Almost no diversification). The correlation of IShares Aerospace 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 Aerospace Correlation With Market

Poor diversification

The correlation between iShares Aerospace Defense and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Aerospace Defense 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 Aerospace Defense. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with IShares Etf

0.91	XLI	Industrial Select Sector	Pair Corr
0.89	VIS	Vanguard Industrials	Pair Corr
0.68	JETS	US Global Jets	Pair Corr
0.84	FXR	First Trust Industri	Pair Corr
0.94	PPA	Invesco Aerospace Defense	Pair Corr
0.87	IYJ	iShares Industrials ETF Low Volatility	Pair Corr
0.75	IYT	iShares Transportation Low Volatility	Pair Corr
0.89	FIDU	Fidelity MSCI Industrials	Pair Corr
0.88	UPRO	ProShares UltraPro SP500	Pair Corr
0.79	QTJA	Innovator ETFs Trust	Pair Corr
0.66	QTOC	Innovator ETFs Trust	Pair Corr
0.7	XTOC	Innovator ETFs Trust	Pair Corr
0.81	QTAP	Innovator Growth 100	Pair Corr
0.65	TSJA	TSJA	Pair Corr
0.77	XTJA	Innovator ETFs Trust	Pair Corr
0.66	DSJA	DSJA	Pair Corr
0.78	XDJA	Innovator ETFs Trust	Pair Corr
0.82	XTAP	Innovator Equity Acc	Pair Corr
0.86	HD	Home Depot Sell-off Trend	Pair Corr
0.76	HPQ	HP Inc	Pair Corr
0.69	IBM	International Business Fiscal Year End 22nd of January 2025	Pair Corr
0.62	MCD	McDonalds Fiscal Year End 3rd of February 2025	Pair Corr
0.78	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.78	GE	GE Aerospace Fiscal Year End 28th of January 2025	Pair Corr
0.62	BAC	Bank of America Aggressive Push	Pair Corr
0.63	WMT	Walmart Aggressive Push	Pair Corr

Moving against IShares Etf

0.57	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.55	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.55	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.43	KO	Coca Cola Sell-off Trend	Pair Corr
0.36	PFE	Pfizer Inc Aggressive Push	Pair Corr

Related Correlations Analysis

	XAR	PPA	IHI	IGV	ITB
XAR		0.94	0.71	0.93	0.04	XAR
PPA	0.94		0.63	0.85	0.13	PPA
IHI	0.71	0.63		0.78	-0.09	IHI
IGV	0.93	0.85	0.78		-0.18	IGV
ITB	0.04	0.13	-0.09	-0.18		ITB
	XAR	PPA	IHI	IGV	ITB

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

PPA	+ 0.94	XAR
IGV	+ 0.93	XAR
IGV	+ 0.85	PPA
IGV	+ 0.78	IHI
IHI	+ 0.71	XAR
IHI	+ 0.63	PPA

High negative correlations

ITB	- 0.18	IGV
ITB	- 0.09	IHI

IShares Aerospace Constituents Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares Aerospace 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 Aerospace'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
XAR	0.91	0.06	0.06	0.17	1.06	(1.01)	1.85	(2.08)	7.27
PPA	0.77	0.00	0.00	0.12	1.06	(0.80)	1.57	(1.85)	6.90
IHI	0.59	0.01	(0.08)	0.13	0.57	(0.66)	1.12	(1.04)	4.65
IGV	0.91	0.18	0.17	0.28	0.76	(1.02)	2.32	(1.86)	5.97
ITB	1.13	(0.05)	(0.06)	0.04	1.56	(1.13)	2.26	(2.81)	6.43

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC