Innovator Equity Correlations

JAJL Etf

27.57 0.06 0.22%

The current 90-days correlation between Innovator Equity Defined and Innovator Nasdaq 100 Power is 0.54 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Innovator Equity moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Innovator Equity Defined moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Innovator Equity Correlation With Market

Weak diversification

The correlation between Innovator Equity Defined and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Innovator Equity Defined 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 Innovator Equity Defined. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in inflation.

Moving together with Innovator Etf

0.82	BUFR	First Trust Cboe	Pair Corr
0.83	BUFD	FT Cboe Vest	Pair Corr
0.76	PSEP	Innovator SP 500	Pair Corr
0.95	PJAN	Innovator SP 500	Pair Corr
0.77	PJUL	Innovator SP 500	Pair Corr
0.79	PAUG	Innovator Equity Power	Pair Corr
0.7	DNOV	FT Cboe Vest	Pair Corr
0.94	PMAY	Innovator SP 500	Pair Corr
0.87	PJUN	Innovator SP 500	Pair Corr
0.79	FNGU	MicroSectors FANG Index	Pair Corr
0.81	FNGO	MicroSectors FANG Index	Pair Corr
0.85	FNGS	MicroSectors FANG ETN	Pair Corr
0.85	GRN	iPath Series B	Pair Corr
0.85	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.81	WMT	Walmart Earnings Call This Week	Pair Corr
0.69	IBM	International Business	Pair Corr
0.81	JPM	JPMorgan Chase	Pair Corr
0.84	MMM	3M Company	Pair Corr
0.65	GE	GE Aerospace Sell-off Trend	Pair Corr
0.85	AXP	American Express	Pair Corr

Moving against Innovator Etf

0.69	URNM	Sprott Uranium Miners	Pair Corr
0.78	HPQ	HP Inc	Pair Corr
0.78	AA	Alcoa Corp	Pair Corr
0.68	XOM	Exxon Mobil Corp	Pair Corr
0.58	INTC	Intel Aggressive Push	Pair Corr
0.53	DD	Dupont De Nemours	Pair Corr
0.42	VZ	Verizon Communications Sell-off Trend	Pair Corr
0.39	PG	Procter Gamble	Pair Corr
0.38	CAT	Caterpillar Sell-off Trend	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.19	0.32	-0.68	0.83	0.61	0.07	0.83	-0.71	-0.51	META
MSFT	-0.19		-0.58	0.11	-0.24	0.18	0.64	-0.35	0.5	-0.21	MSFT
UBER	0.32	-0.58		0.11	0.48	0.01	-0.37	0.56	-0.6	0.47	UBER
F	-0.68	0.11	0.11		-0.38	-0.33	0.18	-0.42	0.5	0.85	F
T	0.83	-0.24	0.48	-0.38		0.34	0.21	0.78	-0.71	-0.19	T
A	0.61	0.18	0.01	-0.33	0.34		0.16	0.67	-0.13	-0.4	A
CRM	0.07	0.64	-0.37	0.18	0.21	0.16		-0.13	0.29	-0.09	CRM
JPM	0.83	-0.35	0.56	-0.42	0.78	0.67	-0.13		-0.73	-0.21	JPM
MRK	-0.71	0.5	-0.6	0.5	-0.71	-0.13	0.29	-0.73		0.16	MRK
XOM	-0.51	-0.21	0.47	0.85	-0.19	-0.4	-0.09	-0.21	0.16		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

XOM	+ 0.85	F
T	+ 0.83	META
JPM	+ 0.83	META
JPM	+ 0.78	T
JPM	+ 0.67	A
CRM	+ 0.64	MSFT

High negative correlations

MRK	- 0.73	JPM
MRK	- 0.71	T
MRK	- 0.71	META
F	- 0.68	META
MRK	- 0.6	UBER
UBER	- 0.58	MSFT

Innovator Equity Competition Risk-Adjusted Indicators

There is a big difference between Innovator Etf performing well and Innovator Equity 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 Innovator Equity'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
META	1.22	0.34	0.21	0.81	1.22	(1.31)	3.22	(1.95)	7.11
MSFT	0.99	(0.05)	0.00	(0.20)	0.00	0.00	2.20	(2.14)	10.31
UBER	1.85	0.18	0.06	(1.34)	2.79	(1.88)	4.72	(5.35)	12.29
F	1.35	(0.21)	0.00	(0.31)	0.00	0.00	2.46	(2.90)	11.01
T	0.94	0.24	0.21	0.39	0.93	(1.10)	1.91	(1.75)	7.94
A	1.13	(0.02)	0.00	(0.02)	0.00	0.00	2.81	(2.42)	6.12
CRM	1.50	0.04	0.02	0.07	1.83	(1.65)	3.70	(2.95)	15.92
JPM	0.80	0.24	0.24	0.40	0.73	(0.95)	1.92	(1.39)	5.01
MRK	1.18	(0.31)	0.00	(1.07)	0.00	0.00	2.00	(2.13)	11.57
XOM	0.89	(0.15)	0.00	(0.26)	0.00	0.00	1.72	(2.14)	5.69

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