IQ MacKay Correlations

MMIT Etf

USD 24.07 0.03 0.12%

The current 90-days correlation between IQ MacKay Municipal and IQ MacKay Municipal is 0.81 (i.e., Very poor diversification). The correlation of IQ MacKay 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.

IQ MacKay Correlation With Market

Modest diversification

The correlation between IQ MacKay Municipal and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IQ MacKay Municipal and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in IQ MacKay Municipal. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with MMIT Etf

0.9	MUB	iShares National Muni	Pair Corr
0.89	VTEB	Vanguard Tax Exempt	Pair Corr
0.97	FMB	First Trust Managed	Pair Corr
0.88	ITM	VanEck Intermediate Muni	Pair Corr
0.97	HMOP	Hartford Municipal	Pair Corr
0.83	TAXF	American Century Div	Pair Corr
0.91	JMUB	JPMorgan Municipal	Pair Corr
0.82	MUST	Columbia Multi Sector	Pair Corr
0.96	MINO	PIMCO ETF Trust	Pair Corr
0.84	FXY	Invesco CurrencyShares	Pair Corr
0.86	PMBS	PIMCO Mortgage Backed	Pair Corr
0.65	GDXU	MicroSectors Gold Miners	Pair Corr
0.84	JNJ	Johnson Johnson	Pair Corr
0.69	GE	GE Aerospace	Pair Corr
0.78	VZ	Verizon Communications	Pair Corr
0.72	CSCO	Cisco Systems	Pair Corr
0.76	PG	Procter Gamble	Pair Corr
0.68	MMM	3M Company	Pair Corr
0.86	T	ATT Inc Earnings Call Today	Pair Corr
0.75	MCD	McDonalds	Pair Corr

Moving against MMIT Etf

0.59	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.69	AA	Alcoa Corp	Pair Corr
0.6	MRK	Merck Company	Pair Corr
0.51	CAT	Caterpillar	Pair Corr

Related Correlations Analysis

	MMIN	HMOP	MUST	TAXF	FLMB
MMIN		0.94	0.9	0.95	0.95	MMIN
HMOP	0.94		0.86	0.88	0.88	HMOP
MUST	0.9	0.86		0.91	0.87	MUST
TAXF	0.95	0.88	0.91		0.92	TAXF
FLMB	0.95	0.88	0.87	0.92		FLMB
	MMIN	HMOP	MUST	TAXF	FLMB

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

IQ MacKay Constituents Risk-Adjusted Indicators

There is a big difference between MMIT Etf performing well and IQ MacKay 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 IQ MacKay'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
MMIN	0.24	(0.02)	(0.41)	0.46	(0.62)	1.22
HMOP	0.18	(0.01)	(0.36)	0.31	(0.39)	0.94
MUST	0.28	(0.01)	(0.22)	0.59	(0.59)	1.54
TAXF	0.21	(0.03)	(3.68)	0.46	(0.42)	0.92
FLMB	0.26	(0.01)	(0.21)	0.47	(0.63)	1.98

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