IQ MacKay Correlations

MMIT Etf

USD 24.32 0.09 0.37%

The current 90-days correlation between IQ MacKay Municipal and IQ MacKay Municipal is 0.82 (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 0.28 (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

0.94	MUB	iShares National Muni	Pair Corr
0.94	VTEB	Vanguard Tax Exempt	Pair Corr
0.98	FMB	First Trust Managed	Pair Corr
0.9	ITM	VanEck Intermediate Muni	Pair Corr
0.97	HMOP	Hartford Municipal	Pair Corr
0.92	TAXF	American Century Div	Pair Corr
0.98	JMUB	JPMorgan Municipal	Pair Corr
0.88	MUST	Columbia Multi Sector	Pair Corr
0.97	MINO	PIMCO ETF Trust	Pair Corr
0.85	EWC	iShares MSCI Canada Sell-off Trend	Pair Corr
0.72	IRET	iREIT MarketVector	Pair Corr
0.75	DD	Dupont De Nemours	Pair Corr
0.75	PG	Procter Gamble	Pair Corr
0.62	DIS	Walt Disney	Pair Corr
0.77	TRV	The Travelers Companies	Pair Corr
0.67	CVX	Chevron Corp	Pair Corr
0.73	XOM	Exxon Mobil Corp	Pair Corr
0.62	HD	Home Depot	Pair Corr

Moving against MMIT Etf

0.51

PFE

Pfizer Inc Aggressive Push

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.34	0.54	-0.68	0.78	0.45	-0.1	0.85	-0.78	-0.4	META
MSFT	-0.34		-0.63	0.28	-0.48	0.2	0.71	-0.47	0.59	-0.15	MSFT
UBER	0.54	-0.63		-0.15	0.73	-0.02	-0.49	0.72	-0.74	0.37	UBER
F	-0.68	0.28	-0.15		-0.38	-0.16	0.33	-0.41	0.58	0.77	F
T	0.78	-0.48	0.73	-0.38		0.06	-0.2	0.73	-0.78	0.0	T
A	0.45	0.2	-0.02	-0.16	0.06		0.21	0.53	-0.02	-0.29	A
CRM	-0.1	0.71	-0.49	0.33	-0.2	0.21		-0.25	0.43	-0.06	CRM
JPM	0.85	-0.47	0.72	-0.41	0.73	0.53	-0.25		-0.78	-0.08	JPM
MRK	-0.78	0.59	-0.74	0.58	-0.78	-0.02	0.43	-0.78		0.1	MRK
XOM	-0.4	-0.15	0.37	0.77	0.0	-0.29	-0.06	-0.08	0.1		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

JPM	+ 0.85	META
T	+ 0.78	META
XOM	+ 0.77	F
T	+ 0.73	UBER
JPM	+ 0.73	T
JPM	+ 0.72	UBER

High negative correlations

MRK	- 0.78	JPM
MRK	- 0.78	T
MRK	- 0.78	META
MRK	- 0.74	UBER
F	- 0.68	META
UBER	- 0.63	MSFT

IQ MacKay Competition 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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
META	1.30	0.26	0.16	0.64	1.38	(1.36)	3.22	(2.26)	7.11
MSFT	0.99	(0.06)	0.00	(0.23)	0.00	0.00	2.20	(1.90)	10.31
UBER	1.88	0.15	0.05	(2.68)	2.72	(1.87)	4.72	(3.13)	12.29
F	1.35	(0.21)	0.00	(0.27)	0.00	0.00	2.46	(2.90)	10.97
T	0.92	0.24	0.21	0.47	0.95	(1.07)	1.80	(1.75)	7.94
A	1.09	0.08	0.07	0.13	1.03	(1.33)	2.81	(1.91)	6.12
CRM	1.43	(0.07)	0.00	(0.08)	0.00	0.00	3.10	(2.95)	15.92
JPM	0.90	0.08	0.06	0.11	1.21	(0.99)	1.92	(1.51)	6.85
MRK	1.22	(0.07)	0.00	(1.13)	0.00	0.00	2.43	(1.81)	11.57
XOM	0.94	(0.13)	0.00	(0.24)	0.00	0.00	1.76	(2.14)	5.69

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