Innovator Nasdaq Correlations

NAPR Etf

USD 49.35 0.76 1.52%

The current 90-days correlation between Innovator Nasdaq 100 and Innovator Growth 100 Power is 0.96 (i.e., Almost no diversification). The correlation of Innovator Nasdaq 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.

Innovator Nasdaq Correlation With Market

Poor diversification

The correlation between Innovator Nasdaq 100 Power and DJI is 0.7 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Innovator Nasdaq 100 Power 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 Innovator Nasdaq 100 Power. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with Innovator Etf

0.99	BUFR	First Trust Cboe	Pair Corr
0.98	BUFD	FT Cboe Vest	Pair Corr
0.98	PSEP	Innovator SP 500	Pair Corr
0.95	PJAN	Innovator SP 500	Pair Corr
0.98	PJUL	Innovator SP 500	Pair Corr
0.98	PAUG	Innovator Equity Power	Pair Corr
0.98	DNOV	FT Cboe Vest	Pair Corr
0.84	PMAY	Innovator SP 500	Pair Corr
0.97	PJUN	Innovator SP 500	Pair Corr
0.7	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.85	BAC	Bank of America Aggressive Push	Pair Corr
0.81	WMT	Walmart	Pair Corr
0.85	HD	Home Depot	Pair Corr

Moving against Innovator Etf

0.49	PMBS	PIMCO Mortgage Backed	Pair Corr
0.48	AMPD	Tidal Trust II	Pair Corr
0.42	FXY	Invesco CurrencyShares	Pair Corr
0.32	INOV	Innovator ETFs Trust	Pair Corr
0.31	MRK	Merck Company	Pair Corr
0.63	TRV	The Travelers Companies	Pair Corr
0.55	VZ	Verizon Communications Sell-off Trend	Pair Corr
0.39	JNJ	Johnson Johnson	Pair Corr
0.34	XOM	Exxon Mobil Corp Earnings Call This Week	Pair Corr
0.33	KO	Coca Cola Sell-off Trend	Pair Corr

Related Correlations Analysis

	NOCT	KAPR	NJAN	KJUL	KJAN
NOCT		0.86	0.98	0.93	0.91	NOCT
KAPR	0.86		0.85	0.98	0.97	KAPR
NJAN	0.98	0.85		0.92	0.87	NJAN
KJUL	0.93	0.98	0.92		0.98	KJUL
KJAN	0.91	0.97	0.87	0.98		KJAN
	NOCT	KAPR	NJAN	KJUL	KJAN

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Innovator Nasdaq Constituents Risk-Adjusted Indicators

There is a big difference between Innovator Etf performing well and Innovator Nasdaq 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 Nasdaq'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
NOCT	0.49	(0.04)	(0.07)	0.80	(1.33)	3.16
KAPR	0.53	(0.13)	(0.23)	1.16	(1.40)	3.65
NJAN	0.48	(0.02)	(0.03)	0.94	(1.42)	3.11
KJUL	0.52	(0.08)	(0.13)	1.01	(1.41)	2.93
KJAN	0.57	(0.10)	(0.17)	1.04	(1.49)	3.62

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