Themes Transatlantic Correlations

Etfs . USA . 
Etf . Themes Transatlantic Defense
NATO Etf   25.61  0.30  1.19%   
The current 90-days correlation between Themes Transatlantic and Materials Select Sector is 0.44 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Themes Transatlantic moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Themes Transatlantic Defense moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Themes Transatlantic Correlation With Market

Modest diversification

The correlation between Themes Transatlantic Defense and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Themes Transatlantic Defense 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 Themes Transatlantic 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 Themes Etf

  0.85XLI Industrial Select SectorPairCorr
  0.65DRVN Driven Brands HoldingsPairCorr
  0.74ITA iShares Aerospace DefensePairCorr
  0.88VIS Vanguard IndustrialsPairCorr
  0.83FXR First Trust IndustriPairCorr
  0.92PPA Invesco Aerospace DefensePairCorr
  0.84IYJ iShares Industrials ETFPairCorr
  0.73IYT iShares TransportationPairCorr
  0.87FIDU Fidelity MSCI IndustrialsPairCorr
  0.77ITDD iShares TrustPairCorr
  0.61HD Home DepotPairCorr
  0.63AA Alcoa Corp Downward RallyPairCorr
  0.69BAC Bank of America Fiscal Year End 10th of January 2025 PairCorr
  0.61JPM JPMorgan Chase Fiscal Year End 10th of January 2025 PairCorr
  0.68TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr

Moving against Themes Etf

  0.53PFE Pfizer Inc Sell-off TrendPairCorr
  0.34KO Coca Cola Sell-off TrendPairCorr

Related Correlations Analysis

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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   
XLV
+ 0.91
XLB
XLU
+ 0.78
XLB
XLU
+ 0.67
XLP
XLU
+ 0.66
XLV
XLP
+ 0.6
XLB
XLV
+ 0.47
XLP
  
High negative correlations   
XLV
- 0.82
XLY
XLY
- 0.72
XLB
XLU
- 0.5
XLY
XLP
- 0.06
XLY

Themes Transatlantic Constituents Risk-Adjusted Indicators

There is a big difference between Themes Etf performing well and Themes Transatlantic 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 Themes Transatlantic'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.

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