Sprott Nickel Correlations

NIKL Etf

9.23 0.04 0.44%

The current 90-days correlation between Sprott Nickel Miners and Strategy Shares is 0.15 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Sprott Nickel moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Sprott Nickel Miners moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Sprott Nickel Correlation With Market

Modest diversification

The correlation between Sprott Nickel Miners 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 Sprott Nickel Miners 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 Sprott Nickel Miners. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with Sprott Etf

0.86	URNM	Sprott Uranium Miners	Pair Corr
0.62	AXP	American Express Sell-off Trend	Pair Corr
0.62	DIS	Walt Disney	Pair Corr
0.75	HPQ	HP Inc	Pair Corr
0.84	AA	Alcoa Corp	Pair Corr
0.9	MSFT	Microsoft	Pair Corr

Moving against Sprott Etf

0.8	PMBS	PIMCO Mortgage Backed	Pair Corr
0.77	FXY	Invesco CurrencyShares	Pair Corr
0.74	YCL	ProShares Ultra Yen	Pair Corr
0.72	GDXU	MicroSectors Gold Miners	Pair Corr
0.62	ULE	ProShares Ultra Euro	Pair Corr
0.46	MOO	VanEck Agribusiness ETF	Pair Corr
0.81	T	ATT Inc Earnings Call Today	Pair Corr
0.79	KO	Coca Cola	Pair Corr
0.74	VZ	Verizon Communications	Pair Corr
0.65	GE	GE Aerospace	Pair Corr
0.63	IBM	International Business	Pair Corr
0.5	CSCO	Cisco Systems	Pair Corr
0.46	PG	Procter Gamble	Pair Corr
0.4	INTC	Intel	Pair Corr

Related Correlations Analysis

	DHSB	MBOX	DIEM	MCHI	DIPS	DISO	DIVB	DIVD	DIVG
DHSB		-0.13	-0.07	-0.02	0.11	-0.02	-0.1	-0.03	-0.08	DHSB
MBOX	-0.13		0.37	0.16	-0.29	0.42	0.92	0.37	0.85	MBOX
DIEM	-0.07	0.37		0.85	0.11	-0.35	0.52	0.76	0.63	DIEM
MCHI	-0.02	0.16	0.85		0.46	-0.53	0.46	0.92	0.59	MCHI
DIPS	0.11	-0.29	0.11	0.46		-0.53	-0.04	0.51	0.08	DIPS
DISO	-0.02	0.42	-0.35	-0.53	-0.53		0.27	-0.49	0.08	DISO
DIVB	-0.1	0.92	0.52	0.46	-0.04	0.27		0.63	0.95	DIVB
DIVD	-0.03	0.37	0.76	0.92	0.51	-0.49	0.63		0.74	DIVD
DIVG	-0.08	0.85	0.63	0.59	0.08	0.08	0.95	0.74		DIVG
	DHSB	MBOX	DIEM	MCHI	DIPS	DISO	DIVB	DIVD	DIVG

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

DIVG	+ 0.95	DIVB
DIVB	+ 0.92	MBOX
DIVD	+ 0.92	MCHI
DIVG	+ 0.85	MBOX
MCHI	+ 0.85	DIEM
DIVD	+ 0.76	DIEM

High negative correlations

DISO	- 0.53	DIPS
DISO	- 0.53	MCHI
DIVD	- 0.49	DISO
DISO	- 0.35	DIEM
DIPS	- 0.29	MBOX
MBOX	- 0.13	DHSB

Sprott Nickel Constituents Risk-Adjusted Indicators

There is a big difference between Sprott Etf performing well and Sprott Nickel 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 Sprott Nickel'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
DHSB	0.37	(0.08)	0.00	(0.48)	0.00	0.00	0.82	(0.74)	1.68
MBOX	0.69	0.00	0.00	(0.07)	0.00	0.00	1.08	(1.40)	3.06
DIEM	0.69	0.05	0.09	0.04	0.86	(0.76)	1.43	(1.89)	4.39
MCHI	1.38	0.27	0.20	0.70	1.42	(1.60)	2.63	(2.72)	7.91
DIPS	2.24	0.08	0.08	(0.14)	2.73	(2.40)	5.35	(4.43)	23.78
DISO	0.91	(0.11)	0.00	(0.23)	0.00	0.00	1.47	(2.12)	6.61
DIVB	0.65	0.03	0.00	(0.03)	0.00	0.00	1.15	(1.40)	3.13
DIVD	0.60	0.14	0.23	0.21	0.65	(0.68)	1.39	(0.99)	3.39
DIVG	0.60	0.03	0.08	(0.02)	0.76	(0.62)	1.23	(1.18)	3.05

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