Global X Correlations
| NORW Etf | USD 24.08 0.05 0.21% |
The current 90-days correlation between Global X MSCI and PGAL is 0.11 (i.e., Average diversification). The correlation of Global X 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.
Global X Correlation With Market
Average diversification
The correlation between Global X MSCI and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X MSCI and DJI in the same portfolio, assuming nothing else is changed.
Global |
Moving together with Global Etf
| 0.67 | EWY | iShares MSCI South | PairCorr |
| 0.64 | EWL | iShares MSCI Switzerland | PairCorr |
| 0.7 | GE | GE Aerospace Fiscal Year End 28th of January 2025 | PairCorr |
| 0.71 | VZ | Verizon Communications Fiscal Year End 28th of January 2025 | PairCorr |
| 0.64 | KO | Coca Cola Fiscal Year End 11th of February 2025 | PairCorr |
| 0.84 | XOM | Exxon Mobil Corp Fiscal Year End 7th of February 2025 | PairCorr |
| 0.78 | JNJ | Johnson Johnson Fiscal Year End 28th of January 2025 | PairCorr |
Moving against Global Etf
| 0.62 | WTID | UBS ETRACS | PairCorr |
| 0.52 | FNGU | MicroSectors FANG Index | PairCorr |
| 0.41 | GBTC | Grayscale Bitcoin Trust | PairCorr |
| 0.39 | VCAR | Simplify Volt RoboCar Symbol Change | PairCorr |
| 0.38 | BITX | Volatility Shares Trust | PairCorr |
| 0.69 | BA | Boeing Fiscal Year End 29th of January 2025 | PairCorr |
| 0.62 | CSCO | Cisco Systems | PairCorr |
| 0.61 | WMT | Walmart Aggressive Push | PairCorr |
| 0.54 | AXP | American Express Fiscal Year End 24th of January 2025 | PairCorr |
| 0.33 | BAC | Bank of America Earnings Call This Week | PairCorr |
Related Correlations Analysis
| 0.51 | 0.32 | -0.15 | 0.24 | PGAL | ||
| 0.51 | -0.13 | -0.24 | -0.27 | GXG | ||
| 0.32 | -0.13 | 0.69 | 0.92 | EIRL | ||
| -0.15 | -0.24 | 0.69 | 0.69 | ENZL | ||
| 0.24 | -0.27 | 0.92 | 0.69 | EFNL | ||
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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
| High negative correlations
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Global X Constituents Risk-Adjusted Indicators
There is a big difference between Global Etf performing well and Global X 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 Global X'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| PGAL | 0.73 | 0.00 | (0.02) | (0.03) | 0.81 | 1.59 | 3.49 | |||
| GXG | 0.80 | 0.07 | 0.06 | 0.23 | 0.84 | 2.01 | 4.30 | |||
| EIRL | 0.69 | (0.24) | 0.00 | (5.33) | 0.00 | 0.84 | 4.36 | |||
| ENZL | 0.82 | (0.12) | 0.00 | (0.38) | 0.00 | 1.34 | 5.31 | |||
| EFNL | 0.72 | (0.17) | 0.00 | (2.65) | 0.00 | 1.51 | 4.20 |