Exchange Traded Correlations

NUKZ Etf   43.14  0.51  1.20%   
The current 90-days correlation between Exchange Traded Concepts and Ultimus Managers Trust is 0.52 (i.e., Very weak diversification). The correlation of Exchange Traded 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.

Exchange Traded Correlation With Market

Modest diversification

The correlation between Exchange Traded Concepts and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Exchange Traded Concepts 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 Exchange Traded Concepts. 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 Exchange Etf

  0.68XT iShares ExponentialPairCorr
  0.75BOTZ Global X RoboticsPairCorr
  0.61KSA iShares MSCI SaudiPairCorr
  0.61DBEF Xtrackers MSCI EAFEPairCorr
  0.67AIQ Global X ArtificialPairCorr
  0.77GE GE AerospacePairCorr
  0.65WMT Walmart Aggressive PushPairCorr
  0.67MMM 3M CompanyPairCorr
  0.66BAC Bank of America Aggressive PushPairCorr

Moving against Exchange Etf

  0.33QCLN First Trust NASDAQPairCorr
  0.33ACES ALPS Clean EnergyPairCorr
  0.6MRK Merck Company Aggressive PushPairCorr

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   
MLPAMLPR
MLPXMDST
DRLLMGNR
MLPXDRLL
MLPAMDST
MLPRMDST
  
High negative correlations   
DRLLDRIP
MLPXDRIP
DRIPMGNR
DRIPMDST
DRIPMISL
DRIPDPST

Exchange Traded Constituents Risk-Adjusted Indicators

There is a big difference between Exchange Etf performing well and Exchange Traded 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 Exchange Traded'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.