Pacer BlueStar Correlations

Etfs . USA . 
Etf . Pacer BlueStar Digital
ODDS Etf  USD 26.54  0.65  2.51%   
The current 90-days correlation between Pacer BlueStar Digital and Pacer Lunt MidCap is 0.74 (i.e., Poor diversification). The correlation of Pacer BlueStar 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.

Pacer BlueStar Correlation With Market

Very weak diversification

The correlation between Pacer BlueStar Digital and DJI is 0.46 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pacer BlueStar Digital and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Pacer BlueStar Digital. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Pacer Etf

  0.63CIBR First Trust NASDAQPairCorr
  0.61MLPR ETRACS Quarterly PayPairCorr
  0.77AADR AdvisorShares DorseyPairCorr
  0.8NTSE WisdomTree EmergingPairCorr
  0.71QHY WisdomTree Short Term Symbol ChangePairCorr
  0.66DDWM WisdomTree DynamicPairCorr
  0.7GSEU Goldman Sachs ActiveBetaPairCorr
  0.83INTL Main International ETFPairCorr
  0.8DEM WisdomTree EmergingPairCorr
  0.61JCPB JPMorgan Core Plus Sell-off TrendPairCorr
  0.69EMB iShares JP Morgan Symbol ChangePairCorr
  0.62AIVI WisdomTree InternationalPairCorr
  0.7FIVA Fidelity InternationalPairCorr
  0.8BIDD BlackRock ETF TrustPairCorr

Moving against Pacer Etf

  0.41TUR iShares MSCI TurkeyPairCorr
  0.32USD ProShares Ultra SemiPairCorr
  0.31GBTC Grayscale Bitcoin TrustPairCorr

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   
NZUS
+ 0.93
PAMC
PALC
+ 0.76
BULD
NZUS
+ 0.6
BULD
BULD
+ 0.55
PAMC
NZUS
+ 0.49
PALC
PALC
+ 0.46
PAMC
  
High negative correlations   
NZUS
- 0.0
GRNR
PALC
- 0.0
GRNR
GRNR
- 0.0
BULD
GRNR
- 0.0
PAMC

Pacer BlueStar Constituents Risk-Adjusted Indicators

There is a big difference between Pacer Etf performing well and Pacer BlueStar 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 Pacer BlueStar'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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