Evolve NASDAQ Correlations

QQQT-B Etf   34.67  0.76  2.15%   
The current 90-days correlation between Evolve NASDAQ Technology and Evolve Global Healthcare is 0.1 (i.e., Average diversification). The correlation of Evolve NASDAQ 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.

Evolve NASDAQ Correlation With Market

EvolveDowDiversified AwayEvolveDowDiversified Away100%

Modest diversification

The correlation between Evolve NASDAQ Technology 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 Evolve NASDAQ Technology and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Evolve NASDAQ could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Evolve NASDAQ when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Evolve NASDAQ - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Evolve NASDAQ Technology to buy it.

Moving together with Evolve Etf

  0.8ZSP BMO SP 500PairCorr
  0.81VFV Vanguard SP 500PairCorr
  0.75FHE First Trust IndxxPairCorr
  0.65QDXH Mackenzie InternationalPairCorr
  0.94TEC TD Global TechnologyPairCorr
  0.61EQE Invesco SP EuropePairCorr
  0.87QQQL Global X EnhancedPairCorr
  0.66QQC Invesco NASDAQ 100PairCorr
  0.81MNY Purpose Cash ManagementPairCorr
  0.79DISC BMO Global ConsumerPairCorr
  0.72FHQ First Trust AlphaDEXPairCorr
  0.79QSB Mackenzie CanadianPairCorr
  0.67CWO iShares Emerging MarketsPairCorr

Moving against Evolve Etf

  0.78HQD BetaPro NASDAQ 100PairCorr
  0.68VRE Vanguard FTSE CanadianPairCorr

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   
JPMMETA
TMETA
XOMF
JPMT
TUBER
JPMUBER
  
High negative correlations   
MRKJPM
MRKT
MRKMETA
MRKUBER
FMETA
UBERMSFT

Evolve NASDAQ Competition Risk-Adjusted Indicators

There is a big difference between Evolve Etf performing well and Evolve NASDAQ 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 Evolve NASDAQ'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.31  0.27  0.16  0.57  1.48 
 3.22 
 7.11 
MSFT  1.00 (0.06) 0.00 (0.21) 0.00 
 2.20 
 10.31 
UBER  1.92  0.18  0.06  20.08  2.84 
 4.72 
 12.29 
F  1.36 (0.21) 0.00 (0.28) 0.00 
 2.46 
 10.97 
T  0.95  0.29  0.25  0.57  0.92 
 1.91 
 7.94 
A  1.11  0.07  0.06  0.09  1.12 
 2.81 
 6.12 
CRM  1.46 (0.08) 0.00 (0.11) 0.00 
 3.10 
 15.92 
JPM  0.89  0.15  0.12  0.18  1.12 
 1.92 
 6.85 
MRK  1.23 (0.13) 0.00 (2.24) 0.00 
 2.43 
 11.57 
XOM  0.94 (0.11) 0.00 (0.22) 0.00 
 1.76 
 5.69 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Evolve NASDAQ without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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