RiverNorth Managed Correlations

RMMZ Etf

USD 15.23 0.09 0.59%

The current 90-days correlation between RiverNorth Managed and RiverNorth Flexible Municipalome is 0.75 (i.e., Poor diversification). The correlation of RiverNorth Managed 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.

RiverNorth Managed Correlation With Market

Average diversification

The correlation between RiverNorth Managed Duration and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding RiverNorth Managed Duration 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 RiverNorth Managed Duration. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with RiverNorth Etf

0.65	LU	Lufax Holding	Pair Corr
0.84	WD	Walker Dunlop	Pair Corr
0.67	WU	Western Union	Pair Corr
0.7	XP	Xp Inc	Pair Corr

Moving against RiverNorth Etf

0.73	LC	LendingClub Corp Downward Rally	Pair Corr
0.69	V	Visa Class A	Pair Corr
0.62	LX	Lexinfintech Holdings	Pair Corr
0.57	DIST	Distoken Acquisition	Pair Corr
0.53	MA	Mastercard	Pair Corr
0.52	DX	Dynex Capital	Pair Corr
0.52	QD	Qudian Inc	Pair Corr
0.48	VCTR	Victory Capital Holdings	Pair Corr
0.46	GS	Goldman Sachs Group Fiscal Year End 21st of January 2025	Pair Corr
0.44	MS	Morgan Stanley Fiscal Year End 21st of January 2025	Pair Corr
0.44	RM	Regional Management Corp	Pair Corr
0.42	PX	P10 Inc	Pair Corr
0.39	MC	Moelis	Pair Corr
0.32	AB	AllianceBernstein	Pair Corr
0.32	BX	Blackstone Group Fiscal Year End 23rd of January 2025	Pair Corr
0.73	EVGR	Evergreen Corp	Pair Corr
0.62	ESHA	ESH Acquisition Corp	Pair Corr
0.55	DYCQ	DT Cloud Acquisition	Pair Corr
0.55	EMCG	Embrace Change Acqui	Pair Corr
0.54	WINV	WinVest Acquisition Corp	Pair Corr
0.47	GCMGW	GCM Grosvenor	Pair Corr
0.44	VIRT	Virtu Financial Fiscal Year End 23rd of January 2025	Pair Corr
0.43	TETEU	Technology Telecommunicatio	Pair Corr
0.4	ANSCW	Agriculture Natural	Pair Corr
0.39	ENVA	Enova International	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.79	-0.52	-0.51	0.4	0.41	0.53	0.21	-0.04	-0.58	META
MSFT	0.79		-0.61	-0.3	0.61	0.05	0.7	0.45	-0.29	-0.64	MSFT
UBER	-0.52	-0.61		0.57	-0.7	0.16	-0.79	-0.55	0.66	0.81	UBER
F	-0.51	-0.3	0.57		-0.06	-0.16	-0.15	0.17	0.06	0.75	F
T	0.4	0.61	-0.7	-0.06		-0.21	0.85	0.81	-0.64	-0.49	T
A	0.41	0.05	0.16	-0.16	-0.21		-0.18	-0.4	0.65	0.17	A
CRM	0.53	0.7	-0.79	-0.15	0.85	-0.18		0.85	-0.72	-0.59	CRM
JPM	0.21	0.45	-0.55	0.17	0.81	-0.4	0.85		-0.78	-0.39	JPM
MRK	-0.04	-0.29	0.66	0.06	-0.64	0.65	-0.72	-0.78		0.46	MRK
XOM	-0.58	-0.64	0.81	0.75	-0.49	0.17	-0.59	-0.39	0.46		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

CRM	+ 0.85	T
JPM	+ 0.85	CRM
XOM	+ 0.81	UBER
JPM	+ 0.81	T
MSFT	+ 0.79	META
XOM	+ 0.75	F

High negative correlations

CRM	- 0.79	UBER
MRK	- 0.78	JPM
MRK	- 0.72	CRM
T	- 0.7	UBER
MRK	- 0.64	T
XOM	- 0.64	MSFT

RiverNorth Managed Competition Risk-Adjusted Indicators

There is a big difference between RiverNorth Etf performing well and RiverNorth Managed 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 RiverNorth Managed'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
META	1.33	0.15	0.08	0.68	1.43	(1.52)	3.22	(3.15)	7.43
MSFT	0.87	0.04	0.01	(0.29)	1.59	(0.81)	1.78	(1.73)	8.14
UBER	1.73	(0.12)	0.00	(0.69)	0.00	0.00	2.67	(5.35)	20.41
F	1.35	(0.06)	0.00	(0.21)	0.00	0.00	2.38	(2.81)	11.21
T	0.96	0.04	0.02	0.16	1.14	(1.02)	1.93	(1.99)	7.95
A	1.13	(0.11)	0.00	(0.32)	0.00	0.00	2.43	(2.42)	8.06
CRM	1.43	0.27	0.16	3.25	1.36	(1.65)	3.16	(2.88)	14.80
JPM	1.07	0.25	0.19	(17.02)	1.05	(1.29)	1.99	(1.42)	15.87
MRK	0.94	(0.17)	0.00	(0.79)	0.00	0.00	1.72	(2.13)	5.17
XOM	0.76	(0.18)	0.00	(0.81)	0.00	0.00	1.71	(2.14)	6.06

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