Global X Correlations

RNRG Etf

USD 8.61 0.06 0.69%

The current 90-days correlation between Global X Renewable and Global X CleanTech is 0.58 (i.e., Very weak 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.

Global X Correlation With Market

Modest diversification

The correlation between Global X Renewable and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X Renewable 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 Global X Renewable. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Global Etf

1.0

YLCO

Global X YieldCo

Pair Corr

Moving against Global Etf

0.4	DUSL	Direxion Daily Indus	Pair Corr
0.38	IDU	iShares Utilities ETF	Pair Corr
0.34	XLU	Utilities Select Sector	Pair Corr
0.33	VPU	Vanguard Utilities Index	Pair Corr
0.33	FUTY	Fidelity MSCI Utilities	Pair Corr
0.31	DIG	ProShares Ultra Oil	Pair Corr
0.69	JPM	JPMorgan Chase	Pair Corr
0.63	GE	GE Aerospace	Pair Corr
0.61	MMM	3M Company	Pair Corr
0.61	WMT	Walmart	Pair Corr
0.43	IBM	International Business	Pair Corr
0.36	BAC	Bank of America	Pair Corr
0.35	GDXU	MicroSectors Gold Miners	Pair Corr

Related Correlations Analysis

	CTEC	VPN	AQWA	WNDY	GXTG
CTEC		0.0	-0.36	-0.14	0.04	CTEC
VPN	0.0		0.0	0.0	0.0	VPN
AQWA	-0.36	0.0		0.01	0.73	AQWA
WNDY	-0.14	0.0	0.01		-0.2	WNDY
GXTG	0.04	0.0	0.73	-0.2		GXTG
	CTEC	VPN	AQWA	WNDY	GXTG

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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

GXTG	+ 0.73	AQWA
GXTG	+ 0.04	CTEC
WNDY	+ 0.01	AQWA
VPN	+ 0.0	CTEC
AQWA	+ 0.0	VPN
WNDY	+ 0.0	VPN

High negative correlations

AQWA	- 0.36	CTEC
GXTG	- 0.2	WNDY
WNDY	- 0.14	CTEC
GXTG	- 0.0	VPN
WNDY	- 0.0	VPN
AQWA	- 0.0	VPN

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
CTEC	1.68	(0.10)	0.00	(0.59)	0.00	0.00	3.61	(4.09)	9.61
VPN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AQWA	0.74	(0.03)	0.00	(0.12)	0.00	0.00	1.63	(1.17)	3.93
WNDY	1.01	0.07	0.08	0.10	1.29	(1.03)	2.14	(2.02)	6.69
GXTG	0.88	(0.02)	0.00	(0.11)	0.00	0.00	1.51	(1.71)	4.49

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