SoFi Next Correlations

Etfs . USA . 
Etf . SoFi Next 500
SFYX Etf  USD 13.78  0.00  0.00%   
The current 90-days correlation between SoFi Next 500 and SoFi Social 50 is 0.76 (i.e., Poor diversification). The correlation of SoFi Next 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.

SoFi Next Correlation With Market

Poor diversification

The correlation between SoFi Next 500 and DJI is 0.76 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SoFi Next 500 and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in SoFi Next 500. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with SoFi Etf

  0.94VO Vanguard Mid CapPairCorr
  0.99VXF Vanguard Extended MarketPairCorr
  0.99IJH iShares Core SPPairCorr
  0.98IWR iShares Russell MidPairCorr
  0.99MDY SPDR SP MIDCAPPairCorr
  0.98FV First Trust DorseyPairCorr
  0.99IVOO Vanguard SP MidPairCorr
  0.99JHMM John Hancock MultifactorPairCorr
  0.99BBMC JPMorgan BetaBuilders MidPairCorr
  0.98XMMO Invesco SP MidCapPairCorr
  0.91SIXD AIM ETF ProductsPairCorr
  0.71CEFD ETRACS Monthly PayPairCorr
  0.93BAC Bank of America Aggressive PushPairCorr
  0.95AXP American ExpressPairCorr
  0.67WMT WalmartPairCorr
  0.73MSFT MicrosoftPairCorr
  0.78DIS Walt DisneyPairCorr
  0.73BA BoeingPairCorr
  0.73CAT CaterpillarPairCorr
  0.93HD Home DepotPairCorr
  0.8HPQ HP IncPairCorr

Moving against SoFi Etf

  0.72ULE ProShares Ultra EuroPairCorr
  0.59PMBS PIMCO Mortgage BackedPairCorr
  0.55FXY Invesco CurrencySharesPairCorr
  0.54YCL ProShares Ultra Yen Potential GrowthPairCorr
  0.64TRV The Travelers CompaniesPairCorr
  0.57KO Coca ColaPairCorr
  0.48MCD McDonaldsPairCorr
  0.47T ATT Inc Earnings Call This WeekPairCorr

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   
BKLC
+ 0.98
SFY
SFY
+ 0.96
SFYF
BKLC
+ 0.94
SFYF
TGIF
+ 0.0
SFYF
WKLY
+ 0.0
SFYF
TGIF
+ 0.0
SFY
  
High negative correlations   
BKLC
- 0.0
WKLY
BKLC
- 0.0
TGIF
WKLY
- 0.0
TGIF
WKLY
- 0.0
SFY
TGIF
- 0.0
SFY
WKLY
- 0.0
SFYF

SoFi Next Constituents Risk-Adjusted Indicators

There is a big difference between SoFi Etf performing well and SoFi Next 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 SoFi Next'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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