Silver Futures Correlations

SIUSD Commodity

33.55 0.44 1.29%

The current 90-days correlation between Silver Futures and Soybean Futures is 0.02 (i.e., Significant diversification). The correlation of Silver Futures 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.

Silver Futures Correlation With Market

Good diversification

The correlation between Silver Futures and DJI is -0.2 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Silver Futures and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Silver Futures could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Silver Futures 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 Silver Futures - 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 Silver Futures to buy it.

Moving together with Silver Commodity

0.68	BMYMP	Bristol Myers Squibb	Pair Corr
0.78	BRK-B	Berkshire Hathaway	Pair Corr
0.82	NVRO	Nevro Corp	Pair Corr
0.87	BAOB	Baraboo Bancorporation	Pair Corr
0.75	CBYDF	Corby Spirit	Pair Corr
0.73	KEY-PI	KeyCorp	Pair Corr
0.75	TCTZF	Tencent Holdings	Pair Corr
0.84	DNCVF	Defiance Silver Corp	Pair Corr
0.86	KGC	Kinross Gold Aggressive Push	Pair Corr
0.75	TOI	Oncology Institute Earnings Call This Week	Pair Corr
0.84	FWEDF	Fireweed Zinc	Pair Corr
0.75	INVX	Innovex International, Symbol Change	Pair Corr
0.72	GORO	Gold Resource	Pair Corr
0.75	PDINX	Putnam Diversified Income	Pair Corr
0.79	TEDPX	Tiaa Cref Emerging	Pair Corr
0.72	SNGYX	Sit Government Securities	Pair Corr
0.81	XSWZX	Swiss Helvetia	Pair Corr
0.7	TIDDX	T Rowe Price	Pair Corr
0.69	MSPHX	Massmutual Select Total	Pair Corr
0.88	UTDIX	My529 International Value	Pair Corr

Moving against Silver Commodity

0.8	MSFT	Microsoft	Pair Corr
0.67	AAPL	Apple Inc Aggressive Push	Pair Corr
0.64	GOOG	Alphabet Class C	Pair Corr
0.59	NVDA	NVIDIA	Pair Corr
0.49	AMZN	Amazon Inc	Pair Corr
0.49	GCPEF	GCL Poly Energy	Pair Corr

Related Correlations Analysis

	ZSUSX	HOUSD	ZCUSX	OJUSX	HEUSX	SIUSD	ZBUSD
ZSUSX		0.68	0.92	-0.17	0.22	0.35	-0.01	ZSUSX
HOUSD	0.68		0.69	0.35	-0.14	-0.16	-0.54	HOUSD
ZCUSX	0.92	0.69		-0.15	0.4	0.38	-0.05	ZCUSX
OJUSX	-0.17	0.35	-0.15		-0.62	-0.84	-0.82	OJUSX
HEUSX	0.22	-0.14	0.4	-0.62		0.61	0.5	HEUSX
SIUSD	0.35	-0.16	0.38	-0.84	0.61		0.64	SIUSD
ZBUSD	-0.01	-0.54	-0.05	-0.82	0.5	0.64		ZBUSD
	ZSUSX	HOUSD	ZCUSX	OJUSX	HEUSX	SIUSD	ZBUSD

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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

ZCUSX	+ 0.92	ZSUSX
ZCUSX	+ 0.69	HOUSD
HOUSD	+ 0.68	ZSUSX
ZBUSD	+ 0.64	SIUSD
SIUSD	+ 0.61	HEUSX
ZBUSD	+ 0.5	HEUSX

High negative correlations

SIUSD	- 0.84	OJUSX
ZBUSD	- 0.82	OJUSX
HEUSX	- 0.62	OJUSX
ZBUSD	- 0.54	HOUSD
OJUSX	- 0.17	ZSUSX
SIUSD	- 0.16	HOUSD

Risk-Adjusted Indicators

There is a big difference between Silver Commodity performing well and Silver Futures Commodity 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 Silver Futures' 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
ZSUSX	0.98	0.05	0.11	0.73	0.99	(1.22)	1.89	(1.56)	4.98
HOUSD	1.18	0.01	0.04	(0.03)	1.46	(1.34)	2.50	(2.39)	8.17
ZCUSX	1.00	0.09	0.12	0.95	1.19	(1.01)	2.05	(1.78)	6.00
OJUSX	2.32	(0.89)	0.00	(0.83)	0.00	0.00	3.06	(5.25)	9.05
HEUSX	1.07	0.02	0.05	0.00	1.49	(1.15)	2.75	(2.39)	8.52
SIUSD	1.20	0.13	0.14	(0.46)	1.45	(1.24)	2.32	(2.36)	6.39
ZBUSD	0.47	0.02	0.18	(0.92)	0.48	(0.53)	1.13	(0.82)	2.65

Silver Futures Related Commodities

One prevalent trading approach among algorithmic traders in the commodities sector involves employing market-neutral strategies, wherein each trade is designed to hedge away specific risks. Given that this approach necessitates two distinct transactions, if one position underperforms unexpectedly, the other can potentially offset some of the losses. This method can be applied to commodities such as Silver Futures, pairing it with other commodities or financial instruments to create a balanced, market-neutral setup.

Soybean Futures Heating Oil Corn Futures Orange Juice Lean Hogs Futures Silver Futures 30 Year Treasury

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