ProShares Nanotechnology Correlations

TINY Etf

USD 47.65 0.82 1.75%

The current 90-days correlation between ProShares Nanotechnology and Nanophase Technol is -0.12 (i.e., Good diversification). The correlation of ProShares Nanotechnology 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.

ProShares Nanotechnology Correlation With Market

Modest diversification

The correlation between ProShares Nanotechnology ETF and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Nanotechnology ETF 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 ProShares Nanotechnology ETF. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with ProShares Etf

0.76	SMH	VanEck Semiconductor ETF	Pair Corr
0.9	SOXX	iShares Semiconductor ETF	Pair Corr
0.62	KO	Coca Cola Aggressive Push	Pair Corr

Moving against ProShares Etf

0.45	FDN	First Trust Dow	Pair Corr
0.44	IGV	iShares Expanded Tech	Pair Corr
0.64	DIS	Walt Disney	Pair Corr
0.42	JPM	JPMorgan Chase	Pair Corr
0.4	BAC	Bank of America Sell-off Trend	Pair Corr
0.39	CSCO	Cisco Systems Aggressive Push	Pair Corr

Related Correlations Analysis

	NANX	ALTI	NVEC	VECO	SKYE
NANX		-0.1	0.13	-0.32	-0.67	NANX
ALTI	-0.1		0.15	-0.22	0.18	ALTI
NVEC	0.13	0.15		-0.05	-0.48	NVEC
VECO	-0.32	-0.22	-0.05		0.41	VECO
SKYE	-0.67	0.18	-0.48	0.41		SKYE
	NANX	ALTI	NVEC	VECO	SKYE

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

SKYE	+ 0.41	VECO
SKYE	+ 0.18	ALTI
NVEC	+ 0.15	ALTI
NVEC	+ 0.13	NANX

High negative correlations

SKYE	- 0.67	NANX
SKYE	- 0.48	NVEC
VECO	- 0.32	NANX
VECO	- 0.22	ALTI
ALTI	- 0.1	NANX
VECO	- 0.05	NVEC

ProShares Nanotechnology Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Nanotechnology 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 ProShares Nanotechnology'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
NANX	5.91	0.67	0.07	(0.45)	7.18	(8.45)	13.28	(10.34)	75.92
ALTI	2.39	0.14	0.04	0.18	3.20	(2.35)	4.63	(5.05)	15.54
NVEC	1.72	0.06	0.02	0.09	2.18	(1.71)	3.76	(3.55)	16.16
VECO	1.65	(0.31)	0.00	(0.71)	0.00	0.00	3.29	(3.97)	10.93
SKYE	3.84	(0.55)	0.00	(1.87)	0.00	0.00	6.11	(7.88)	22.15

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC