Cambria Cannabis Correlations

TOKE Etf

USD 4.53 0.00 0.00%

The current 90-days correlation between Cambria Cannabis ETF and Amplify Seymour Cannabis is 0.75 (i.e., Poor diversification). The correlation of Cambria Cannabis 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.

Cambria Cannabis Correlation With Market

Very weak diversification

The correlation between Cambria Cannabis ETF and DJI is 0.5 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cambria Cannabis 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 Cambria Cannabis 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 industry.

Moving together with Cambria Etf

0.62	TAN	Invesco Solar ETF	Pair Corr
0.78	QCLN	First Trust NASDAQ	Pair Corr
0.7	BOTZ	Global X Robotics	Pair Corr
0.75	ACES	ALPS Clean Energy	Pair Corr
0.79	IPAY	Amplify ETF Trust	Pair Corr
0.92	MSOS	AdvisorShares Pure	Pair Corr
0.92	MJ	Amplify ETF Trust	Pair Corr
0.83	DIS	Walt Disney	Pair Corr
0.66	HD	Home Depot	Pair Corr
0.83	HPQ	HP Inc	Pair Corr

Moving against Cambria Etf

0.74	TRV	The Travelers Companies	Pair Corr
0.66	XPP	ProShares Ultra FTSE	Pair Corr
0.66	JNUG	Direxion Daily Junior	Pair Corr
0.64	BABX	GraniteShares 175x Long	Pair Corr
0.64	GDXU	MicroSectors Gold Miners	Pair Corr
0.64	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.58	KO	Coca Cola	Pair Corr
0.56	T	ATT Inc Earnings Call Today	Pair Corr
0.37	MCD	McDonalds	Pair Corr
0.36	GE	GE Aerospace	Pair Corr

Related Correlations Analysis

	CNBS	THCX	POTX	YOLO	MSOS
CNBS		0.0	0.0	0.98	0.99	CNBS
THCX	0.0		0.0	0.0	0.0	THCX
POTX	0.0	0.0		0.0	0.0	POTX
YOLO	0.98	0.0	0.0		0.98	YOLO
MSOS	0.99	0.0	0.0	0.98		MSOS
	CNBS	THCX	POTX	YOLO	MSOS

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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

MSOS	+ 0.99	CNBS
YOLO	+ 0.98	CNBS
MSOS	+ 0.98	YOLO
THCX	+ 0.0	CNBS
POTX	+ 0.0	CNBS
POTX	+ 0.0	THCX

High negative correlations

MSOS	- 0.0	POTX
YOLO	- 0.0	POTX
MSOS	- 0.0	THCX
YOLO	- 0.0	THCX
POTX	- 0.0	THCX
POTX	- 0.0	CNBS

Cambria Cannabis Constituents Risk-Adjusted Indicators

There is a big difference between Cambria Etf performing well and Cambria Cannabis 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 Cambria Cannabis' 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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
CNBS	2.24	(0.37)	(0.45)	5.71	(4.55)	16.70
THCX	0.00	0.00	0.00	0.00	0.00	0.00
POTX	0.00	0.00	0.00	0.00	0.00	0.00
YOLO	1.80	(0.33)	(0.51)	2.98	(3.79)	9.04
MSOS	3.01	(0.43)	(0.61)	6.72	(6.71)	17.60

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