Procure Space Correlations

UFO Etf

USD 23.38 0.42 1.83%

The current 90-days correlation between Procure Space ETF and SPDR SP Kensho is -0.01 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Procure Space moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Procure Space ETF moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Procure Space Correlation With Market

Poor diversification

The correlation between Procure Space ETF and DJI is 0.6 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Procure Space 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 Procure Space 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 census.

Moving together with Procure Etf

0.78	XLI	Industrial Select Sector	Pair Corr
0.93	DRVN	Driven Brands Holdings	Pair Corr
0.84	VIS	Vanguard Industrials	Pair Corr
0.86	JETS	US Global Jets	Pair Corr
0.91	FXR	First Trust Industri	Pair Corr
0.68	PPA	Invesco Aerospace Defense	Pair Corr
0.88	IYJ	iShares Industrials ETF	Pair Corr
0.79	IYT	iShares Transportation	Pair Corr
0.83	FIDU	Fidelity MSCI Industrials	Pair Corr
0.91	UPRO	ProShares UltraPro SP500	Pair Corr
0.89	QTJA	Innovator ETFs Trust	Pair Corr
0.92	QTOC	Innovator ETFs Trust Low Volatility	Pair Corr
0.92	XTOC	Innovator ETFs Trust	Pair Corr
0.91	QTAP	Innovator Growth 100	Pair Corr
0.88	TSJA	TSJA	Pair Corr
0.91	XTJA	Innovator ETFs Trust	Pair Corr
0.88	DSJA	DSJA	Pair Corr
0.91	XDJA	Innovator ETFs Trust	Pair Corr
0.92	XTAP	Innovator Equity Acc	Pair Corr
0.95	WMT	Walmart Aggressive Push	Pair Corr
0.96	DIS	Walt Disney	Pair Corr
0.86	CSCO	Cisco Systems	Pair Corr
0.67	TRV	The Travelers Companies Sell-off Trend	Pair Corr
0.92	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.75	HD	Home Depot	Pair Corr
0.84	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.96	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.71	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.91	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr

Moving against Procure Etf

0.85	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.71	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr

Related Correlations Analysis

	ROKT	ARKX	AJRD	IRDM	PRNT
ROKT		0.97	-0.27	0.24	0.87	ROKT
ARKX	0.97		-0.2	0.28	0.92	ARKX
AJRD	-0.27	-0.2		0.02	-0.19	AJRD
IRDM	0.24	0.28	0.02		0.26	IRDM
PRNT	0.87	0.92	-0.19	0.26		PRNT
	ROKT	ARKX	AJRD	IRDM	PRNT

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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

ARKX	+ 0.97	ROKT
PRNT	+ 0.92	ARKX
PRNT	+ 0.87	ROKT
IRDM	+ 0.28	ARKX
PRNT	+ 0.26	IRDM
IRDM	+ 0.24	ROKT

High negative correlations

AJRD	- 0.27	ROKT
AJRD	- 0.2	ARKX
PRNT	- 0.19	AJRD

Procure Space Constituents Risk-Adjusted Indicators

There is a big difference between Procure Etf performing well and Procure Space 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 Procure Space'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
ROKT	0.86	0.26	0.18	1.44	0.77	(0.95)	2.21	(1.59)	8.26
ARKX	1.19	0.31	0.25	0.31	0.89	(1.42)	2.89	(1.69)	6.97
AJRD	0.33	(0.01)	0.00	0.57	0.00	0.00	0.77	(0.63)	2.16
IRDM	2.01	0.13	0.04	0.20	2.76	(1.87)	3.31	(4.51)	17.06
PRNT	1.00	0.09	0.08	0.15	0.96	(1.06)	2.78	(1.64)	5.61

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