United States Correlations

UGA Etf  USD 61.56  0.71  1.17%   
The current 90-days correlation between United States Gasoline and United States 12 is 0.81 (i.e., Very poor diversification). The correlation of United States 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.

United States Correlation With Market

Average diversification

The correlation between United States Gasoline and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding United States Gasoline 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 United States Gasoline. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in price.

Moving together with United Etf

  0.92USO United States OilPairCorr
  0.62GBTC Grayscale Bitcoin TrustPairCorr
  0.63FNGO MicroSectors FANG IndexPairCorr
  0.61DIG ProShares Ultra OilPairCorr
  0.65DUSL Direxion Daily IndusPairCorr
  0.63SPXL Direxion Daily SP500PairCorr
  0.64UPRO ProShares UltraPro SP500PairCorr
  0.65JPM JPMorgan ChasePairCorr
  0.77AXP American ExpressPairCorr

Moving against United Etf

  0.66PG Procter GamblePairCorr
  0.63TRV The Travelers CompaniesPairCorr
  0.63VZ Verizon CommunicationsPairCorr
  0.53MCD McDonaldsPairCorr
  0.47JNJ Johnson JohnsonPairCorr
  0.42T ATT Inc Earnings Call TomorrowPairCorr

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   
JPMMETA
CRMMSFT
TUBER
CRMA
AMSFT
JPMA
  
High negative correlations   
MRKUBER
TMSFT
MRKMETA
CRMT
MRKT
MRKJPM

United States Competition Risk-Adjusted Indicators

There is a big difference between United Etf performing well and United States 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 United States' 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.59  0.02  0.00 (0.05) 0.00 
 2.57 
 8.90 
MSFT  1.12 (0.15) 0.00 (0.28) 0.00 
 2.58 
 10.31 
UBER  1.88  0.41  0.19  0.74  2.06 
 4.72 
 12.75 
F  1.47  0.07  0.03  0.00  2.22 
 2.71 
 10.14 
T  1.04  0.26  0.16  0.40  1.61 
 1.90 
 11.66 
A  1.15 (0.15) 0.00 (0.23) 0.00 
 2.92 
 9.03 
CRM  1.38 (0.27) 0.00 (0.31) 0.00 
 2.72 
 8.88 
JPM  1.10  0.09  0.05  0.02  1.74 
 1.99 
 6.85 
MRK  1.17 (0.11) 0.00  1.52  0.00 
 2.07 
 11.58 
XOM  1.06  0.11  0.10  0.17  1.39 
 2.55 
 5.89