Vanguard California Correlations

VTEC Etf

99.02 0.03 0.03%

The current 90-days correlation between Vanguard California Tax and SSGA Active Trust is 0.65 (i.e., Poor diversification). The correlation of Vanguard California 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.

Vanguard California Correlation With Market

Modest diversification

The correlation between Vanguard California Tax Exempt and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Vanguard California Tax Exempt 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 Vanguard California Tax Exempt. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with Vanguard Etf

0.64	HART	IQ Healthy Hearts	Pair Corr
0.69	VPL	Vanguard FTSE Pacific	Pair Corr
0.62	QLTI	2023 ETF	Pair Corr
0.79	DYLD	Two Roads Shared	Pair Corr
0.83	IBDV	iShares Trust	Pair Corr
0.75	JHCB	John Hancock Exchange	Pair Corr
0.63	ZTRE	Fm 3 Year	Pair Corr
0.81	SUB	iShares Short Term	Pair Corr
0.61	INFR	ClearBridge Sustainable	Pair Corr
0.84	SCHQ	Schwab Long Term	Pair Corr
0.83	HAUS	Tidal ETF Trust	Pair Corr
0.64	AAAU	Goldman Sachs Physical Low Volatility	Pair Corr
0.69	SPEU	SPDR Portfolio Europe	Pair Corr
0.63	FDTS	First Trust Developed	Pair Corr
0.66	JXI	iShares Global Utilities	Pair Corr
0.67	SGOV	iShares 0 3	Pair Corr
0.68	IBTF	iShares iBonds Dec	Pair Corr

Moving against Vanguard Etf

0.63	TINY	ProShares Nanotechnology	Pair Corr
0.34	OLO	Olo Inc	Pair Corr
0.34	SPIN	Spine Injury Solutions	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.14	0.66	-0.48	0.43	0.36	0.16	0.89	-0.77	0.14	META
MSFT	-0.14		-0.64	0.31	-0.77	0.65	0.89	0.0	0.49	-0.33	MSFT
UBER	0.66	-0.64		-0.48	0.8	-0.23	-0.55	0.58	-0.86	0.46	UBER
F	-0.48	0.31	-0.48		-0.2	0.12	0.15	-0.38	0.62	0.23	F
T	0.43	-0.77	0.8	-0.2		-0.54	-0.68	0.25	-0.68	0.48	T
A	0.36	0.65	-0.23	0.12	-0.54		0.75	0.58	0.12	-0.11	A
CRM	0.16	0.89	-0.55	0.15	-0.68	0.75		0.24	0.3	-0.38	CRM
JPM	0.89	0.0	0.58	-0.38	0.25	0.58	0.24		-0.65	0.16	JPM
MRK	-0.77	0.49	-0.86	0.62	-0.68	0.12	0.3	-0.65		-0.31	MRK
XOM	0.14	-0.33	0.46	0.23	0.48	-0.11	-0.38	0.16	-0.31		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.89	META
CRM	+ 0.89	MSFT
T	+ 0.8	UBER
CRM	+ 0.75	A
UBER	+ 0.66	META
A	+ 0.65	MSFT

High negative correlations

MRK	- 0.86	UBER
T	- 0.77	MSFT
MRK	- 0.77	META
MRK	- 0.68	T
CRM	- 0.68	T
MRK	- 0.65	JPM

Vanguard California Competition Risk-Adjusted Indicators

There is a big difference between Vanguard Etf performing well and Vanguard California 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 Vanguard California'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
META	1.61	0.01	0.00	(0.08)	0.00	0.00	2.57	(3.73)	8.90
MSFT	1.11	(0.15)	0.00	(0.32)	0.00	0.00	2.58	(2.14)	10.31
UBER	1.94	0.22	0.10	0.31	2.41	(2.00)	4.72	(3.30)	12.75
F	1.44	0.07	0.00	(0.03)	0.00	0.00	2.71	(2.89)	10.14
T	1.05	0.26	0.17	0.38	1.59	(1.13)	1.90	(1.75)	11.66
A	1.13	(0.12)	0.00	(0.22)	0.00	0.00	2.92	(2.59)	9.03
CRM	1.42	(0.23)	0.00	(0.30)	0.00	0.00	2.72	(3.81)	8.88
JPM	1.09	0.06	0.00	(0.04)	0.00	0.00	1.99	(3.35)	6.85
MRK	1.17	(0.07)	0.00	1.31	0.00	0.00	2.07	(1.80)	11.58
XOM	1.05	0.07	0.09	0.06	1.38	(1.09)	2.55	(2.36)	5.89

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