Global X Correlations

WNDY Etf

USD 11.55 0.03 0.26%

The current 90-days correlation between Global X Wind and Global X Solar is 0.53 (i.e., Very weak diversification). The correlation of Global X 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.

Global X Correlation With Market

Good diversification

The correlation between Global X Wind and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X Wind and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Global X Wind. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Global Etf

0.62

ICLN

iShares Global Clean

Pair Corr

Moving against Global Etf

0.73	BOTZ	Global X Robotics	Pair Corr
0.72	XTJA	Innovator ETFs Trust	Pair Corr
0.71	QTJA	Innovator ETFs Trust	Pair Corr
0.62	XTOC	Innovator ETFs Trust	Pair Corr
0.58	QTOC	Innovator ETFs Trust	Pair Corr
0.55	IPAY	Amplify ETF Trust	Pair Corr
0.52	QTAP	Innovator Growth 100 Low Volatility	Pair Corr
0.5	UPRO	ProShares UltraPro SP500	Pair Corr
0.46	XTAP	Innovator Equity Acc	Pair Corr
0.38	XT	iShares Exponential	Pair Corr
0.35	MSOS	AdvisorShares Pure	Pair Corr
0.35	MJ	Amplify ETF Trust	Pair Corr
0.32	DRIV	Global X Autonomous	Pair Corr
0.75	AXP	American Express	Pair Corr
0.72	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.57	HD	Home Depot	Pair Corr
0.55	BA	Boeing	Pair Corr
0.52	WMT	Walmart	Pair Corr
0.39	DIS	Walt Disney	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.1	0.63	-0.5	0.38	0.38	0.2	0.89	-0.76	0.09	META
MSFT	-0.1		-0.64	0.23	-0.78	0.66	0.89	0.04	0.47	-0.4	MSFT
UBER	0.63	-0.64		-0.45	0.79	-0.23	-0.55	0.57	-0.86	0.48	UBER
F	-0.5	0.23	-0.45		-0.14	0.06	0.06	-0.39	0.59	0.26	F
T	0.38	-0.78	0.79	-0.14		-0.55	-0.69	0.22	-0.67	0.52	T
A	0.38	0.66	-0.23	0.06	-0.55		0.76	0.6	0.12	-0.18	A
CRM	0.2	0.89	-0.55	0.06	-0.69	0.76		0.27	0.28	-0.46	CRM
JPM	0.89	0.04	0.57	-0.39	0.22	0.6	0.27		-0.65	0.12	JPM
MRK	-0.76	0.47	-0.86	0.59	-0.67	0.12	0.28	-0.65		-0.31	MRK
XOM	0.09	-0.4	0.48	0.26	0.52	-0.18	-0.46	0.12	-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	+ 0.79	UBER
CRM	+ 0.76	A
A	+ 0.66	MSFT
UBER	+ 0.63	META

High negative correlations

MRK	- 0.86	UBER
T	- 0.78	MSFT
MRK	- 0.76	META
CRM	- 0.69	T
MRK	- 0.67	T
MRK	- 0.65	JPM

Global X Competition Risk-Adjusted Indicators

There is a big difference between Global Etf performing well and Global X 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 Global X'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	1.59	(0.03)	0.00	(0.11)	0.00	0.00	2.57	(3.73)	8.90
MSFT	1.11	(0.16)	0.00	(0.31)	0.00	0.00	2.58	(2.14)	10.31
UBER	1.87	0.33	0.15	0.56	2.19	(2.00)	4.72	(3.13)	12.75
F	1.44	0.10	0.04	0.02	2.20	(1.39)	2.71	(2.89)	10.14
T	1.05	0.27	0.17	0.41	1.61	(1.12)	1.90	(1.75)	11.66
A	1.14	(0.14)	0.00	(0.23)	0.00	0.00	2.92	(2.59)	9.03
CRM	1.40	(0.27)	0.00	(0.32)	0.00	0.00	2.72	(3.81)	8.88
JPM	1.11	0.06	0.00	(0.02)	0.00	0.00	1.99	(3.35)	6.85
MRK	1.16	(0.07)	0.00	0.80	0.00	0.00	2.07	(1.80)	11.58
XOM	1.06	0.09	0.09	0.13	1.38	(1.10)	2.55	(2.36)	5.89

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