Technology Select Correlations

XLK Etf

USD 218.38 4.79 2.24%

The current 90-days correlation between Technology Select Sector and First Trust Technology is -0.2 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Technology Select moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Technology Select Sector moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Technology Select Correlation With Market

Good diversification

The correlation between Technology Select Sector and DJI is -0.15 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Technology Select Sector 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 Technology Select Sector. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with Technology Etf

0.92	VGT	Vanguard Information	Pair Corr
0.92	IYW	iShares Technology ETF	Pair Corr
0.93	SMH	VanEck Semiconductor ETF	Pair Corr
0.94	SOXX	iShares Semiconductor ETF	Pair Corr
0.92	FTEC	Fidelity MSCI Information	Pair Corr
0.85	IGV	iShares Expanded Tech Low Volatility	Pair Corr
0.85	FDN	First Trust Dow	Pair Corr
0.9	IGM	iShares Expanded Tech	Pair Corr
0.86	VTI	Vanguard Total Stock	Pair Corr
0.75	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.92	VBK	Vanguard Small Cap	Pair Corr
0.84	AXP	American Express	Pair Corr
0.72	BAC	Bank of America Aggressive Push	Pair Corr
0.69	BA	Boeing	Pair Corr
0.93	HPQ	HP Inc	Pair Corr

Moving against Technology Etf

0.85	FNGD	MicroSectors FANG Index	Pair Corr
0.72	JPST	JPMorgan Ultra Short	Pair Corr
0.58	GDXU	MicroSectors Gold Miners	Pair Corr
0.34	EEM	iShares MSCI Emerging	Pair Corr
0.78	TRV	The Travelers Companies	Pair Corr
0.65	VZ	Verizon Communications Sell-off Trend	Pair Corr
0.64	JNJ	Johnson Johnson	Pair Corr
0.55	T	ATT Inc Aggressive Push	Pair Corr
0.5	XOM	Exxon Mobil Corp Earnings Call This Week	Pair Corr
0.46	CVX	Chevron Corp	Pair Corr
0.43	MCD	McDonalds	Pair Corr
0.4	MMM	3M Company	Pair Corr

Related Correlations Analysis

	FXL	FTEC	FTXL	IGV	IXN	IYW	XNTK	PSI	PTF
FXL		0.92	0.87	0.97	0.9	0.94	0.85	0.88	0.89	FXL
FTEC	0.92		0.94	0.93	0.99	1.0	0.76	0.92	0.94	FTEC
FTXL	0.87	0.94		0.81	0.93	0.93	0.72	0.98	0.85	FTXL
IGV	0.97	0.93	0.81		0.91	0.94	0.86	0.8	0.91	IGV
IXN	0.9	0.99	0.93	0.91		0.99	0.8	0.89	0.9	IXN
IYW	0.94	1.0	0.93	0.94	0.99		0.8	0.91	0.93	IYW
XNTK	0.85	0.76	0.72	0.86	0.8	0.8		0.66	0.66	XNTK
PSI	0.88	0.92	0.98	0.8	0.89	0.91	0.66		0.86	PSI
PTF	0.89	0.94	0.85	0.91	0.9	0.93	0.66	0.86		PTF
	FXL	FTEC	FTXL	IGV	IXN	IYW	XNTK	PSI	PTF

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Technology Select Constituents Risk-Adjusted Indicators

There is a big difference between Technology Etf performing well and Technology Select 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 Technology Select'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
FXL	1.27	(0.10)	(0.12)	1.99	(3.63)	6.17
FTEC	1.34	(0.13)	(0.15)	2.05	(3.35)	7.48
FTXL	1.72	(0.10)	(0.12)	2.95	(4.23)	11.25
IGV	1.38	(0.12)	(0.14)	2.12	(3.41)	7.87
IXN	1.31	(0.10)	(0.13)	1.90	(3.14)	7.66
IYW	1.32	(0.12)	(0.14)	2.15	(3.38)	7.46
XNTK	1.44	(0.01)	(0.04)	2.41	(3.52)	7.89
PSI	1.97	(0.15)	(0.15)	3.25	(4.48)	13.59
PTF	2.19	(0.19)	(0.15)	3.80	(4.54)	12.86

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