Consumer Staples Correlations

Etfs . USA . 
Etf . Consumer Staples Select
XLP Etf  USD 78.68  0.72  0.91%   
The current 90-days correlation between Consumer Staples Select and Consumer Discretionary Select is 0.26 (i.e., Modest diversification). The correlation of Consumer Staples 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.

Consumer Staples Correlation With Market

Weak diversification

The correlation between Consumer Staples Select and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Consumer Staples Select 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 Consumer Staples Select. 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 Consumer Etf

  0.95VDC Vanguard Consumer StaplesPairCorr
  0.87IYK iShares Consumer StaplesPairCorr
  0.94KXI iShares Global ConsumerPairCorr
  0.95FSTA Fidelity MSCI ConsumerPairCorr
  0.65FTXG First Trust NasdaqPairCorr
  0.67CSCO Cisco SystemsPairCorr
  0.72IBM International BusinessPairCorr
  0.82PG Procter GamblePairCorr
  0.79JNJ Johnson JohnsonPairCorr
  0.83KO Coca Cola Sell-off TrendPairCorr

Moving against Consumer Etf

  0.55USD ProShares Ultra SemiPairCorr
  0.51GBTC Grayscale Bitcoin TrustPairCorr
  0.51NAIL Direxion Daily HomebPairCorr
  0.35TECL Direxion Daily TechnologyPairCorr
  0.62AA Alcoa CorpPairCorr
  0.55MRK Merck CompanyPairCorr
  0.34AXP American ExpressPairCorr

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   
XLB
+ 0.84
XLI
XLB
+ 0.71
XLU
XLV
+ 0.68
XLU
XLV
+ 0.65
XLB
XLI
+ 0.6
XLY
XLU
+ 0.51
XLI
  
High negative correlations   
XLV
- 0.42
XLY
XLU
- 0.2
XLY

Consumer Staples Constituents Risk-Adjusted Indicators

There is a big difference between Consumer Etf performing well and Consumer Staples 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 Consumer Staples' 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.

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