Consumer Staples Correlations

Etfs . USA . 
Etf . Consumer Staples Select
XLP Etf  USD 80.61  0.81  0.99%   
The current 90-days correlation between Consumer Staples Select and Consumer Discretionary Select is 0.27 (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 0.31 (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

  0.94VDC Vanguard Consumer StaplesPairCorr
  0.94IYK iShares Consumer StaplesPairCorr
  0.96KXI iShares Global ConsumerPairCorr
  0.94FSTA Fidelity MSCI ConsumerPairCorr
  0.76FTXG First Trust NasdaqPairCorr
  0.81RHS Invesco SP 500PairCorr
  0.82FXG First Trust ConsumerPairCorr
  0.91PBJ Invesco Dynamic FoodPairCorr
  0.76PXMV Invesco SP MidCapPairCorr
  0.67HD Home DepotPairCorr
  0.89VZ Verizon Communications Sell-off TrendPairCorr
  0.68TRV The Travelers CompaniesPairCorr
  0.67MCD McDonaldsPairCorr
  0.9PG Procter GamblePairCorr
  0.83DD Dupont De NemoursPairCorr

Moving against Consumer Etf

  0.54SEMI Columbia SeligmanPairCorr
  0.37BA BoeingPairCorr
  0.34MAGS Roundhill MagnificentPairCorr
  0.51PFE Pfizer IncPairCorr

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
+ 0.94
XLI
XLU
+ 0.85
XLI
XLB
+ 0.83
XLU
XLV
+ 0.76
XLI
XLV
+ 0.71
XLB
XLV
+ 0.62
XLU
  
High negative correlations   
XLU
- 0.36
XLY
XLB
- 0.34
XLY
XLI
- 0.22
XLY
XLV
- 0.15
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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