ARK Innovation Correlations

ARKK Etf

USD 50.77 0.07 0.14%

The current 90-days correlation between ARK Innovation ETF and Strategy Shares is 0.75 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ARK Innovation moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ARK Innovation ETF moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ARK Innovation Correlation With Market

Very poor diversification

The correlation between ARK Innovation ETF and DJI is 0.82 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ARK Innovation ETF and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ARK Etf

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in ARK Innovation ETF. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with ARK Etf

0.98	VOT	Vanguard Mid Cap	Pair Corr
0.99	IWP	iShares Russell Mid	Pair Corr
0.97	IJK	iShares SP Mid	Pair Corr
0.93	JKH	iShares Morningstar Mid	Pair Corr
0.93	KOMP	SPDR Kensho New	Pair Corr
0.97	MDYG	SPDR SP 400	Pair Corr
0.97	IMCG	iShares Morningstar Mid	Pair Corr
0.98	FPX	First Trust Equity	Pair Corr
0.97	IVOG	Vanguard SP Mid	Pair Corr

Moving against ARK Etf

0.88	SMDD	ProShares UltraPro Short	Pair Corr
0.88	XTWO	Bondbloxx ETF Trust	Pair Corr
0.86	XBIL	US Treasury 6	Pair Corr
0.84	STIP	iShares 0 5	Pair Corr
0.7	SCHP	Schwab TIPS ETF	Pair Corr
0.67	GBF	IShares GovernmentCredit	Pair Corr
0.64	IAUM	iShares Gold Trust	Pair Corr
0.61	RING	iShares MSCI Global	Pair Corr
0.6	SHNY	Microsectors Gold Downward Rally	Pair Corr
0.57	IDLV	Invesco SP International	Pair Corr
0.46	AGGS	Harbor ETF Trust	Pair Corr
0.45	WTID	UBS ETRACS	Pair Corr
0.42	RTRE	Rareview Total Return	Pair Corr
0.37	ZBIO	Zenas BioPharma, Common	Pair Corr
0.84	IBTP	iShares iBonds Dec	Pair Corr
0.83	TYA	Simplify Exchange Traded	Pair Corr
0.82	ISHFF	iShares IV Public	Pair Corr
0.82	STPZ	PIMCO 1 5	Pair Corr
0.78	SLQD	iShares 0 5	Pair Corr
0.76	IBIG	iShares Trust	Pair Corr
0.74	SCHJ	Schwab 1 5	Pair Corr
0.73	JAGG	JPMorgan BetaBuilders	Pair Corr

Related Correlations Analysis

	DHSB	MBOX	DIEM	MCHI	DIPS	DISO	DIVB	DIVD	DIVG
DHSB		0.0	0.04	0.09	0.07	-0.01	0.0	0.12	0.04	DHSB
MBOX	0.0		0.75	0.36	-0.65	0.95	0.93	0.57	0.95	MBOX
DIEM	0.04	0.75		0.79	-0.42	0.59	0.71	0.9	0.84	DIEM
MCHI	0.09	0.36	0.79		-0.04	0.23	0.38	0.9	0.56	MCHI
DIPS	0.07	-0.65	-0.42	-0.04		-0.6	-0.59	-0.1	-0.5	DIPS
DISO	-0.01	0.95	0.59	0.23	-0.6		0.93	0.43	0.88	DISO
DIVB	0.0	0.93	0.71	0.38	-0.59	0.93		0.55	0.89	DIVB
DIVD	0.12	0.57	0.9	0.9	-0.1	0.43	0.55		0.75	DIVD
DIVG	0.04	0.95	0.84	0.56	-0.5	0.88	0.89	0.75		DIVG
	DHSB	MBOX	DIEM	MCHI	DIPS	DISO	DIVB	DIVD	DIVG

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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

DISO	+ 0.95	MBOX
DIVG	+ 0.95	MBOX
DIVB	+ 0.93	MBOX
DIVB	+ 0.93	DISO
DIVD	+ 0.9	DIEM
DIVD	+ 0.9	MCHI

High negative correlations

DIPS	- 0.65	MBOX
DISO	- 0.6	DIPS
DIVB	- 0.59	DIPS
DIVG	- 0.5	DIPS
DIPS	- 0.42	DIEM
DIVD	- 0.1	DIPS

ARK Innovation Constituents Risk-Adjusted Indicators

There is a big difference between ARK Etf performing well and ARK Innovation 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 ARK Innovation'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
DHSB	0.63	0.01	0.00	(0.12)	0.00	0.00	1.18	(2.22)	6.57
MBOX	1.00	(0.10)	0.00	0.99	0.00	0.00	1.69	(2.02)	9.99
DIEM	0.96	0.03	0.12	(0.45)	1.42	(1.00)	1.77	(1.94)	8.24
MCHI	1.64	0.14	0.12	64.83	2.23	(1.95)	3.11	(3.03)	12.89
DIPS	2.61	0.07	0.04	0.08	4.28	(2.57)	5.79	(4.35)	26.15
DISO	1.33	(0.26)	0.00	(15.74)	0.00	0.00	1.59	(4.04)	12.27
DIVB	0.97	0.05	0.00	(0.09)	0.00	0.00	1.28	(1.97)	9.78
DIVD	0.87	0.01	0.12	(0.26)	1.36	(0.99)	1.94	(2.16)	9.17
DIVG	0.90	(0.08)	0.00	0.64	0.00	0.00	1.53	(1.88)	9.32

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