Axonic Strategic Correlations

AXSAX Etf

USD 8.79 0.01 0.11%

The correlation of Axonic Strategic 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.

Axonic Strategic Correlation With Market

Average diversification

The correlation between Axonic Strategic Income and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Axonic Strategic Income and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Axonic Etf

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Axonic Strategic Income. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Axonic Etf

1.0	AXSIX	Axonic Strategic Income	Pair Corr
0.67	T	ATT Inc Earnings Call This Week	Pair Corr

Moving against Axonic Etf

0.79	BAC	Bank of America	Pair Corr
0.73	DIS	Walt Disney Earnings Call Tomorrow	Pair Corr
0.72	CAT	Caterpillar	Pair Corr
0.71	HPQ	HP Inc	Pair Corr
0.7	AXP	American Express	Pair Corr
0.67	AA	Alcoa Corp Earnings Call This Week	Pair Corr
0.67	HD	Home Depot	Pair Corr
0.61	WMT	Walmart	Pair Corr
0.59	MSFT	Microsoft	Pair Corr
0.57	GE	GE Aerospace	Pair Corr
0.55	DD	Dupont De Nemours	Pair Corr
0.52	MMM	3M Company	Pair Corr
0.43	PFE	Pfizer Inc	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.72	0.28	-0.37	-0.64	0.87	0.97	0.83	0.45	0.12	META
MSFT	0.72		0.62	0.02	-0.52	0.61	0.73	0.74	0.19	-0.1	MSFT
UBER	0.28	0.62		0.18	-0.02	0.15	0.22	0.5	-0.13	-0.03	UBER
F	-0.37	0.02	0.18		0.36	-0.26	-0.32	-0.25	0.22	0.34	F
T	-0.64	-0.52	-0.02	0.36		-0.76	-0.69	-0.52	-0.17	0.29	T
A	0.87	0.61	0.15	-0.26	-0.76		0.87	0.82	0.48	0.2	A
CRM	0.97	0.73	0.22	-0.32	-0.69	0.87		0.84	0.41	0.09	CRM
JPM	0.83	0.74	0.5	-0.25	-0.52	0.82	0.84		0.15	0.13	JPM
MRK	0.45	0.19	-0.13	0.22	-0.17	0.48	0.41	0.15		0.48	MRK
XOM	0.12	-0.1	-0.03	0.34	0.29	0.2	0.09	0.13	0.48		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

CRM	+ 0.97	META
A	+ 0.87	META
CRM	+ 0.87	A
JPM	+ 0.84	CRM
JPM	+ 0.83	META
JPM	+ 0.82	A

High negative correlations

A	- 0.76	T
CRM	- 0.69	T
T	- 0.64	META
JPM	- 0.52	T
T	- 0.52	MSFT
F	- 0.37	META

Axonic Strategic Constituents Risk-Adjusted Indicators

There is a big difference between Axonic Etf performing well and Axonic Strategic 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 Axonic Strategic'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	2.29	(0.24)	0.00	0.63	0.00	0.00	4.00	(4.67)	21.50
MSFT	1.44	0.10	0.13	(3.25)	1.60	(1.55)	3.19	(3.02)	13.79
UBER	2.43	0.39	0.16	(4.69)	2.88	(2.54)	5.87	(4.21)	16.03
F	1.89	0.11	0.09	(0.73)	2.65	(1.92)	3.19	(3.88)	13.11
T	1.17	0.26	0.14	0.56	2.24	(1.15)	1.97	(3.02)	9.07
A	1.65	(0.31)	0.00	(0.38)	0.00	0.00	2.80	(5.45)	14.45
CRM	1.80	(0.32)	0.00	2.94	0.00	0.00	2.91	(4.51)	13.13
JPM	1.58	0.08	0.00	(0.05)	0.00	0.00	2.88	(4.15)	11.14
MRK	1.52	(0.28)	0.00	1.26	0.00	0.00	2.43	(4.81)	9.08
XOM	1.39	0.08	0.00	(0.01)	0.00	0.00	2.80	(3.21)	10.54

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