IShares California Correlations

CMF Etf

USD 55.76 0.11 0.20%

The current 90-days correlation between iShares California Muni and iShares New York is 0.92 (i.e., Almost no diversification). The correlation of IShares California 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.

IShares California Correlation With Market

Average diversification

The correlation between iShares California Muni and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares California Muni and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with IShares Etf

0.97	PWZ	Invesco California AMT	Pair Corr
0.96	FCAL	First Trust California	Pair Corr
0.73	ITDD	iShares Trust	Pair Corr
0.62	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.9	PFE	Pfizer Inc	Pair Corr
0.8	HPQ	HP Inc	Pair Corr
0.63	AXP	American Express	Pair Corr
0.83	CSCO	Cisco Systems Earnings Call This Week	Pair Corr
0.81	CAT	Caterpillar	Pair Corr
0.73	IBM	International Business	Pair Corr
0.74	MRK	Merck Company	Pair Corr
0.65	HD	Home Depot Earnings Call Tomorrow	Pair Corr
0.84	DIS	Walt Disney Aggressive Push	Pair Corr
0.66	CVX	Chevron Corp	Pair Corr

Moving against IShares Etf

0.79	ULE	ProShares Ultra Euro	Pair Corr
0.75	SGOV	iShares 0 3	Pair Corr
0.42	KO	Coca Cola	Pair Corr
0.38	AMPD	Tidal ETF Services	Pair Corr
0.36	MCD	McDonalds	Pair Corr
0.36	T	ATT Inc	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.58	0.29	-0.37	-0.61	0.93	0.97	0.86	0.41	0.23	META
MSFT	0.58		0.77	0.22	-0.06	0.37	0.58	0.7	-0.08	-0.09	MSFT
UBER	0.29	0.77		0.34	0.26	0.06	0.28	0.55	-0.22	-0.05	UBER
F	-0.37	0.22	0.34		0.69	-0.42	-0.35	-0.24	0.05	0.33	F
T	-0.61	-0.06	0.26	0.69		-0.69	-0.64	-0.39	-0.23	0.15	T
A	0.93	0.37	0.06	-0.42	-0.69		0.94	0.76	0.55	0.35	A
CRM	0.97	0.58	0.28	-0.35	-0.64	0.94		0.88	0.36	0.22	CRM
JPM	0.86	0.7	0.55	-0.24	-0.39	0.76	0.88		0.06	0.15	JPM
MRK	0.41	-0.08	-0.22	0.05	-0.23	0.55	0.36	0.06		0.6	MRK
XOM	0.23	-0.09	-0.05	0.33	0.15	0.35	0.22	0.15	0.6		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
CRM	+ 0.94	A
A	+ 0.93	META
JPM	+ 0.88	CRM
JPM	+ 0.86	META
UBER	+ 0.77	MSFT

High negative correlations

A	- 0.69	T
CRM	- 0.64	T
T	- 0.61	META
A	- 0.42	F
JPM	- 0.39	T
F	- 0.37	META

IShares California Competition Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares California 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 IShares California'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	2.28	(0.02)	0.00	(0.14)	0.00	0.00	4.00	(4.67)	21.50
MSFT	1.42	0.24	0.13	0.10	1.58	(1.48)	3.19	(3.02)	13.79
UBER	2.27	0.58	0.19	0.32	2.58	(2.38)	5.87	(3.30)	16.03
F	1.87	0.26	0.09	0.14	2.61	(1.91)	3.19	(3.88)	13.11
T	1.19	0.26	0.14	0.60	2.27	(1.16)	1.97	(3.02)	8.94
A	1.66	(0.33)	0.00	(0.41)	0.00	0.00	2.76	(5.45)	14.45
CRM	1.78	(0.18)	0.00	(0.27)	0.00	0.00	2.91	(4.51)	13.13
JPM	1.59	0.07	0.00	(0.06)	0.00	0.00	2.88	(4.15)	11.14
MRK	1.45	(0.17)	0.00	(0.48)	0.00	0.00	2.43	(4.59)	9.07
XOM	1.40	0.09	0.00	(0.01)	0.00	0.00	2.80	(3.21)	10.54

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