Global X Correlations

EGLE Etf

USD 28.16 0.19 0.68%

The current 90-days correlation between Global X Funds and Global Ship Lease is 0.41 (i.e., Very weak diversification). The correlation of Global X 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.

Global X Correlation With Market

Very poor diversification

The correlation between Global X Funds and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X Funds and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Global Etf

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Global X Funds. 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 Global Etf

0.87	XLI	Industrial Select Sector	Pair Corr
0.84	ITA	iShares Aerospace Defense Low Volatility	Pair Corr
0.87	VIS	Vanguard Industrials	Pair Corr
0.68	JETS	US Global Jets	Pair Corr
0.84	FXR	First Trust Industri	Pair Corr
0.73	PPA	Invesco Aerospace Defense	Pair Corr
0.87	IYJ	iShares Industrials ETF	Pair Corr
0.84	IYT	iShares Transportation Potential Growth	Pair Corr
0.72	BTCL	T Rex 2X	Pair Corr
0.72	BITU	ProShares Trust	Pair Corr
0.71	BTFX	Valkyrie Bitcoin Futures	Pair Corr
0.71	BITX	Volatility Shares Trust	Pair Corr
0.83	DFEN	Direxion Daily Aerospace	Pair Corr
0.84	CAT	Caterpillar	Pair Corr
0.8	MMM	3M Company	Pair Corr
0.84	AXP	American Express	Pair Corr
0.74	PFE	Pfizer Inc	Pair Corr
0.82	BAC	Bank of America	Pair Corr
0.86	MSFT	Microsoft	Pair Corr
0.81	AA	Alcoa Corp	Pair Corr
0.71	CVX	Chevron Corp	Pair Corr
0.81	DIS	Walt Disney	Pair Corr
0.75	DD	Dupont De Nemours	Pair Corr
0.71	INTC	Intel Earnings Call This Week	Pair Corr
0.75	BA	Boeing	Pair Corr

Moving against Global Etf

0.8	WTID	UBS ETRACS	Pair Corr
0.39	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	SBLK	GOGL	GSL	DSX	GNK	DAC	CMRE	ASC	NMM
SBLK		0.4	0.74	0.68	0.84	0.71	0.27	0.78	0.61	SBLK
GOGL	0.4		0.52	0.31	0.59	0.66	0.54	0.19	0.51	GOGL
GSL	0.74	0.52		0.55	0.56	0.94	0.41	0.4	0.83	GSL
DSX	0.68	0.31	0.55		0.58	0.46	0.41	0.63	0.48	DSX
GNK	0.84	0.59	0.56	0.58		0.6	0.21	0.74	0.6	GNK
DAC	0.71	0.66	0.94	0.46	0.6		0.41	0.4	0.85	DAC
CMRE	0.27	0.54	0.41	0.41	0.21	0.41		0.08	0.12	CMRE
ASC	0.78	0.19	0.4	0.63	0.74	0.4	0.08		0.39	ASC
NMM	0.61	0.51	0.83	0.48	0.6	0.85	0.12	0.39		NMM
	SBLK	GOGL	GSL	DSX	GNK	DAC	CMRE	ASC	NMM

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Global X Constituents Risk-Adjusted Indicators

There is a big difference between Global Etf performing well and Global X 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 Global X'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
SBLK	1.37	0.35	0.17	0.80	1.31	(1.59)	3.28	(2.56)	7.20
GOGL	1.64	0.14	0.07	0.30	1.61	(1.98)	5.15	(2.63)	13.67
GSL	1.19	0.45	0.26	0.74	0.90	(1.39)	3.67	(2.69)	7.94
DSX	2.25	0.16	0.03	0.57	2.30	(3.07)	5.11	(4.70)	15.45
GNK	1.45	0.22	0.10	0.55	1.24	(1.68)	3.63	(2.40)	8.04
DAC	1.19	0.21	0.11	0.48	1.17	(1.37)	2.81	(2.02)	8.35
CMRE	2.00	0.13	0.02	0.27	4.59	(2.06)	4.00	(2.88)	28.26
ASC	1.70	0.22	0.03	(0.79)	2.12	(1.76)	4.02	(3.11)	9.75
NMM	1.45	0.30	0.18	0.53	1.14	(1.75)	4.25	(2.25)	8.71

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