MicroSectors FANG Correlations

FNGO Etf

USD 127.36 1.20 0.93%

The current 90-days correlation between MicroSectors FANG Index and MicroSectors FANG ETN is 0.96 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as MicroSectors FANG moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if MicroSectors FANG Index moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

MicroSectors FANG Correlation With Market

Very weak diversification

The correlation between MicroSectors FANG Index and DJI is 0.59 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MicroSectors FANG Index and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with MicroSectors Etf

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in MicroSectors FANG Index. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with MicroSectors Etf

0.95	SSO	ProShares Ultra SP500	Pair Corr
0.95	SPXL	Direxion Daily SP500	Pair Corr
0.94	QLD	ProShares Ultra QQQ	Pair Corr
0.95	UPRO	ProShares UltraPro SP500	Pair Corr
0.91	TECL	Direxion Daily Technology	Pair Corr
0.81	LABU	Direxion Daily SP	Pair Corr
0.71	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.86	USD	ProShares Ultra Semi	Pair Corr
0.91	BULZ	MicroSectors Solactive	Pair Corr
0.81	WGMI	Valkyrie Bitcoin Miners	Pair Corr
1.0	FNGG	Direxion Daily Select	Pair Corr
0.79	BITS	Global X Blockchain	Pair Corr
0.75	SATO	Invesco Alerian Galaxy	Pair Corr
0.62	WEBL	Direxion Daily Dow	Pair Corr
0.88	YFYA	Listed Funds Trust	Pair Corr
0.73	JPM	JPMorgan Chase	Pair Corr
0.91	GE	GE Aerospace	Pair Corr
0.8	INTC	Intel	Pair Corr
0.82	AXP	American Express	Pair Corr
0.77	AA	Alcoa Corp	Pair Corr
0.67	XOM	Exxon Mobil Corp	Pair Corr

Moving against MicroSectors Etf

0.71	BA	Boeing	Pair Corr
0.69	VZ	Verizon Communications	Pair Corr
0.64	T	ATT Inc	Pair Corr
0.62	DIS	Walt Disney Earnings Call This Week	Pair Corr

Related Correlations Analysis

	FNGS	QQH	MODL	GDXU	IAT	DOL	HNDL	FLIA	IUS	BIDD
FNGS		0.94	0.96	0.56	-0.23	0.69	0.89	0.77	0.9	0.86	FNGS
QQH	0.94		0.97	0.55	-0.43	0.76	0.9	0.85	0.9	0.9	QQH
MODL	0.96	0.97		0.64	-0.3	0.81	0.96	0.83	0.97	0.95	MODL
GDXU	0.56	0.55	0.64		-0.08	0.46	0.76	0.44	0.64	0.69	GDXU
IAT	-0.23	-0.43	-0.3	-0.08		-0.29	-0.24	-0.64	-0.12	-0.32	IAT
DOL	0.69	0.76	0.81	0.46	-0.29		0.81	0.7	0.83	0.9	DOL
HNDL	0.89	0.9	0.96	0.76	-0.24	0.81		0.79	0.95	0.97	HNDL
FLIA	0.77	0.85	0.83	0.44	-0.64	0.7	0.79		0.74	0.8	FLIA
IUS	0.9	0.9	0.97	0.64	-0.12	0.83	0.95	0.74		0.93	IUS
BIDD	0.86	0.9	0.95	0.69	-0.32	0.9	0.97	0.8	0.93		BIDD
	FNGS	QQH	MODL	GDXU	IAT	DOL	HNDL	FLIA	IUS	BIDD

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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

MODL	+ 0.97	QQH
IUS	+ 0.97	MODL
BIDD	+ 0.97	HNDL
MODL	+ 0.96	FNGS
HNDL	+ 0.96	MODL
BIDD	+ 0.95	MODL

High negative correlations

FLIA	- 0.64	IAT
IAT	- 0.43	QQH
BIDD	- 0.32	IAT
IAT	- 0.3	MODL
DOL	- 0.29	IAT
HNDL	- 0.24	IAT

MicroSectors FANG Constituents Risk-Adjusted Indicators

There is a big difference between MicroSectors Etf performing well and MicroSectors FANG 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 MicroSectors FANG'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
FNGS	0.86	0.02	0.02	0.11	1.08	(0.91)	1.89	(1.73)	5.68
QQH	0.99	0.00	0.03	0.09	1.41	(1.03)	1.87	(2.26)	6.96
MODL	0.46	0.01	(0.01)	0.10	0.53	(0.48)	1.05	(1.00)	3.74
GDXU	5.50	1.00	0.11	1.68	8.02	(6.07)	10.37	(12.94)	44.98
IAT	0.97	(0.10)	(0.03)	0.03	1.34	(1.13)	2.11	(1.72)	9.07
DOL	0.49	(0.01)	(0.06)	0.08	0.52	(0.51)	0.87	(1.09)	2.52
HNDL	0.32	(0.01)	(0.12)	0.08	0.29	(0.36)	0.61	(0.58)	2.34
FLIA	0.15	0.00	(0.41)	0.18	0.12	(0.16)	0.29	(0.29)	0.97
IUS	0.44	0.03	0.03	0.12	0.41	(0.48)	1.11	(0.72)	3.98
BIDD	0.55	(0.02)	(0.03)	0.08	0.68	(0.58)	1.00	(1.06)	4.10

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