MicroSectors FANG Correlations

FNGS Etf

USD 71.93 0.52 0.72%

The current 90-days correlation between MicroSectors FANG ETN and First Trust NASDAQ is 0.63 (i.e., Poor diversification). The correlation of MicroSectors FANG 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.

MicroSectors FANG Correlation With Market

Very weak diversification

The correlation between MicroSectors FANG ETN and DJI is 0.54 (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 ETN 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 ETN. 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

0.87	VGT	Vanguard Information	Pair Corr
0.91	XLK	Technology Select Sector	Pair Corr
0.93	IYW	iShares Technology ETF	Pair Corr
0.83	SMH	VanEck Semiconductor ETF	Pair Corr
0.86	SOXX	iShares Semiconductor ETF	Pair Corr
0.89	CIBR	First Trust NASDAQ	Pair Corr
0.93	FTEC	Fidelity MSCI Information	Pair Corr
0.81	IGV	iShares Expanded Tech	Pair Corr
0.71	FDN	First Trust Dow	Pair Corr
0.96	IGM	iShares Expanded Tech	Pair Corr
0.95	UPRO	ProShares UltraPro SP500	Pair Corr
0.94	QTJA	Innovator ETFs Trust	Pair Corr
0.87	QTOC	Innovator ETFs Trust	Pair Corr
0.9	XTOC	Innovator ETFs Trust	Pair Corr
0.94	QTAP	Innovator Growth 100	Pair Corr
0.94	XTJA	Innovator ETFs Trust	Pair Corr
0.94	XTAP	Innovator Equity Acc	Pair Corr
0.69	JPM	JPMorgan Chase	Pair Corr
0.69	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.82	AXP	American Express	Pair Corr
0.77	AA	Alcoa Corp	Pair Corr
0.89	GE	GE Aerospace	Pair Corr
0.78	INTC	Intel	Pair Corr

Moving against MicroSectors Etf

0.72	BA	Boeing	Pair Corr
0.67	T	ATT Inc	Pair Corr
0.64	DIS	Walt Disney Earnings Call Today	Pair Corr
0.62	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	QCLN	FNGO	FCTE	SOXQ	PSFF	PTL	SGDM	OSEA	ROUS	PBW
QCLN		0.82	-0.57	0.96	0.91	0.84	0.78	0.86	0.87	0.98	QCLN
FNGO	0.82		-0.43	0.88	0.93	0.91	0.62	0.73	0.87	0.75	FNGO
FCTE	-0.57	-0.43		-0.64	-0.5	-0.23	-0.1	-0.54	-0.26	-0.5	FCTE
SOXQ	0.96	0.88	-0.64		0.95	0.86	0.68	0.9	0.86	0.93	SOXQ
PSFF	0.91	0.93	-0.5	0.95		0.93	0.7	0.84	0.94	0.86	PSFF
PTL	0.84	0.91	-0.23	0.86	0.93		0.8	0.78	0.96	0.82	PTL
SGDM	0.78	0.62	-0.1	0.68	0.7	0.8		0.59	0.83	0.81	SGDM
OSEA	0.86	0.73	-0.54	0.9	0.84	0.78	0.59		0.77	0.87	OSEA
ROUS	0.87	0.87	-0.26	0.86	0.94	0.96	0.83	0.77		0.84	ROUS
PBW	0.98	0.75	-0.5	0.93	0.86	0.82	0.81	0.87	0.84		PBW
	QCLN	FNGO	FCTE	SOXQ	PSFF	PTL	SGDM	OSEA	ROUS	PBW

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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

PBW	+ 0.98	QCLN
SOXQ	+ 0.96	QCLN
ROUS	+ 0.96	PTL
PSFF	+ 0.95	SOXQ
ROUS	+ 0.94	PSFF
PSFF	+ 0.93	FNGO

High negative correlations

SOXQ	- 0.64	FCTE
FCTE	- 0.57	QCLN
OSEA	- 0.54	FCTE
PBW	- 0.5	FCTE
PSFF	- 0.5	FCTE
FCTE	- 0.43	FNGO

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
QCLN	1.67	0.20	0.15	0.22	1.54	(1.72)	3.13	(2.94)	12.31
FNGO	1.75	0.01	0.06	0.13	2.16	(1.87)	4.06	(3.76)	10.94
FCTE	0.52	(0.16)	0.00	(0.13)	0.00	0.00	0.76	(1.15)	4.49
SOXQ	1.46	0.13	0.10	0.21	1.68	(1.54)	3.11	(2.47)	9.94
PSFF	0.24	0.00	(0.33)	0.12	0.10	(0.27)	0.51	(0.38)	1.18
PTL	0.64	(0.04)	(0.05)	0.08	0.69	(0.74)	1.31	(0.97)	4.97
SGDM	1.76	0.35	0.08	2.01	2.79	(1.82)	3.73	(4.45)	14.31
OSEA	0.63	(0.02)	(0.06)	0.10	0.70	(0.69)	1.12	(1.12)	3.48
ROUS	0.47	0.00	(0.04)	0.12	0.45	(0.51)	1.19	(0.77)	3.57
PBW	2.25	0.24	0.15	0.23	2.26	(2.52)	5.65	(4.43)	12.84

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