Goldman Sachs Correlations

GMUN Etf   49.21  0.01  0.02%   
The current 90-days correlation between Goldman Sachs Community and iShares National Muni is 0.9 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Goldman Sachs moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Goldman Sachs Community moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Goldman Sachs Correlation With Market

Modest diversification

The correlation between Goldman Sachs Community and DJI is 0.29 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Goldman Sachs Community and DJI in the same portfolio, assuming nothing else is changed.
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Goldman Sachs Community. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in employment.

Moving together with Goldman Etf

  0.74MUB iShares National Muni Sell-off TrendPairCorr
  0.82VTEB Vanguard Tax Exempt Sell-off TrendPairCorr
  0.87FMB First Trust ManagedPairCorr
  0.94ITM VanEck Intermediate MuniPairCorr
  0.96DFNM Dimensional ETF TrustPairCorr
  0.94MMIT IQ MacKay MunicipalPairCorr
  0.94HMOP Hartford MunicipalPairCorr
  0.88TAXF American Century DivPairCorr
  0.89JMUB JPMorgan MunicipalPairCorr
  0.9MUST Columbia Multi SectorPairCorr
  0.79PMBS PIMCO Mortgage BackedPairCorr
  0.97ITDD iShares TrustPairCorr
  0.88VBF Invesco Van KampenPairCorr
  0.96SRLN SPDR Blackstone SeniorPairCorr
  0.96BUFD FT Cboe VestPairCorr
  0.7KGRN KraneShares MSCI ChinaPairCorr
  0.92NFLX Netflix Downward RallyPairCorr
  0.96CGGO Capital Group GlobalPairCorr
  0.95SPIB SPDR Barclays IntermPairCorr
  0.95QTOC Innovator ETFs TrustPairCorr
  0.96VABS Virtus Newfleet ABSMBSPairCorr
  0.82EUSB iShares TrustPairCorr
  0.86HIDE Alpha Architect HighPairCorr
  0.9PFUT Putnam Sustainable FuturePairCorr

Related Correlations Analysis

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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   
MSFTMETA
JPMMSFT
JPMMETA
AMETA
JPMF
FUBER
  
High negative correlations   
MRKCRM
XOMCRM

Goldman Sachs Competition Risk-Adjusted Indicators

There is a big difference between Goldman Etf performing well and Goldman Sachs 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 Goldman Sachs' 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.51  0.26  0.21  0.32  1.10 
 3.99 
 10.48 
MSFT  0.90  0.30  0.27  0.47  0.54 
 2.33 
 8.85 
UBER  1.64  0.20  0.13  0.33  1.40 
 4.19 
 10.87 
F  1.32  0.14  0.06  0.32  1.47 
 2.69 
 7.46 
T  1.02 (0.05)(0.10) 0.00  1.35 
 2.35 
 5.71 
A  1.46 (0.07) 0.00  0.09  1.81 
 2.54 
 14.01 
CRM  1.33 (0.13)(0.04) 0.04  1.74 
 2.95 
 9.31 
JPM  0.90  0.22  0.18  0.38  0.67 
 2.25 
 6.03 
MRK  1.39 (0.09)(0.05) 0.04  1.96 
 2.88 
 10.58 
XOM  1.13  0.05 (0.04) 0.41  1.36 
 2.40 
 5.84