Global X Correlations

HXS Etf  CAD 88.96  0.12  0.13%   
The current 90-days correlation between Global X SP and Global X SPTSX is 0.66 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Global X moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Global X SP moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Global X Correlation With Market

Average diversification

The correlation between Global X SP and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X SP and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Global X could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Global X when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Global X - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Global X SP to buy it.

Moving together with Global Etf

  0.99XSP iShares Core SPPairCorr
  1.0ZSP BMO SP 500PairCorr
  1.0VFV Vanguard SP 500PairCorr
  1.0XUS iShares Core SPPairCorr
  0.99ESGY BMO MSCI USAPairCorr
  0.99ZUE BMO SP 500PairCorr
  0.99VSP Vanguard SP 500PairCorr
  0.99ZQQ BMO NASDAQ 100PairCorr
  0.99XQQ iShares NASDAQ 100PairCorr
  0.78HEU BetaPro SP TSXPairCorr
  0.89HURA Global X UraniumPairCorr
  0.79HXE Global X SPTSXPairCorr
  0.8XEG iShares SPTSX CappedPairCorr
  0.97HFU BetaPro SPTSX CappedPairCorr
  0.86ENCC Global X CanadianPairCorr
  0.83ZEO BMO Equal WeightPairCorr
  0.95HXU BetaPro SP TSXPairCorr
  0.94JAPN CI WisdomTree JapanPairCorr
  0.97HSU BetaPro SP 500PairCorr

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

Global X Competition 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 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  1.08  0.14  0.00 (9.00) 1.19 
 2.40 
 5.84 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Global X without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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