IShares Oil Correlations

IEO Etf

USD 93.39 0.70 0.76%

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

IShares Oil Correlation With Market

Very poor diversification

The correlation between iShares Oil Gas and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Oil Gas and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with IShares Etf

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in iShares Oil Gas. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with IShares Etf

0.94	XLE	Energy Select Sector Aggressive Push	Pair Corr
0.96	VDE	Vanguard Energy Index	Pair Corr
0.99	XOP	SPDR SP Oil	Pair Corr
0.93	OIH	VanEck Oil Services	Pair Corr
0.96	IYE	iShares Energy ETF	Pair Corr
0.98	IXC	iShares Global Energy	Pair Corr
0.99	FXN	First Trust Energy	Pair Corr
0.96	FENY	Fidelity MSCI Energy Sell-off Trend	Pair Corr
0.96	FTXN	First Trust Nasdaq	Pair Corr
0.89	IRET	iREIT MarketVector	Pair Corr
0.7	AOHY	Angel Oak High	Pair Corr
0.61	DCPE	DoubleLine Shiller CAPE	Pair Corr
0.63	FYC	First Trust Small	Pair Corr
0.64	GYLD	Arrow ETF Trust	Pair Corr
0.65	OBND	SSGA Active Trust	Pair Corr

Related Correlations Analysis

	IEZ	IYE	PXE	XES	FCG
IEZ		0.98	0.86	0.98	0.87	IEZ
IYE	0.98		0.9	0.97	0.89	IYE
PXE	0.86	0.9		0.93	0.89	PXE
XES	0.98	0.97	0.93		0.89	XES
FCG	0.87	0.89	0.89	0.89		FCG
	IEZ	IYE	PXE	XES	FCG

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IShares Oil Constituents Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares Oil 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 IShares Oil'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
IEZ	1.91	(0.10)	0.00	(0.04)	0.00	0.00	3.40	(4.05)	21.25
IYE	1.43	(0.03)	(0.01)	0.00	2.77	(1.32)	2.50	(2.77)	14.40
PXE	1.82	0.07	0.02	0.08	3.40	(1.74)	3.23	(3.65)	19.24
XES	2.13	(0.05)	(0.01)	0.00	4.36	(1.81)	3.96	(5.10)	22.49
FCG	1.80	0.08	0.01	(0.69)	3.36	(1.73)	2.98	(3.97)	18.48

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IShares Oil Correlations

IShares Oil Correlation With Market

Very poor diversification

Moving together with IShares Etf

Related Correlations Analysis

IShares Oil Constituents Risk-Adjusted Indicators

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