IShares Medical Correlations

IHI Etf

USD 60.54 0.61 1.02%

The current 90-days correlation between iShares Medical Devices and iShares Healthcare Providers is 0.46 (i.e., Very weak diversification). The correlation of IShares Medical 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.

IShares Medical Correlation With Market

Poor diversification

The correlation between iShares Medical Devices and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Medical Devices 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 Medical Devices. 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 IShares Etf

0.76	ITDD	iShares Trust	Pair Corr
0.64	KGRN	KraneShares MSCI China	Pair Corr
0.75	VBF	Invesco Van Kampen	Pair Corr
0.72	SRLN	SPDR Blackstone Senior	Pair Corr
0.75	BUFD	FT Cboe Vest	Pair Corr
0.81	NFLX	Netflix	Pair Corr
0.84	PFUT	Putnam Sustainable Future	Pair Corr
0.76	CGGO	Capital Group Global	Pair Corr
0.79	QTOC	Innovator ETFs Trust	Pair Corr

Moving against IShares Etf

0.42

IHF

iShares Healthcare

Pair Corr

Related Correlations Analysis

	IHF	IGV	ITA	IHE	IYH
IHF		-0.72	-0.79	-0.39	0.42	IHF
IGV	-0.72		0.94	0.48	-0.13	IGV
ITA	-0.79	0.94		0.51	-0.14	ITA
IHE	-0.39	0.48	0.51		0.46	IHE
IYH	0.42	-0.13	-0.14	0.46		IYH
	IHF	IGV	ITA	IHE	IYH

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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

ITA	+ 0.94	IGV
IHE	+ 0.51	ITA
IHE	+ 0.48	IGV
IYH	+ 0.46	IHE
IYH	+ 0.42	IHF

High negative correlations

ITA	- 0.79	IHF
IGV	- 0.72	IHF
IHE	- 0.39	IHF
IYH	- 0.14	ITA
IYH	- 0.13	IGV

IShares Medical Constituents Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares Medical 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 Medical'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
IHF	1.17	(0.51)	0.00	(0.32)	0.00	0.00	1.51	(4.63)	9.08
IGV	1.07	0.19	0.18	0.31	0.81	(1.33)	2.68	(2.04)	7.35
ITA	0.74	0.32	0.26	0.78	0.45	(0.89)	2.03	(1.51)	4.72
IHE	1.04	0.15	(0.02)	(0.25)	1.34	(1.06)	2.15	(2.15)	8.63
IYH	0.90	(0.18)	0.00	(0.06)	0.00	0.00	1.60	(2.44)	5.68

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