Tidal Trust Correlations

IWMY Etf   23.96  0.16  0.67%   
The current 90-days correlation between Tidal Trust II and Franklin Templeton ETF is -0.01 (i.e., Good diversification). The correlation of Tidal Trust 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.

Tidal Trust Correlation With Market

Good diversification

The correlation between Tidal Trust II and DJI is -0.15 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tidal Trust II 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 Tidal Trust II. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Tidal Etf

  0.74YCS ProShares UltraShort YenPairCorr
  0.99CEFD ETRACS Monthly PayPairCorr
  0.62AMPD Tidal ETF ServicesPairCorr
  0.65PMBS PIMCO Mortgage BackedPairCorr
  0.98ITDD iShares TrustPairCorr
  0.94BA Boeing Earnings Call This WeekPairCorr
  0.96CAT CaterpillarPairCorr
  0.93IBM International Business Earnings Call TomorrowPairCorr
  0.87DD Dupont De Nemours Earnings Call This WeekPairCorr
  0.87MMM 3M CompanyPairCorr
  0.95DIS Walt DisneyPairCorr
  0.96CSCO Cisco SystemsPairCorr
  0.93GE GE Aerospace Earnings Call TodayPairCorr
  0.84CVX Chevron CorpPairCorr
  0.96BAC Bank of AmericaPairCorr
  0.98MSFT Microsoft Aggressive PushPairCorr
  0.94AXP American ExpressPairCorr

Moving against Tidal Etf

  0.95VXX iPath Series BPairCorr
  0.95VIXY ProShares VIX ShortPairCorr
  0.74VIXM ProShares VIX Mid Low VolatilityPairCorr
  0.73VXZ iPath Series BPairCorr
  0.68MCD McDonaldsPairCorr
  0.56EUO ProShares UltraShort EuroPairCorr
  0.54PG Procter Gamble Earnings Call This WeekPairCorr

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

Tidal Trust Competition Risk-Adjusted Indicators

There is a big difference between Tidal Etf performing well and Tidal Trust 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 Tidal Trust'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  1.50  0.30  0.24  0.36  1.02 
 3.99 
 10.48 
MSFT  0.89  0.31  0.27  0.48  0.52 
 2.33 
 8.85 
UBER  1.63  0.19  0.12  0.32  1.40 
 4.19 
 10.87 
F  1.29  0.20  0.10  0.41  1.39 
 2.69 
 7.46 
T  1.03 (0.05)(0.09) 0.02  1.34 
 2.35 
 5.71 
A  1.46  0.18  0.00 (0.42) 1.81 
 2.54 
 14.01 
CRM  1.33 (0.14)(0.05) 0.04  1.71 
 2.95 
 9.31 
JPM  0.90  0.35  0.18 (2.74) 0.67 
 2.25 
 6.03 
MRK  1.38 (0.09)(0.05) 0.04  1.96 
 2.88 
 10.58 
XOM  1.13  0.06 (0.03) 0.46  1.38 
 2.40 
 6.28