| METV Etf | | | USD 18.45 0.16 0.87% |
The current 90-days correlation between Roundhill Ball Metaverse and Global X Artificial is 0.89 (i.e., Very poor diversification). The correlation of Roundhill Ball 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.
Roundhill Ball Correlation With Market
Poor diversification
The correlation between Roundhill Ball Metaverse and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Roundhill Ball Metaverse and DJI in the same portfolio, assuming nothing else is changed.
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Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Roundhill Ball Metaverse. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as
signals in estimate.