Innovator Nasdaq Correlations

NJAN Etf

USD 51.28 0.12 0.23%

The current 90-days correlation between Innovator Nasdaq 100 and FT Vest Equity is 0.83 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Innovator Nasdaq moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Innovator Nasdaq 100 Power moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Innovator Nasdaq Correlation With Market

Poor diversification

The correlation between Innovator Nasdaq 100 Power and DJI is 0.61 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Innovator Nasdaq 100 Power and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Innovator Etf

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Innovator Nasdaq 100 Power. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Innovator Etf

0.96	INOV	Innovator ETFs Trust	Pair Corr
1.0	BUFR	First Trust Cboe	Pair Corr
1.0	BUFD	FT Cboe Vest	Pair Corr
0.99	PSEP	Innovator SP 500	Pair Corr
1.0	PJAN	Innovator SP 500	Pair Corr
0.98	PJUL	Innovator SP 500	Pair Corr
0.99	PAUG	Innovator Equity Power	Pair Corr
0.99	DNOV	FT Cboe Vest	Pair Corr
1.0	PMAY	Innovator SP 500	Pair Corr
0.99	PJUN	Innovator SP 500	Pair Corr
0.74	PFFL	ETRACS 2xMonthly Pay	Pair Corr
0.99	ITDD	iShares Trust	Pair Corr
0.66	CAT	Caterpillar	Pair Corr
0.7	IBM	International Business	Pair Corr
0.65	CVX	Chevron Corp	Pair Corr
0.91	BA	Boeing Earnings Call This Week	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.61	0.46	0.73	0.31	0.89	-0.28	0.9	0.11	0.5	META
MSFT	0.61		0.84	0.42	0.51	0.46	-0.19	0.45	0.23	0.5	MSFT
UBER	0.46	0.84		0.51	0.41	0.4	0.2	0.37	0.18	0.44	UBER
F	0.73	0.42	0.51		0.15	0.75	-0.15	0.87	0.34	0.63	F
T	0.31	0.51	0.41	0.15		0.39	-0.12	0.13	0.35	0.27	T
A	0.89	0.46	0.4	0.75	0.39		-0.23	0.81	0.28	0.61	A
CRM	-0.28	-0.19	0.2	-0.15	-0.12	-0.23		-0.29	-0.51	-0.35	CRM
JPM	0.9	0.45	0.37	0.87	0.13	0.81	-0.29		0.2	0.51	JPM
MRK	0.11	0.23	0.18	0.34	0.35	0.28	-0.51	0.2		0.54	MRK
XOM	0.5	0.5	0.44	0.63	0.27	0.61	-0.35	0.51	0.54		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.9	META
A	+ 0.89	META
JPM	+ 0.87	F
UBER	+ 0.84	MSFT
JPM	+ 0.81	A
A	+ 0.75	F

High negative correlations

MRK	- 0.51	CRM
XOM	- 0.35	CRM
JPM	- 0.29	CRM
CRM	- 0.28	META
CRM	- 0.23	A
CRM	- 0.19	MSFT

Innovator Nasdaq Competition Risk-Adjusted Indicators

There is a big difference between Innovator Etf performing well and Innovator Nasdaq 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 Innovator Nasdaq'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
META	1.36	0.30	0.23	0.54	0.71	(1.66)	3.62	(1.93)	10.48
MSFT	0.84	0.33	0.36	0.63	0.00	(1.04)	2.33	(1.03)	8.85
UBER	1.60	0.05	0.05	0.25	1.44	(1.99)	4.19	(2.54)	10.87
F	1.26	0.10	0.01	0.37	1.42	(1.34)	2.63	(2.33)	7.46
T	1.00	(0.02)	(0.12)	0.14	1.30	(1.05)	2.35	(2.35)	5.71
A	1.50	(0.10)	(0.01)	0.14	1.81	(1.55)	2.82	(2.89)	14.01
CRM	1.14	(0.17)	(0.12)	0.02	1.55	(1.07)	2.13	(2.57)	8.50
JPM	0.82	0.18	0.10	0.47	0.61	(0.92)	1.86	(1.31)	5.90
MRK	1.40	(0.08)	(0.04)	0.13	1.82	(1.38)	2.90	(3.31)	10.58
XOM	1.10	(0.01)	(0.10)	0.16	1.39	(1.07)	2.18	(2.58)	6.28

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