Innovator Correlations

PJUL Etf

USD 42.06 0.16 0.38%

The current 90-days correlation between Innovator SP 500 and Innovator SP 500 is -0.11 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Innovator moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Innovator SP 500 moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Innovator Correlation With Market

Almost no diversification

The correlation between Innovator SP 500 and DJI is 0.96 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Innovator SP 500 and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Innovator Etf

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Innovator SP 500. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in employment.

Moving together with Innovator Etf

0.93	INOV	Innovator ETFs Trust	Pair Corr
0.99	BUFR	First Trust Cboe	Pair Corr
1.0	BUFD	FT Cboe Vest	Pair Corr
1.0	PSEP	Innovator SP 500	Pair Corr
0.99	PJAN	Innovator SP 500	Pair Corr
1.0	PAUG	Innovator Equity Power	Pair Corr
1.0	DNOV	FT Cboe Vest	Pair Corr
0.98	PMAY	Innovator SP 500	Pair Corr
1.0	PJUN	Innovator SP 500	Pair Corr
0.99	ITDD	iShares Trust	Pair Corr
0.95	ITWO	Proshares Russell 2000	Pair Corr
0.96	JPM	JPMorgan Chase	Pair Corr
0.77	MMM	3M Company	Pair Corr
0.93	IBM	International Business	Pair Corr
0.96	BAC	Bank of America Aggressive Push	Pair Corr
0.97	AXP	American Express	Pair Corr
0.94	BA	Boeing	Pair Corr
0.66	HD	Home Depot	Pair Corr
0.8	TRV	The Travelers Companies	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.92	0.75	0.82	0.48	0.69	0.51	0.91	-0.18	0.15	META
MSFT	0.92		0.89	0.84	0.53	0.41	0.43	0.94	-0.46	-0.13	MSFT
UBER	0.75	0.89		0.89	0.45	0.3	0.62	0.9	-0.5	-0.16	UBER
F	0.82	0.84	0.89		0.5	0.59	0.7	0.9	-0.2	0.2	F
T	0.48	0.53	0.45	0.5		0.3	0.15	0.57	-0.13	0.16	T
A	0.69	0.41	0.3	0.59	0.3		0.58	0.52	0.51	0.7	A
CRM	0.51	0.43	0.62	0.7	0.15	0.58		0.54	0.14	0.29	CRM
JPM	0.91	0.94	0.9	0.9	0.57	0.52	0.54		-0.36	0.08	JPM
MRK	-0.18	-0.46	-0.5	-0.2	-0.13	0.51	0.14	-0.36		0.7	MRK
XOM	0.15	-0.13	-0.16	0.2	0.16	0.7	0.29	0.08	0.7		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	+ 0.94	MSFT
MSFT	+ 0.92	META
JPM	+ 0.91	META
JPM	+ 0.9	UBER
JPM	+ 0.9	F
UBER	+ 0.89	MSFT

High negative correlations

MRK	- 0.5	UBER
MRK	- 0.46	MSFT
MRK	- 0.36	JPM
MRK	- 0.2	F
MRK	- 0.18	META
XOM	- 0.16	UBER

Innovator Competition Risk-Adjusted Indicators

There is a big difference between Innovator Etf performing well and Innovator 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'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	2.08	0.24	0.09	0.18	2.46	(2.36)	4.23	(4.29)	21.50
MSFT	1.22	0.32	0.20	0.35	1.15	(1.34)	2.40	(2.36)	13.79
UBER	1.88	0.23	0.10	0.20	2.29	(2.04)	4.19	(3.48)	16.18
F	1.71	0.11	0.04	0.14	2.24	(1.75)	2.90	(3.84)	13.07
T	1.14	0.08	0.03	0.29	1.79	(1.14)	2.01	(2.62)	8.83
A	1.77	(0.10)	0.00	(0.06)	0.00	0.00	2.76	(4.15)	14.45
CRM	1.59	(0.11)	0.00	(0.07)	0.00	0.00	3.01	(3.64)	13.13
JPM	1.32	0.23	0.10	0.23	1.95	(1.38)	2.75	(2.12)	11.14
MRK	1.62	(0.26)	0.00	(0.35)	0.00	0.00	2.55	(4.72)	10.58
XOM	1.29	0.02	0.00	0.05	2.27	(1.20)	2.62	(2.77)	10.53

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