Spear Alpha Correlations

Etfs . USA . 
Etf . Spear Alpha ETF
SPRX Etf  USD 31.35  0.44  1.42%   
The current 90-days correlation between Spear Alpha ETF and Vanguard Information Technology is 0.86 (i.e., Very poor diversification). The correlation of Spear Alpha 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.

Spear Alpha Correlation With Market

Poor diversification

The correlation between Spear Alpha ETF and DJI is 0.62 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Spear Alpha ETF and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with Spear Etf
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Spear Alpha ETF. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Spear Etf

  0.99VGT Vanguard InformationPairCorr
  0.99XLK Technology Select Sector Sell-off TrendPairCorr
  0.99IYW iShares Technology ETFPairCorr
  0.97SMH VanEck Semiconductor ETFPairCorr
  0.97SOXX iShares Semiconductor ETFPairCorr
  0.97CIBR First Trust NASDAQPairCorr
  0.99FTEC Fidelity MSCI InformationPairCorr
  0.97IGV iShares Expanded Tech Low VolatilityPairCorr
  0.98FDN First Trust DowPairCorr
  0.99IGM iShares Expanded TechPairCorr
  0.96USD ProShares Ultra SemiPairCorr
  0.92GBTC Grayscale Bitcoin TrustPairCorr
  0.99FNGO MicroSectors FANG IndexPairCorr
  0.91BITO ProShares BitcoinPairCorr
  0.97CRPT First Trust SkyBridgePairCorr
  0.83NRGU Bank of MontrealPairCorr
  0.99BULZ MicroSectors SolactivePairCorr
  0.94BITS Global X BlockchainPairCorr
  0.99FNGG Direxion Daily SelectPairCorr
  0.97DFEN Direxion Daily AerospacePairCorr
  0.86DD Dupont De NemoursPairCorr
  0.9AA Alcoa CorpPairCorr
  0.98MSFT MicrosoftPairCorr
  0.97DIS Walt DisneyPairCorr
  0.96JPM JPMorgan ChasePairCorr
  0.93BA BoeingPairCorr
  0.9MMM 3M CompanyPairCorr
  0.8CVX Chevron CorpPairCorr
  0.96CSCO Cisco SystemsPairCorr

Moving against Spear Etf

  0.67MCD McDonaldsPairCorr
  0.59KO Coca Cola Earnings Call This WeekPairCorr
  0.44PG Procter GamblePairCorr
  0.41VZ Verizon Communications Earnings Call This WeekPairCorr

Related Correlations Analysis

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Spear Alpha Constituents Risk-Adjusted Indicators

There is a big difference between Spear Etf performing well and Spear Alpha 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 Spear Alpha'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.

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