Global X Correlations

BITS Etf

USD 106.55 1.32 1.22%

The current 90-days correlation between Global X Blockchain and Siren Nasdaq NexGen is 0.6 (i.e., Poor diversification). The correlation of Global X 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.

Global X Correlation With Market

Significant diversification

The correlation between Global X Blockchain and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X Blockchain and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Global Etf

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Global X Blockchain. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with Global Etf

0.99	BLOK	Amplify Transformational	Pair Corr
0.96	BLCN	Siren Nasdaq NexGen	Pair Corr
0.92	LEGR	First Trust Indxx	Pair Corr
0.99	BITQ	Bitwise Crypto Industry	Pair Corr
0.85	SPBC	Simplify Equity PLUS	Pair Corr
0.99	DAPP	VanEck Digital Trans	Pair Corr
0.86	GDXU	MicroSectors Gold Miners	Pair Corr
0.87	JNUG	Direxion Daily Junior	Pair Corr
0.84	NUGT	Direxion Daily Gold	Pair Corr
0.93	SHNY	Microsectors Gold	Pair Corr
0.92	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.8	TESL	Simplify Volt TSLA Symbol Change	Pair Corr
0.86	GDMN	WisdomTree Efficient Gold	Pair Corr
0.8	IBM	International Business Earnings Call This Week	Pair Corr
0.87	CAT	Caterpillar	Pair Corr
0.61	DD	Dupont De Nemours	Pair Corr
0.76	JNJ	Johnson Johnson	Pair Corr
0.63	JPM	JPMorgan Chase	Pair Corr
0.79	GE	GE Aerospace Earnings Call This Week	Pair Corr

Moving against Global Etf

0.45	WTID	UBS ETRACS	Pair Corr
0.67	DIS	Walt Disney	Pair Corr
0.6	T	ATT Inc Earnings Call This Week	Pair Corr
0.59	VZ	Verizon Communications	Pair Corr
0.37	MCD	McDonalds	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.11	0.04	-0.19	0.64	-0.47	-0.4	-0.16	-0.45	-0.24	META
MSFT	0.11		-0.2	-0.16	-0.48	0.01	-0.33	-0.02	-0.12	-0.27	MSFT
UBER	0.04	-0.2		0.77	0.18	0.48	-0.42	0.67	0.33	0.57	UBER
F	-0.19	-0.16	0.77		0.02	0.65	-0.37	0.64	0.61	0.61	F
T	0.64	-0.48	0.18	0.02		-0.45	-0.01	-0.05	-0.27	0.02	T
A	-0.47	0.01	0.48	0.65	-0.45		-0.32	0.56	0.64	0.54	A
CRM	-0.4	-0.33	-0.42	-0.37	-0.01	-0.32		-0.23	-0.08	-0.04	CRM
JPM	-0.16	-0.02	0.67	0.64	-0.05	0.56	-0.23		0.21	0.84	JPM
MRK	-0.45	-0.12	0.33	0.61	-0.27	0.64	-0.08	0.21		0.27	MRK
XOM	-0.24	-0.27	0.57	0.61	0.02	0.54	-0.04	0.84	0.27		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

XOM	+ 0.84	JPM
F	+ 0.77	UBER
JPM	+ 0.67	UBER
A	+ 0.65	F
T	+ 0.64	META
JPM	+ 0.64	F

High negative correlations

T	- 0.48	MSFT
A	- 0.47	META
A	- 0.45	T
MRK	- 0.45	META
CRM	- 0.42	UBER
CRM	- 0.4	META

Global X Constituents Risk-Adjusted Indicators

There is a big difference between Global Etf performing well and Global X 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 Global X'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	1.30	0.05	(0.02)	(0.03)	1.48	(1.48)	2.18	(2.32)	15.10
MSFT	0.75	(0.02)	(0.05)	0.01	0.97	(0.74)	1.86	(1.64)	6.50
UBER	1.42	0.03	(0.01)	(0.64)	1.92	(1.39)	3.62	(3.30)	8.86
F	1.13	0.06	0.04	0.10	1.51	(1.20)	2.98	(1.83)	9.82
T	0.84	(0.02)	0.00	0.66	0.00	0.00	1.82	(2.30)	6.47
A	1.41	0.39	0.23	(1.65)	1.03	(1.64)	3.82	(2.15)	10.46
CRM	1.48	(0.09)	0.00	0.36	0.00	0.00	2.76	(3.33)	8.74
JPM	0.81	(0.01)	(0.01)	0.04	1.13	(0.80)	1.69	(1.91)	4.93
MRK	1.27	0.04	0.02	0.09	1.31	(1.44)	2.91	(2.36)	9.11
XOM	0.92	(0.01)	(0.02)	0.03	1.38	(0.83)	1.72	(2.42)	4.70

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