RiverNorth Active Correlations

CEFZ Etf

USD 8.34 0.04 0.48%

The current 90-days correlation between RiverNorth Active Income and Neuberger Berman ETF is 0.38 (i.e., Weak diversification). The correlation of RiverNorth Active 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.

RiverNorth Active Correlation With Market

Poor diversification

The correlation between RiverNorth Active Income and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding RiverNorth Active Income and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with RiverNorth Etf

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

Moving together with RiverNorth Etf

0.88	VTI	Vanguard Total Stock	Pair Corr
0.73	SPY	SPDR SP 500	Pair Corr
0.73	IVV	iShares Core SP	Pair Corr
0.72	VTV	Vanguard Value Index	Pair Corr
0.79	VO	Vanguard Mid Cap	Pair Corr
0.92	VEA	Vanguard FTSE Developed Aggressive Push	Pair Corr
0.75	VB	Vanguard Small Cap	Pair Corr
0.9	VWO	Vanguard FTSE Emerging Sell-off Trend	Pair Corr
0.7	ITWO	Proshares Russell 2000	Pair Corr
0.92	CPST	Calamos ETF Trust	Pair Corr
0.75	FIDU	Fidelity MSCI Industrials	Pair Corr
0.73	ESML	iShares ESG Aware	Pair Corr
0.71	JEPI	JPMorgan Equity Premium	Pair Corr
0.87	GPT	Intelligent Alpha Atlas Symbol Change	Pair Corr
0.79	PFF	iShares Preferred	Pair Corr
0.95	NULV	Nuveen ESG Large	Pair Corr
0.86	REGL	ProShares SP MidCap	Pair Corr
0.67	SIXJ	AIM ETF Products	Pair Corr
0.75	PCEM	Litman Gregory Funds	Pair Corr
0.84	FB	ProShares Trust ProShares	Pair Corr
0.87	NBCE	Neuberger Berman ETF	Pair Corr
0.94	IQSZ	Invesco Actively Managed	Pair Corr
0.9	BMVP	Invesco Bloomberg MVP	Pair Corr
0.63	WDNA	WisdomTree BioRevolution	Pair Corr
0.7	TAXT	Northern Trust Tax	Pair Corr
0.65	DBA	Invesco DB Agriculture	Pair Corr
0.66	GDXY	YieldMax Gold Miners	Pair Corr
0.76	FPXE	First Trust IPOX	Pair Corr
0.91	PSFD	Pacer Swan SOS	Pair Corr
0.72	STXE	EA Series Trust	Pair Corr
0.92	JANW	AIM ETF Products	Pair Corr

Moving against RiverNorth Etf

0.35

XFIX

Fm Investments Symbol Change

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.41	-0.46	0.43	0.16	-0.53	-0.1	0.33	0.48	0.43	META
MSFT	-0.41		0.8	-0.53	-0.65	0.71	0.81	0.06	-0.85	-0.91	MSFT
UBER	-0.46	0.8		-0.46	-0.48	0.78	0.53	-0.09	-0.8	-0.74	UBER
F	0.43	-0.53	-0.46		0.06	-0.41	-0.23	0.3	0.68	0.6	F
T	0.16	-0.65	-0.48	0.06		-0.39	-0.75	-0.13	0.4	0.58	T
A	-0.53	0.71	0.78	-0.41	-0.39		0.48	-0.04	-0.63	-0.78	A
CRM	-0.1	0.81	0.53	-0.23	-0.75	0.48		0.44	-0.56	-0.81	CRM
JPM	0.33	0.06	-0.09	0.3	-0.13	-0.04	0.44		0.21	-0.08	JPM
MRK	0.48	-0.85	-0.8	0.68	0.4	-0.63	-0.56	0.21		0.82	MRK
XOM	0.43	-0.91	-0.74	0.6	0.58	-0.78	-0.81	-0.08	0.82		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	+ 0.82	MRK
CRM	+ 0.81	MSFT
UBER	+ 0.8	MSFT
A	+ 0.78	UBER
A	+ 0.71	MSFT
MRK	+ 0.68	F

High negative correlations

XOM	- 0.91	MSFT
MRK	- 0.85	MSFT
XOM	- 0.81	CRM
MRK	- 0.8	UBER
XOM	- 0.78	A
CRM	- 0.75	T

RiverNorth Active Competition Risk-Adjusted Indicators

There is a big difference between RiverNorth Etf performing well and RiverNorth Active 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 RiverNorth Active'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	1.51	0.00	(0.02)	0.06	1.53	(1.82)	3.43	(2.82)	13.69
MSFT	1.32	(0.36)	0.00	(0.92)	0.00	0.00	1.90	(2.74)	13.28
UBER	1.50	(0.46)	0.00	(0.90)	0.00	0.00	2.41	(3.82)	11.09
F	1.22	0.07	0.05	0.14	1.20	(1.48)	3.34	(2.30)	7.16
T	1.02	0.23	0.17	3.71	0.77	(1.19)	3.87	(1.54)	5.31
A	1.27	(0.30)	0.00	(0.17)	0.00	0.00	2.90	(2.73)	7.85
CRM	1.68	(0.41)	0.00	(0.35)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.26	(0.15)	0.00	(0.04)	0.00	0.00	2.34	(3.11)	7.38
MRK	1.35	0.49	0.35	0.77	0.97	(1.72)	3.59	(1.98)	8.74
XOM	1.24	0.36	0.22	1.65	1.11	(1.42)	2.68	(2.12)	6.83

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