IPath Bloomberg Correlations

DJP Etf

USD 38.86 0.56 1.46%

The current 90-days correlation between iPath Bloomberg Commodity and iShares GSCI Commodity is -0.08 (i.e., Good diversification). The correlation of IPath Bloomberg 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.

IPath Bloomberg Correlation With Market

Weak diversification

The correlation between iPath Bloomberg Commodity and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iPath Bloomberg Commodity and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with IPath Etf

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in iPath Bloomberg Commodity. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with IPath Etf

0.74	PDBC	Invesco Optimum Yield	Pair Corr
0.95	FTGC	First Trust Global	Pair Corr
0.82	DBC	Invesco DB Commodity	Pair Corr
1.0	BCI	abrdn Bloomberg All	Pair Corr
0.99	CMDY	iShares Bloomberg Roll	Pair Corr
1.0	COMB	GraniteShares Bloomberg	Pair Corr
0.76	GCC	WisdomTree Continuous	Pair Corr
0.91	SIXD	AIM ETF Products	Pair Corr
0.85	SLX	VanEck Steel ETF	Pair Corr
0.86	PHT	PHT	Pair Corr
0.8	CPSU	Calamos SP 500	Pair Corr
0.76	FTBI	First Trust Exchange	Pair Corr
0.8	CPER	United States Copper	Pair Corr
0.79	CSD	Invesco SP Spin	Pair Corr
0.87	ZJAN	Innovator Equity Defined	Pair Corr
0.87	FSST	Fidelity Sustainability	Pair Corr
0.83	ECOW	Pacer Emerging Markets	Pair Corr

Moving against IPath Etf

0.81	YCL	ProShares Ultra Yen	Pair Corr
0.65	PFFL	ETRACS 2xMonthly Pay	Pair Corr
0.56	VXX	iPath Series B	Pair Corr
0.56	VIXY	ProShares VIX Short	Pair Corr

Related Correlations Analysis

	COMT	PMAY	HGER	QLC	IGE	JHEM	NVDU	QJUN	JHSC	GSPY
COMT		0.14	0.45	0.24	0.17	0.3	0.23	0.26	0.05	0.25	COMT
PMAY	0.14		0.6	0.95	0.72	0.6	-0.26	0.92	0.79	0.9	PMAY
HGER	0.45	0.6		0.65	0.37	0.65	-0.11	0.53	0.18	0.52	HGER
QLC	0.24	0.95	0.65		0.66	0.72	-0.09	0.95	0.71	0.94	QLC
IGE	0.17	0.72	0.37	0.66		0.16	-0.52	0.57	0.65	0.54	IGE
JHEM	0.3	0.6	0.65	0.72	0.16		0.37	0.74	0.33	0.76	JHEM
NVDU	0.23	-0.26	-0.11	-0.09	-0.52	0.37		0.05	-0.26	0.1	NVDU
QJUN	0.26	0.92	0.53	0.95	0.57	0.74	0.05		0.77	0.98	QJUN
JHSC	0.05	0.79	0.18	0.71	0.65	0.33	-0.26	0.77		0.78	JHSC
GSPY	0.25	0.9	0.52	0.94	0.54	0.76	0.1	0.98	0.78		GSPY
	COMT	PMAY	HGER	QLC	IGE	JHEM	NVDU	QJUN	JHSC	GSPY

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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

GSPY	+ 0.98	QJUN
QLC	+ 0.95	PMAY
QJUN	+ 0.95	QLC
GSPY	+ 0.94	QLC
QJUN	+ 0.92	PMAY
GSPY	+ 0.9	PMAY

High negative correlations

NVDU	- 0.52	IGE
JHSC	- 0.26	NVDU
NVDU	- 0.26	PMAY
NVDU	- 0.11	HGER
NVDU	- 0.09	QLC

IPath Bloomberg Constituents Risk-Adjusted Indicators

There is a big difference between IPath Etf performing well and IPath Bloomberg 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 IPath Bloomberg'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
COMT	0.68	(0.01)	0.00	0.25	0.00	0.00	1.30	(1.31)	3.23
PMAY	0.15	0.01	(0.18)	0.11	0.11	(0.15)	0.39	(0.39)	0.95
HGER	0.64	0.03	(0.05)	1.64	0.78	(0.69)	1.34	(1.12)	3.69
QLC	0.57	0.02	0.01	0.09	0.81	(0.57)	1.21	(1.10)	3.48
IGE	0.81	0.01	(0.02)	0.09	1.05	(0.81)	1.51	(1.86)	4.36
JHEM	0.67	0.02	0.00	0.10	0.88	(0.68)	1.42	(1.33)	4.50
NVDU	3.63	0.08	0.03	0.12	4.61	(3.75)	6.04	(7.60)	18.93
QJUN	0.35	0.00	(0.06)	0.08	0.48	(0.35)	0.80	(0.85)	2.22
JHSC	0.77	(0.04)	(0.02)	0.04	1.03	(0.74)	1.69	(1.59)	4.18
GSPY	0.62	(0.01)	0.00	0.07	1.08	(0.55)	1.45	(1.16)	5.07

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