Defiance Daily Correlations
| DKNX Etf | 9.83 0.29 2.87% |
The current 90-days correlation between Defiance Daily Target and YieldMax Short NVDA is -0.15 (i.e., Good diversification). The correlation of Defiance Daily 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.
Defiance Daily Correlation With Market
Modest diversification
The correlation between Defiance Daily Target and DJI is 0.29 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Defiance Daily Target and DJI in the same portfolio, assuming nothing else is changed.
Defiance | Build AI portfolio with Defiance Etf |
Moving together with Defiance Etf
| 0.68 | VZ | Verizon Communications Earnings Call This Week | PairCorr |
Moving against Defiance Etf
| 0.51 | TECL | Direxion Daily Technology | PairCorr |
| 0.48 | WGMI | Valkyrie Bitcoin Miners | PairCorr |
| 0.46 | BULZ | MicroSectors Solactive | PairCorr |
| 0.45 | LABU | Direxion Daily SP | PairCorr |
| 0.45 | USD | ProShares Ultra Semi | PairCorr |
| 0.44 | FNGU | MicroSectors FANG Index Symbol Change | PairCorr |
| 0.4 | QLD | ProShares Ultra QQQ Sell-off Trend | PairCorr |
| 0.35 | GBTC | Grayscale Bitcoin Trust | PairCorr |
| 0.33 | JNUG | Direxion Daily Junior | PairCorr |
| 0.33 | GDMN | WisdomTree Efficient Gold | PairCorr |
| 0.32 | GDXU | MicroSectors Gold Miners | PairCorr |
| 0.71 | IBM | International Business Earnings Call Today | PairCorr |
| 0.56 | CAT | Caterpillar Earnings Call This Week | PairCorr |
| 0.46 | INTC | Intel Aggressive Push | PairCorr |
| 0.35 | CSCO | Cisco Systems Aggressive Push | PairCorr |
| 0.35 | GE | GE Aerospace | PairCorr |
| 0.32 | MRK | Merck Company Aggressive Push | PairCorr |
Related Correlations Analysis
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
| High negative correlations
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Defiance Daily Constituents Risk-Adjusted Indicators
There is a big difference between Defiance Etf performing well and Defiance Daily 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 Defiance Daily'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| DIPS | 1.02 | (0.02) | 0.00 | 0.12 | 0.00 | 2.32 | 6.74 | |||
| DISO | 0.76 | (0.12) | 0.00 | (0.07) | 0.00 | 1.40 | 3.35 | |||
| MDBX | 5.13 | 1.85 | 0.48 | 0.93 | 3.31 | 6.20 | 85.71 | |||
| DJTU | 3.82 | (0.93) | 0.00 | (0.22) | 0.00 | 6.92 | 24.60 | |||
| DKNX | 3.56 | (1.17) | 0.00 | (0.44) | 0.00 | 6.01 | 28.82 | |||
| DKUP | 3.56 | (1.22) | 0.00 | (0.44) | 0.00 | 5.98 | 27.61 | |||
| METD | 1.31 | 0.02 | 0.00 | 0.06 | 0.00 | 2.29 | 13.84 | |||
| METU | 2.61 | (0.06) | 0.00 | 0.04 | 3.02 | 4.21 | 29.64 | |||
| METW | 1.53 | (0.02) | (0.01) | 0.05 | 1.80 | 2.59 | 17.18 |