MicroSectors FANG Correlations

Etfs . USA . 
Etf . MicroSectors FANG Index
FNGO Etf  USD 98.85  1.11  1.11%   
The current 90-days correlation between MicroSectors FANG Index and MicroSectors FANG ETN is 0.98 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as MicroSectors FANG moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if MicroSectors FANG Index moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

MicroSectors FANG Correlation With Market

Very poor diversification

The correlation between MicroSectors FANG Index and DJI is 0.88 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MicroSectors FANG Index and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with MicroSectors Etf
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in MicroSectors FANG Index. 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 MicroSectors Etf

  0.93SSO ProShares Ultra SP500 Sell-off TrendPairCorr
  0.89SPXL Direxion Daily SP500 Sell-off TrendPairCorr
  0.98QLD ProShares Ultra QQQ Sell-off TrendPairCorr
  0.89UPRO ProShares UltraPro SP500 Sell-off TrendPairCorr
  0.95TECL Direxion Daily TechnologyPairCorr
  0.79UYG ProShares Ultra FinaPairCorr
  0.96ITDD iShares TrustPairCorr
  0.8ITWO Proshares Russell 2000PairCorr
  0.79GYLD Arrow ETF TrustPairCorr
  0.89DWMF WisdomTree InternationalPairCorr
  0.96AGEM abrdn Emerging MarketsPairCorr
  0.91NFXL Direxion Daily NFLXPairCorr
  0.91CBTJ Calamos Bitcoin 80PairCorr
  0.94FORH Formidable ETFPairCorr
  0.9DVQQ WEBs Defined VolatilityPairCorr
  0.95NIKL Sprott Nickel MinersPairCorr
  0.87IHY VanEck International HighPairCorr
  0.87BLLD JPMorganPairCorr
  0.86FLXR TCW ETF TrustPairCorr
  0.85COPJ Sprott Junior CopperPairCorr
  0.91AOHY Angel Oak HighPairCorr
  0.66PICB Invesco InternationalPairCorr
  0.98GLOF iShares MSCI GlobalPairCorr
  0.94SOXX iShares Semiconductor ETFPairCorr
  0.76BPI Grayscale Funds TrustPairCorr
  0.99NBGX Neuberger Berman ETFPairCorr
  0.91XHYT BondBloxx ETF TrustPairCorr
  0.91FID First Trust IntlPairCorr
  0.99ILCG iShares MorningstarPairCorr
  0.92DJUL FT Cboe VestPairCorr
  0.9BRRR Valkyrie BitcoinPairCorr
  0.87WTMF WisdomTree ManagedPairCorr
  0.9JIRE JP Morgan ExchangePairCorr

Related Correlations Analysis

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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   
WANT
+ 0.94
WEBL
WEBL
+ 0.91
FNGS
BNKU
+ 0.91
WEBL
BNKU
+ 0.88
WANT
BNKU
+ 0.84
FNGS
WANT
+ 0.78
FNGS
  
High negative correlations   
FNGD
- 0.95
FNGS
FNGD
- 0.79
WEBL
BNKU
- 0.71
FNGD
WANT
- 0.64
FNGD

MicroSectors FANG Constituents Risk-Adjusted Indicators

There is a big difference between MicroSectors Etf performing well and MicroSectors FANG 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 MicroSectors FANG'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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