IShares Currency Correlations

HAWX Etf

USD 39.21 0.10 0.25%

The current 90-days correlation between iShares Currency Hedged and iShares MSCI China is 0.5 (i.e., Very weak diversification). The correlation of IShares Currency 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.

IShares Currency Correlation With Market

Poor diversification

The correlation between iShares Currency Hedged and DJI is 0.76 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Currency Hedged and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with IShares Etf

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in iShares Currency Hedged. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with IShares Etf

0.97	VEA	Vanguard FTSE Developed Aggressive Push	Pair Corr
0.92	IEFA	iShares Core MSCI Aggressive Push	Pair Corr
0.97	VEU	Vanguard FTSE All Sell-off Trend	Pair Corr
0.93	EFA	iShares MSCI EAFE Aggressive Push	Pair Corr
0.96	IXUS	iShares Core MSCI Sell-off Trend	Pair Corr
0.96	SPDW	SPDR SP World Sell-off Trend	Pair Corr
0.92	IDEV	iShares Core MSCI	Pair Corr
0.94	ESGD	iShares ESG Aware	Pair Corr
0.93	JIRE	JP Morgan Exchange	Pair Corr
0.94	DFAX	Dimensional World	Pair Corr
0.94	TOAK	Manager Directed Por	Pair Corr
0.94	VTI	Vanguard Total Stock Sell-off Trend	Pair Corr
0.95	SPY	SPDR SP 500 Sell-off Trend	Pair Corr
0.95	IVV	iShares Core SP Sell-off Trend	Pair Corr
0.92	IWF	iShares Russell 1000	Pair Corr
0.96	YFYA	Listed Funds Trust	Pair Corr
0.66	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.8	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.82	AXP	American Express	Pair Corr
0.93	INTC	Intel	Pair Corr
0.75	BAC	Bank of America	Pair Corr
0.96	IBM	International Business	Pair Corr
0.91	GE	GE Aerospace	Pair Corr

Moving against IShares Etf

0.77	NFLX	Netflix	Pair Corr
0.87	VZ	Verizon Communications Aggressive Push	Pair Corr
0.81	PG	Procter Gamble	Pair Corr
0.78	BA	Boeing Sell-off Trend	Pair Corr
0.77	HD	Home Depot Earnings Call This Week	Pair Corr
0.54	MCD	McDonalds	Pair Corr

Related Correlations Analysis

	CNYA	HSCZ	SMMV	EWM	RXI	RFV	BYLD	ISCB	PALC	XSHQ
CNYA		0.79	0.09	0.74	0.84	0.25	0.72	0.82	0.68	-0.34	CNYA
HSCZ	0.79		-0.03	0.81	0.78	-0.03	0.76	0.76	0.65	-0.5	HSCZ
SMMV	0.09	-0.03		-0.08	0.23	0.76	0.05	0.36	0.26	0.7	SMMV
EWM	0.74	0.81	-0.08		0.72	-0.09	0.61	0.59	0.55	-0.55	EWM
RXI	0.84	0.78	0.23	0.72		0.41	0.77	0.9	0.89	-0.13	RXI
RFV	0.25	-0.03	0.76	-0.09	0.41		0.13	0.5	0.5	0.76	RFV
BYLD	0.72	0.76	0.05	0.61	0.77	0.13		0.77	0.64	-0.35	BYLD
ISCB	0.82	0.76	0.36	0.59	0.9	0.5	0.77		0.81	0.0	ISCB
PALC	0.68	0.65	0.26	0.55	0.89	0.5	0.64	0.81		0.07	PALC
XSHQ	-0.34	-0.5	0.7	-0.55	-0.13	0.76	-0.35	0.0	0.07		XSHQ
	CNYA	HSCZ	SMMV	EWM	RXI	RFV	BYLD	ISCB	PALC	XSHQ

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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

ISCB	+ 0.9	RXI
PALC	+ 0.89	RXI
RXI	+ 0.84	CNYA
ISCB	+ 0.82	CNYA
EWM	+ 0.81	HSCZ
PALC	+ 0.81	ISCB

High negative correlations

XSHQ	- 0.55	EWM
XSHQ	- 0.5	HSCZ
XSHQ	- 0.35	BYLD
XSHQ	- 0.34	CNYA
XSHQ	- 0.13	RXI
RFV	- 0.09	EWM

IShares Currency Constituents Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares Currency 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 IShares Currency'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
CNYA	0.96	0.11	0.07	0.21	1.09	(1.07)	2.79	(1.72)	7.86
HSCZ	0.42	0.01	(0.02)	0.09	0.48	(0.48)	0.95	(0.78)	3.32
SMMV	0.46	(0.04)	(0.10)	0.01	0.56	(0.50)	0.98	(0.94)	3.09
EWM	0.58	0.03	0.01	0.10	0.69	(0.65)	1.50	(1.35)	4.61
RXI	0.66	(0.02)	(0.02)	0.05	0.88	(0.69)	1.11	(1.42)	5.51
RFV	0.74	(0.07)	(0.06)	0.01	0.91	(0.86)	1.79	(1.32)	7.86
BYLD	0.17	0.02	(0.21)	(0.83)	0.03	(0.20)	0.40	(0.31)	0.93
ISCB	0.77	(0.05)	(0.03)	0.03	0.96	(0.84)	1.64	(1.43)	6.44
PALC	0.51	(0.06)	(0.10)	(0.01)	0.70	(0.52)	1.06	(1.09)	3.58
XSHQ	0.85	(0.15)	0.00	(0.05)	0.00	0.00	2.00	(1.59)	6.22

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