Sprott Active Correlations

METL Etf

23.93 0.77 3.32%

The current 90-days correlation between Sprott Active Metals and Direxion Daily Gold is -0.8 (i.e., Pay attention - limited upside). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Sprott Active moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Sprott Active Metals moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Sprott Active Correlation With Market

Weak diversification

The correlation between Sprott Active Metals and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sprott Active Metals and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Sprott Etf

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Sprott Active Metals. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving against Sprott Etf

0.34	XOM	Exxon Mobil Corp	Pair Corr
0.31	JPM	JPMorgan Chase	Pair Corr
0.31	BAC	Bank of America	Pair Corr

Related Correlations Analysis

	METL	DUST	NANR	NRES	NUGT	WOOD	FMAT	FMTL	CUT
METL		0.04	0.05	-0.1	0.16	0.03	0.27	0.27	0.08	METL
DUST	0.04		-0.85	-0.82	-0.9	0.73	0.42	0.26	0.76	DUST
NANR	0.05	-0.85		0.82	0.89	-0.37	-0.05	0.0	-0.41	NANR
NRES	-0.1	-0.82	0.82		0.67	-0.59	-0.41	-0.33	-0.6	NRES
NUGT	0.16	-0.9	0.89	0.67		-0.47	-0.07	0.01	-0.52	NUGT
WOOD	0.03	0.73	-0.37	-0.59	-0.47		0.84	0.59	0.98	WOOD
FMAT	0.27	0.42	-0.05	-0.41	-0.07	0.84		0.75	0.84	FMAT
FMTL	0.27	0.26	0.0	-0.33	0.01	0.59	0.75		0.56	FMTL
CUT	0.08	0.76	-0.41	-0.6	-0.52	0.98	0.84	0.56		CUT
	METL	DUST	NANR	NRES	NUGT	WOOD	FMAT	FMTL	CUT

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

CUT	+ 0.98	WOOD
NUGT	+ 0.89	NANR
FMAT	+ 0.84	WOOD
CUT	+ 0.84	FMAT
NRES	+ 0.82	NANR
CUT	+ 0.76	DUST

High negative correlations

NUGT	- 0.9	DUST
NANR	- 0.85	DUST
NRES	- 0.82	DUST
CUT	- 0.6	NRES
WOOD	- 0.59	NRES
CUT	- 0.52	NUGT

Sprott Active Constituents Risk-Adjusted Indicators

There is a big difference between Sprott Etf performing well and Sprott 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 Sprott 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
METL	1.92	0.25	0.09	0.24	2.59	(1.99)	4.32	(4.93)	13.76
DUST	4.10	(0.86)	0.00	0.58	0.00	0.00	8.67	(9.52)	30.31
NANR	0.82	0.09	0.06	0.18	1.12	(0.85)	1.72	(1.99)	5.64
NRES	0.80	0.09	0.06	0.24	0.86	(0.88)	1.86	(1.74)	7.54
NUGT	4.07	0.86	0.14	0.57	5.63	(4.17)	9.61	(8.79)	29.19
WOOD	0.76	(0.16)	0.00	(0.13)	0.00	0.00	1.49	(1.54)	4.21
FMAT	0.79	(0.10)	0.00	(0.03)	0.00	0.00	1.64	(1.55)	4.01
FMTL	1.49	0.52	0.30	1.12	1.14	(1.78)	3.51	(2.46)	5.97
CUT	0.73	(0.15)	0.00	(0.15)	0.00	0.00	1.41	(1.77)	3.78

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