Defiance Daily Correlations

ORCX Etf

16.43 0.21 1.29%

The current 90-days correlation between Defiance Daily Target and Fidelity Disruptive Technology is 0.52 (i.e., Very weak 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

Significant diversification

The correlation between Defiance Daily Target and DJI is 0.02 (i.e., Significant 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.

Build AI portfolio with Defiance Etf

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Defiance Daily Target. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Defiance Etf

0.74

MPAY

Exchange Traded Concepts

Pair Corr

Moving against Defiance Etf

0.88	SGVT	Schwab Strategic Trust	Pair Corr
0.85	LABU	Direxion Daily SP	Pair Corr
0.83	STOT	SPDR DoubleLine Short	Pair Corr
0.82	JPIE	JP Morgan Exchange	Pair Corr
0.79	VGSH	Vanguard Short Term Sell-off Trend	Pair Corr
0.65	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.64	SLV	iShares Silver Trust Aggressive Push	Pair Corr
0.64	PDBC	Invesco Optimum Yield	Pair Corr
0.6	CPST	Calamos ETF Trust	Pair Corr
0.58	XLF	Financial Select Sector	Pair Corr
0.54	PQJL	PGIM Nasdaq 100	Pair Corr
0.53	UYG	ProShares Ultra Fina	Pair Corr
0.48	VT	Vanguard Total World	Pair Corr
0.45	ITDD	iShares Trust	Pair Corr
0.45	FALN	iShares Fallen Angels	Pair Corr
0.44	VV	Vanguard Large Cap	Pair Corr
0.38	SMH	VanEck Semiconductor ETF	Pair Corr
0.36	SSO	ProShares Ultra SP500	Pair Corr
0.36	ESN	Essential 40 Stock	Pair Corr
0.35	ARLU	AIM ETF Products	Pair Corr
0.33	NRGU	Bank of Montreal	Pair Corr
0.88	MKTN	Federated Hermes ETF	Pair Corr
0.8	EKG	First Trust Nasdaq	Pair Corr
0.76	GQI	Natixis ETF Trust	Pair Corr
0.74	GAPR	First Trust Exchange	Pair Corr
0.71	FUSI	American Century ETF	Pair Corr
0.7	FIVA	Fidelity International	Pair Corr
0.68	HYLB	Xtrackers USD High	Pair Corr
0.68	SPUT	Innovator ETFs Trust	Pair Corr
0.67	JEPI	JPMorgan Equity Premium Sell-off Trend	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.6	0.32	-0.39	0.24	-0.24	0.43	-0.19	-0.35	-0.43	META
MSFT	0.6		0.8	-0.55	0.48	0.06	0.13	-0.45	-0.84	-0.7	MSFT
UBER	0.32	0.8		-0.49	0.44	0.32	-0.14	-0.5	-0.81	-0.54	UBER
F	-0.39	-0.55	-0.49		-0.71	0.09	0.24	0.66	0.71	0.73	F
T	0.24	0.48	0.44	-0.71		0.32	-0.45	-0.6	-0.51	-0.64	T
A	-0.24	0.06	0.32	0.09	0.32		-0.5	-0.26	-0.06	-0.09	A
CRM	0.43	0.13	-0.14	0.24	-0.45	-0.5		0.52	0.11	0.02	CRM
JPM	-0.19	-0.45	-0.5	0.66	-0.6	-0.26	0.52		0.64	0.52	JPM
MRK	-0.35	-0.84	-0.81	0.71	-0.51	-0.06	0.11	0.64		0.79	MRK
XOM	-0.43	-0.7	-0.54	0.73	-0.64	-0.09	0.02	0.52	0.79		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

UBER	+ 0.8	MSFT
XOM	+ 0.79	MRK
XOM	+ 0.73	F
MRK	+ 0.71	F
JPM	+ 0.66	F
MRK	+ 0.64	JPM

High negative correlations

MRK	- 0.84	MSFT
MRK	- 0.81	UBER
T	- 0.71	F
XOM	- 0.7	MSFT
XOM	- 0.64	T
JPM	- 0.6	T

Defiance Daily Competition 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
META	1.32	(0.28)	0.00	(0.20)	0.00	0.00	2.30	(2.67)	13.46
MSFT	0.94	(0.21)	0.00	(0.38)	0.00	0.00	1.65	(2.50)	4.90
UBER	1.46	(0.23)	0.00	(0.17)	0.00	0.00	2.60	(3.82)	10.23
F	1.42	0.13	0.12	0.18	1.27	(1.72)	3.38	(2.35)	16.30
T	0.89	(0.18)	0.00	(0.42)	0.00	0.00	1.53	(1.85)	4.30
A	1.14	(0.09)	(0.05)	0.02	1.39	(1.20)	2.34	(2.22)	6.50
CRM	1.57	(0.16)	0.00	(0.06)	0.00	0.00	3.66	(2.92)	12.37
JPM	1.12	(0.07)	(0.02)	0.04	1.59	(1.13)	2.00	(2.34)	7.38
MRK	1.23	0.32	0.23	0.44	1.01	(1.55)	3.59	(1.98)	8.09
XOM	1.07	0.23	0.12	2.92	0.98	(1.24)	2.37	(1.51)	5.82

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