Horizon Nasdaq Correlations

QGRD Etf

27.13 0.48 1.74%

The current 90-days correlation between Horizon Nasdaq 100 and ProShares SP Kensho is 0.66 (i.e., Poor diversification). The correlation of Horizon Nasdaq 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.

Horizon Nasdaq Correlation With Market

Poor diversification

The correlation between Horizon Nasdaq 100 Defined and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Horizon Nasdaq 100 Defined and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Horizon Etf

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Horizon Nasdaq 100 Defined. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in real.

Moving together with Horizon Etf

0.98	ACIO	Aptus Collared Income	Pair Corr
0.97	ADME	Aptus Drawdown Managed	Pair Corr
0.96	SWAN	Amplify BlackSwan Growth	Pair Corr
0.97	PHDG	Invesco SP 500	Pair Corr
0.99	MSTB	ETF Series Solutions	Pair Corr
0.99	HEGD	Swan Hedged Equity	Pair Corr
0.65	VAMO	Cambria Value	Pair Corr
0.98	HEQT	Simplify Exchange Traded	Pair Corr
0.95	GTR	WisdomTree Target Range	Pair Corr
0.89	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.94	YFYA	Listed Funds Trust	Pair Corr
0.94	GE	GE Aerospace	Pair Corr
0.76	JNJ	Johnson Johnson	Pair Corr
0.95	IBM	International Business	Pair Corr
0.93	INTC	Intel	Pair Corr
0.77	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.83	AXP	American Express	Pair Corr
0.93	CAT	Caterpillar	Pair Corr
0.65	DD	Dupont De Nemours	Pair Corr
0.77	BAC	Bank of America	Pair Corr
0.63	JPM	JPMorgan Chase	Pair Corr

Moving against Horizon Etf

0.87	T	ATT Inc Aggressive Push	Pair Corr
0.86	CCOR	Core Alternative ETF	Pair Corr
0.64	VIXY	ProShares VIX Short	Pair Corr
0.8	PG	Procter Gamble	Pair Corr
0.69	HD	Home Depot Earnings Call This Week	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.12	0.16	-0.72	0.74	-0.72	-0.1	-0.51	-0.53	-0.54	META
MSFT	0.12		0.32	0.28	-0.42	0.36	0.15	0.09	0.25	0.11	MSFT
UBER	0.16	0.32		-0.04	0.04	-0.11	0.01	0.41	-0.24	0.2	UBER
F	-0.72	0.28	-0.04		-0.76	0.8	0.31	0.49	0.59	0.68	F
T	0.74	-0.42	0.04	-0.76		-0.91	-0.25	-0.39	-0.59	-0.51	T
A	-0.72	0.36	-0.11	0.8	-0.91		0.27	0.45	0.69	0.6	A
CRM	-0.1	0.15	0.01	0.31	-0.25	0.27		-0.13	0.08	0.19	CRM
JPM	-0.51	0.09	0.41	0.49	-0.39	0.45	-0.13		0.05	0.74	JPM
MRK	-0.53	0.25	-0.24	0.59	-0.59	0.69	0.08	0.05		0.3	MRK
XOM	-0.54	0.11	0.2	0.68	-0.51	0.6	0.19	0.74	0.3		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

A	+ 0.8	F
T	+ 0.74	META
XOM	+ 0.74	JPM
MRK	+ 0.69	A
XOM	+ 0.68	F
XOM	+ 0.6	A

High negative correlations

A	- 0.91	T
T	- 0.76	F
A	- 0.72	META
F	- 0.72	META
MRK	- 0.59	T
XOM	- 0.54	META

Horizon Nasdaq Competition Risk-Adjusted Indicators

There is a big difference between Horizon Etf performing well and Horizon Nasdaq 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 Horizon Nasdaq'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	1.28	(0.43)	0.00	(0.39)	0.00	0.00	1.87	(2.72)	13.52
MSFT	0.77	(0.11)	0.00	(0.07)	0.00	0.00	1.85	(1.98)	5.08
UBER	1.44	(0.05)	(0.03)	0.02	1.83	(1.52)	3.34	(2.71)	9.09
F	1.37	0.14	0.10	0.17	1.45	(1.62)	3.66	(1.73)	16.30
T	0.98	(0.15)	0.00	(0.59)	0.00	0.00	1.84	(2.32)	6.25
A	1.31	0.21	0.16	0.23	1.12	(1.46)	3.82	(2.15)	10.46
CRM	1.56	(0.04)	(0.02)	0.03	2.20	(1.48)	3.59	(3.61)	9.91
JPM	0.85	0.02	0.02	0.10	1.20	(0.80)	1.67	(1.91)	4.74
MRK	1.22	0.15	0.09	0.29	1.14	(1.44)	1.80	(2.36)	11.45
XOM	0.88	0.14	0.07	0.49	1.03	(0.86)	1.77	(1.93)	4.70

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