Capital Group Correlations

CGMM Etf

30.87 0.06 0.19%

The current 90-days correlation between Capital Group Equity and Elevation Series Trust is 0.69 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Capital Group moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Capital Group Equity moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Capital Group Correlation With Market

Almost no diversification

The correlation between Capital Group Equity and DJI is 0.93 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Capital Group Equity and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Capital Etf

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Capital Group Equity. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Capital Etf

0.95	VO	Vanguard Mid Cap	Pair Corr
0.88	VXF	Vanguard Extended Market	Pair Corr
0.95	IJH	iShares Core SP	Pair Corr
0.98	IWR	iShares Russell Mid	Pair Corr
0.95	MDY	SPDR SP MIDCAP	Pair Corr
0.98	FV	First Trust Dorsey	Pair Corr
0.99	IVOO	Vanguard SP Mid	Pair Corr
0.99	JHMM	John Hancock Multifactor	Pair Corr
0.99	BBMC	JPMorgan BetaBuilders Mid	Pair Corr
0.94	XMMO	Invesco SP MidCap	Pair Corr
0.95	CPST	Calamos ETF Trust	Pair Corr
0.95	ITDD	iShares Trust	Pair Corr
0.69	JNJ	Johnson Johnson	Pair Corr
0.75	MRK	Merck Company	Pair Corr
0.69	DD	Dupont De Nemours	Pair Corr
0.73	INTC	Intel Earnings Call This Week	Pair Corr
0.84	WMT	Walmart Common Stock	Pair Corr
0.77	XOM	Exxon Mobil Corp Earnings Call This Week	Pair Corr
0.61	DIS	Walt Disney	Pair Corr

Moving against Capital Etf

0.66	MPAY	Exchange Traded Concepts	Pair Corr
0.76	T	ATT Inc Earnings Call This Week	Pair Corr
0.6	HPQ	HP Inc	Pair Corr
0.6	MSFT	Microsoft Earnings Call This Week	Pair Corr

Related Correlations Analysis

	SIXJ	OALC	SHDG	APRW	CURE	OGIG	BJUN	HAP	TJUL	SRHQ
SIXJ		0.81	0.91	0.99	0.73	-0.55	0.98	0.91	0.93	0.93	SIXJ
OALC	0.81		0.86	0.8	0.39	-0.21	0.85	0.73	0.83	0.81	OALC
SHDG	0.91	0.86		0.9	0.55	-0.25	0.97	0.77	0.94	0.89	SHDG
APRW	0.99	0.8	0.9		0.74	-0.59	0.97	0.93	0.93	0.93	APRW
CURE	0.73	0.39	0.55	0.74		-0.82	0.65	0.74	0.58	0.56	CURE
OGIG	-0.55	-0.21	-0.25	-0.59	-0.82		-0.42	-0.72	-0.33	-0.4	OGIG
BJUN	0.98	0.85	0.97	0.97	0.65	-0.42		0.88	0.96	0.94	BJUN
HAP	0.91	0.73	0.77	0.93	0.74	-0.72	0.88		0.83	0.87	HAP
TJUL	0.93	0.83	0.94	0.93	0.58	-0.33	0.96	0.83		0.93	TJUL
SRHQ	0.93	0.81	0.89	0.93	0.56	-0.4	0.94	0.87	0.93		SRHQ
	SIXJ	OALC	SHDG	APRW	CURE	OGIG	BJUN	HAP	TJUL	SRHQ

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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

APRW	+ 0.99	SIXJ
BJUN	+ 0.98	SIXJ
BJUN	+ 0.97	SHDG
BJUN	+ 0.97	APRW
TJUL	+ 0.96	BJUN
TJUL	+ 0.94	SHDG

High negative correlations

OGIG	- 0.82	CURE
HAP	- 0.72	OGIG
OGIG	- 0.59	APRW
OGIG	- 0.55	SIXJ
BJUN	- 0.42	OGIG
SRHQ	- 0.4	OGIG

Capital Group Constituents Risk-Adjusted Indicators

There is a big difference between Capital Etf performing well and Capital Group 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 Capital Group'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
SIXJ	0.19	0.01	(0.13)	0.14	0.21	(0.20)	0.45	(0.38)	1.79
OALC	0.61	0.05	(0.04)	0.46	0.86	(0.58)	1.07	(1.42)	3.40
SHDG	0.43	(0.01)	(0.08)	0.07	0.57	(0.42)	0.81	(1.11)	2.79
APRW	0.09	0.01	(0.48)	0.20	0.00	(0.11)	0.23	(0.20)	0.67
CURE	1.91	0.28	0.17	0.27	1.56	(2.11)	5.70	(3.02)	11.23
OGIG	0.96	(0.29)	0.00	(0.20)	0.00	0.00	1.60	(2.49)	5.33
BJUN	0.25	0.01	(0.13)	0.11	0.25	(0.25)	0.59	(0.50)	1.77
HAP	0.70	0.19	0.17	0.39	0.56	(0.77)	1.53	(1.24)	3.40
TJUL	0.13	(0.01)	(0.43)	0.03	0.14	(0.14)	0.27	(0.27)	0.95
SRHQ	0.76	0.02	0.00	0.12	0.86	(0.80)	1.71	(1.53)	4.69

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