Global X Correlations

Etfs . USA . 
Etf . Global X CleanTech
CTEC Etf  USD 8.32  0.23  2.84%   
The current 90-days correlation between Global X CleanTech and ALPS Clean Energy is 0.79 (i.e., Poor diversification). The correlation of Global X 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.

Global X Correlation With Market

Modest diversification

The correlation between Global X CleanTech and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X CleanTech and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with Global Etf
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Global X CleanTech. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in income.

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Related Correlations Analysis

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Global X Constituents Risk-Adjusted Indicators

There is a big difference between Global Etf performing well and Global X 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 Global X'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.

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