Global X Correlations

HUZ Etf

CAD 20.36 0.18 0.88%

The current 90-days correlation between Global X Silver and Mackenzie Canadian Short is -0.09 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Global X moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Global X Silver moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Global X Correlation With Market

Good diversification

The correlation between Global X Silver and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X Silver and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Global X could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Global X when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Global X - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Global X Silver to buy it.

Moving together with Global Etf

0.97	MNT	Royal Canadian Mint	Pair Corr
1.0	SVR	iShares Silver Bullion	Pair Corr
0.99	HGY	Global X Gold	Pair Corr
0.99	VALT	CI Gold Bullion	Pair Corr
0.98	HUG	Global X Gold	Pair Corr
1.0	SBT	Silver Bullion Trust	Pair Corr
0.94	PIN	Purpose Monthly Income	Pair Corr
0.93	PMM	Purpose Multi Strategy	Pair Corr
0.65	HXE	Global X SPTSX	Pair Corr
0.96	ZMT	BMO SPTSX Equal	Pair Corr
0.65	XEG	iShares SPTSX Capped	Pair Corr
0.79	ZRR	BMO Real Return	Pair Corr
0.86	ZEA	BMO MSCI EAFE	Pair Corr
0.92	XEC	iShares Core MSCI	Pair Corr
0.86	PYF-B	Purpose Fund Corp	Pair Corr
0.79	PINV	Purpose Global Innovators	Pair Corr
0.66	XDUH	iShares Core MSCI	Pair Corr
0.92	XDV	iShares Canadian Select	Pair Corr
0.68	OILY	Evolve Canadian Energy	Pair Corr
0.93	XEQT	iShares Core Equity	Pair Corr
0.93	ZPS	BMO Short Provincial	Pair Corr
0.89	XSAB	iShares ESG Aware	Pair Corr
0.84	ZMU	BMO Mid Term	Pair Corr
0.85	PRP	Purpose Conservative	Pair Corr
0.93	CSAV	CI High Interest	Pair Corr
0.94	MBAL	Mackenzie Balanced	Pair Corr
0.88	HXQ	Global X NASDAQ	Pair Corr
0.9	ZFM	BMO Mid Federal	Pair Corr
0.93	PAGF	Purpose Active Growth	Pair Corr
0.93	XIU	iShares SPTSX 60	Pair Corr

Moving against Global Etf

0.7	HUC	Global X Crude	Pair Corr
0.83	HQD	BetaPro NASDAQ 100	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.01	-0.28	-0.51	0.64	-0.68	-0.25	-0.35	-0.6	-0.42	META
MSFT	-0.01		-0.15	0.26	-0.63	0.26	0.07	0.01	0.09	-0.04	MSFT
UBER	-0.28	-0.15		0.47	-0.05	0.37	-0.09	0.74	0.31	0.63	UBER
F	-0.51	0.26	0.47		-0.57	0.79	0.38	0.46	0.66	0.67	F
T	0.64	-0.63	-0.05	-0.57		-0.76	-0.29	-0.18	-0.53	-0.31	T
A	-0.68	0.26	0.37	0.79	-0.76		0.31	0.47	0.78	0.64	A
CRM	-0.25	0.07	-0.09	0.38	-0.29	0.31		-0.02	0.2	0.36	CRM
JPM	-0.35	0.01	0.74	0.46	-0.18	0.47	-0.02		0.16	0.77	JPM
MRK	-0.6	0.09	0.31	0.66	-0.53	0.78	0.2	0.16		0.37	MRK
XOM	-0.42	-0.04	0.63	0.67	-0.31	0.64	0.36	0.77	0.37		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	+ 0.79	F
MRK	+ 0.78	A
XOM	+ 0.77	JPM
JPM	+ 0.74	UBER
XOM	+ 0.67	F
MRK	+ 0.66	F

High negative correlations

A	- 0.76	T
A	- 0.68	META
T	- 0.63	MSFT
MRK	- 0.6	META
T	- 0.57	F
MRK	- 0.53	T

Global X Competition 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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
META	1.31	(0.40)	0.00	(0.19)	0.00	0.00	2.13	(2.72)	14.85
MSFT	0.79	(0.13)	0.00	(0.06)	0.00	0.00	1.86	(1.76)	5.12
UBER	1.41	0.07	0.02	0.19	1.67	(1.49)	3.62	(2.71)	8.86
F	1.33	0.13	0.10	0.19	1.51	(1.54)	3.62	(2.04)	16.35
T	0.98	(0.15)	0.00	(2.17)	0.00	0.00	1.84	(2.32)	6.47
A	1.33	0.24	0.20	0.28	0.95	(1.48)	3.82	(2.04)	10.46
CRM	1.59	(0.08)	(0.04)	0.02	2.08	(1.58)	3.59	(3.33)	8.74
JPM	0.87	(0.03)	(0.02)	0.07	1.19	(0.82)	1.69	(1.91)	4.80
MRK	1.13	0.10	0.05	0.27	0.98	(1.36)	1.80	(1.73)	9.11
XOM	0.89	0.00	(0.05)	0.11	1.17	(0.83)	1.77	(2.07)	4.70

Be your own money manager

Our tools can tell you how much better you can do entering a position in Global X without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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