IShares Aerospace Correlations

ITA Etf

USD 151.80 1.43 0.95%

The current 90-days correlation between iShares Aerospace Defense and First Trust Consumer is 0.64 (i.e., Poor diversification). The correlation of IShares Aerospace 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.

IShares Aerospace Correlation With Market

Poor diversification

The correlation between iShares Aerospace Defense and DJI is 0.7 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Aerospace Defense and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in iShares Aerospace Defense. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with IShares Etf

0.92	XLI	Industrial Select Sector	Pair Corr
0.84	DRVN	Driven Brands Holdings	Pair Corr
0.89	VIS	Vanguard Industrials	Pair Corr
0.87	FXR	First Trust Industri	Pair Corr
0.99	PPA	Invesco Aerospace Defense	Pair Corr
0.93	IYJ	iShares Industrials ETF	Pair Corr
0.65	IYT	iShares Transportation	Pair Corr
0.89	FIDU	Fidelity MSCI Industrials	Pair Corr
0.89	JAVA	JPMorgan Active Value	Pair Corr
0.96	SHLD	Global X Funds	Pair Corr
0.9	IGLD	FT Cboe Vest	Pair Corr
0.8	CA	Xtrackers California	Pair Corr
0.89	GLD	SPDR Gold Shares Sell-off Trend	Pair Corr
0.82	WMT	Walmart Aggressive Push	Pair Corr
0.8	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr
0.86	HD	Home Depot	Pair Corr
0.88	KO	Coca Cola Fiscal Year End 11th of February 2025	Pair Corr
0.89	MMM	3M Company Fiscal Year End 28th of January 2025	Pair Corr
0.88	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.69	VZ	Verizon Communications Fiscal Year End 28th of January 2025	Pair Corr
0.92	IBM	International Business Fiscal Year End 22nd of January 2025	Pair Corr
0.76	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.81	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr

Moving against IShares Etf

0.76	HUM	Humana Inc Fiscal Year End 23rd of January 2025	Pair Corr
0.7	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.63	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.43	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.4	MSFT	Microsoft Sell-off Trend	Pair Corr
0.32	BAC	Bank of America Aggressive Push	Pair Corr

Related Correlations Analysis

	FXD	FXZ	FXO	FXL	FXU
FXD		0.57	0.84	0.61	0.72	FXD
FXZ	0.57		0.42	0.72	0.08	FXZ
FXO	0.84	0.42		0.26	0.75	FXO
FXL	0.61	0.72	0.26		-0.01	FXL
FXU	0.72	0.08	0.75	-0.01		FXU
	FXD	FXZ	FXO	FXL	FXU

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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

FXO	+ 0.84	FXD
FXU	+ 0.75	FXO
FXU	+ 0.72	FXD
FXL	+ 0.72	FXZ
FXL	+ 0.61	FXD
FXZ	+ 0.57	FXD

High negative correlations

FXU

- 0.01

FXL

IShares Aerospace Constituents Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares Aerospace 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 IShares Aerospace'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
FXD	0.95	(0.03)	(0.01)	0.07	1.04	(1.04)	2.44	(1.97)	5.25
FXZ	1.06	(0.07)	(0.03)	0.04	1.28	(1.15)	2.11	(1.58)	5.81
FXO	0.85	0.03	0.03	0.12	1.11	(0.84)	1.70	(1.82)	4.76
FXL	1.12	(0.13)	(0.05)	0.01	1.82	(0.99)	2.28	(3.37)	7.66
FXU	0.56	0.22	0.19	0.65	0.45	(0.67)	1.51	(0.58)	4.43

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