Innovator Growth Correlations

NNOV Etf

24.96 0.36 1.46%

The current 90-days correlation between Innovator Growth 100 and FT Vest Equity is 0.94 (i.e., Almost no diversification). The correlation of Innovator Growth 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Innovator Growth Correlation With Market

Good diversification

The correlation between Innovator Growth 100 Power and DJI is -0.12 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Innovator Growth 100 Power and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Innovator Etf

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Innovator Growth 100 Power. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with Innovator Etf

0.94	BUFR	First Trust Cboe	Pair Corr
0.94	BUFD	FT Cboe Vest	Pair Corr
1.0	PSEP	Innovator SP 500	Pair Corr
0.93	PJAN	Innovator SP 500	Pair Corr
0.93	PJUL	Innovator SP 500	Pair Corr
0.93	PAUG	Innovator Equity Power	Pair Corr
0.93	DNOV	FT Cboe Vest	Pair Corr
0.95	PMAY	Innovator SP 500	Pair Corr
0.92	PJUN	Innovator SP 500	Pair Corr
0.99	SIXD	AIM ETF Products	Pair Corr
0.88	PFFL	ETRACS 2xMonthly Pay	Pair Corr
0.96	CEFD	ETRACS Monthly Pay	Pair Corr
0.85	MSFT	Microsoft Earnings Call This Week	Pair Corr
0.85	BA	Boeing	Pair Corr
0.94	DIS	Walt Disney	Pair Corr
0.68	WMT	Walmart	Pair Corr
0.96	HPQ	HP Inc	Pair Corr
0.84	CSCO	Cisco Systems	Pair Corr
0.86	CAT	Caterpillar Earnings Call This Week	Pair Corr
0.79	MMM	3M Company	Pair Corr
0.95	BAC	Bank of America Aggressive Push	Pair Corr
0.76	GE	GE Aerospace	Pair Corr
0.92	JPM	JPMorgan Chase	Pair Corr
0.94	AXP	American Express	Pair Corr

Moving against Innovator Etf

0.85	ULE	ProShares Ultra Euro	Pair Corr
0.79	FXY	Invesco CurrencyShares	Pair Corr
0.78	YCL	ProShares Ultra Yen	Pair Corr
0.5	PMBS	PIMCO Mortgage Backed	Pair Corr
0.58	KO	Coca Cola Earnings Call This Week	Pair Corr
0.46	MCD	McDonalds Earnings Call This Week	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.71	0.27	-0.25	-0.57	0.86	0.9	0.87	0.46	0.07	META
MSFT	0.71		-0.11	0.02	-0.79	0.9	0.9	0.8	0.55	0.02	MSFT
UBER	0.27	-0.11		-0.19	0.33	-0.09	-0.03	0.3	-0.36	0.13	UBER
F	-0.25	0.02	-0.19		0.07	-0.01	-0.07	-0.23	0.44	0.47	F
T	-0.57	-0.79	0.33	0.07		-0.83	-0.8	-0.54	-0.46	0.28	T
A	0.86	0.9	-0.09	-0.01	-0.83		0.97	0.83	0.66	0.08	A
CRM	0.9	0.9	-0.03	-0.07	-0.8	0.97		0.86	0.57	0.0	CRM
JPM	0.87	0.8	0.3	-0.23	-0.54	0.83	0.86		0.29	0.11	JPM
MRK	0.46	0.55	-0.36	0.44	-0.46	0.66	0.57	0.29		0.37	MRK
XOM	0.07	0.02	0.13	0.47	0.28	0.08	0.0	0.11	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

CRM	+ 0.97	A
CRM	+ 0.9	META
A	+ 0.9	MSFT
CRM	+ 0.9	MSFT
JPM	+ 0.87	META
A	+ 0.86	META

High negative correlations

A	- 0.83	T
CRM	- 0.8	T
T	- 0.79	MSFT
T	- 0.57	META
JPM	- 0.54	T
MRK	- 0.46	T

Innovator Growth Competition Risk-Adjusted Indicators

There is a big difference between Innovator Etf performing well and Innovator Growth 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 Innovator Growth'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	2.21	0.04	0.00	(0.11)	0.00	0.00	3.22	(4.67)	21.50
MSFT	1.42	(0.20)	0.00	2.91	0.00	0.00	2.91	(3.34)	13.79
UBER	2.31	0.43	0.12	0.20	2.88	(2.26)	5.87	(4.21)	16.03
F	1.99	0.16	0.06	0.02	2.78	(1.96)	3.19	(3.88)	13.11
T	1.19	0.31	0.19	(3.06)	2.20	(1.25)	2.08	(3.02)	13.13
A	1.60	(0.36)	0.00	(0.46)	0.00	0.00	2.80	(5.45)	14.45
CRM	1.88	(0.13)	0.00	(0.24)	0.00	0.00	3.70	(4.51)	13.13
JPM	1.56	(0.06)	0.00	(0.40)	0.00	0.00	2.88	(4.15)	11.14
MRK	1.46	(0.34)	0.00	1.23	0.00	0.00	2.43	(4.81)	11.58
XOM	1.45	(0.05)	0.00	1.03	0.00	0.00	2.80	(3.21)	10.54

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