Innovator Correlations

PFEB Etf

USD 38.90 0.22 0.57%

The current 90-days correlation between Innovator SP 500 and Innovator SP 500 is 0.92 (i.e., Almost no diversification). The correlation of Innovator 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.

Innovator Correlation With Market

Very poor diversification

The correlation between Innovator SP 500 and DJI is 0.86 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Innovator SP 500 and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Innovator Etf

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Innovator SP 500. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in consumer price index.

Moving together with Innovator Etf

0.93	INOV	Innovator ETFs Trust	Pair Corr
1.0	BUFR	First Trust Cboe	Pair Corr
1.0	BUFD	FT Cboe Vest	Pair Corr
1.0	PSEP	Innovator SP 500	Pair Corr
1.0	PJAN	Innovator SP 500	Pair Corr
0.99	PJUL	Innovator SP 500	Pair Corr
1.0	PAUG	Innovator Equity Power	Pair Corr
1.0	DNOV	FT Cboe Vest	Pair Corr
1.0	PMAY	Innovator SP 500	Pair Corr
0.98	PJUN	Innovator SP 500	Pair Corr
0.9	PSLV	Sprott Physical Silver	Pair Corr
0.89	SPPP	Sprott Physical Platinum	Pair Corr
0.94	GMET	VanEck Vectors ETF	Pair Corr
0.97	SPIN	SPDR SSGA Equity	Pair Corr
0.99	ITDD	iShares Trust	Pair Corr
0.92	VPL	Vanguard FTSE Pacific	Pair Corr
0.76	JNJ	Johnson Johnson	Pair Corr
0.9	CVX	Chevron Corp	Pair Corr
0.65	AXP	American Express	Pair Corr
0.62	MMM	3M Company	Pair Corr
0.96	JPM	JPMorgan Chase	Pair Corr
0.94	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.8	AA	Alcoa Corp	Pair Corr
0.74	MRK	Merck Company	Pair Corr
0.81	PFE	Pfizer Inc	Pair Corr
0.78	DIS	Walt Disney	Pair Corr
0.96	CAT	Caterpillar	Pair Corr
0.91	GE	GE Aerospace	Pair Corr
0.87	BAC	Bank of America Aggressive Push	Pair Corr

Moving against Innovator Etf

0.38	WNTR	Tidal Trust II	Pair Corr
0.61	PG	Procter Gamble	Pair Corr
0.6	TRV	The Travelers Companies Sell-off Trend	Pair Corr
0.53	MCD	McDonalds	Pair Corr
0.44	KO	Coca Cola Sell-off Trend	Pair Corr

Related Correlations Analysis

	PJAN	PDEC	PMAR	PSEP	PNOV
PJAN		1.0	0.98	1.0	1.0	PJAN
PDEC	1.0		0.98	1.0	1.0	PDEC
PMAR	0.98	0.98		0.98	0.98	PMAR
PSEP	1.0	1.0	0.98		1.0	PSEP
PNOV	1.0	1.0	0.98	1.0		PNOV
	PJAN	PDEC	PMAR	PSEP	PNOV

Innovator Constituents Risk-Adjusted Indicators

There is a big difference between Innovator Etf performing well and Innovator 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'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PJAN	0.29	0.06	0.02	0.22	(0.34)	0.74	(0.42)	2.72
PDEC	0.33	0.06	0.04	0.22	(0.41)	0.64	(0.66)	2.64
PMAR	0.30	0.12	0.03	(0.85)	(0.37)	0.75	(0.53)	2.59
PSEP	0.29	0.07	0.04	0.24	(0.34)	0.73	(0.42)	2.56
PNOV	0.26	0.06	0.02	0.24	(0.30)	0.64	(0.52)	2.51

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