VanEck Steel Correlations

SLX Etf

USD 74.16 0.90 1.23%

The current 90-days correlation between VanEck Steel ETF and SPDR SP Metals is 0.73 (i.e., Poor diversification). The correlation of VanEck Steel 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.

VanEck Steel Correlation With Market

Very weak diversification

The correlation between VanEck Steel ETF and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding VanEck Steel ETF and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with VanEck Etf

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in VanEck Steel ETF. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with VanEck Etf

0.96	XME	SPDR SP Metals	Pair Corr
0.87	PHO	Invesco Water Resources	Pair Corr
0.77	MOO	VanEck Agribusiness ETF	Pair Corr
0.98	FXZ	First Trust Materials	Pair Corr
0.87	FIW	First Trust Water	Pair Corr
0.84	URNM	Sprott Uranium Miners	Pair Corr
0.97	IYM	iShares Basic Materials	Pair Corr
0.9	DFEN	Direxion Daily Aerospace	Pair Corr
0.74	MSTY	YieldMax MSTR Option	Pair Corr
0.62	GRW	TCW Compounders ETF	Pair Corr

Moving against VanEck Etf

0.76	WTID	UBS ETRACS	Pair Corr
0.55	TRV	The Travelers Companies	Pair Corr
0.4	WMT	Walmart Sell-off Trend	Pair Corr
0.41	MCD	McDonalds	Pair Corr

Related Correlations Analysis

	XME	MOO	DBB	DBA	NLR
XME		0.78	0.89	-0.76	0.92	XME
MOO	0.78		0.74	-0.51	0.88	MOO
DBB	0.89	0.74		-0.69	0.85	DBB
DBA	-0.76	-0.51	-0.69		-0.7	DBA
NLR	0.92	0.88	0.85	-0.7		NLR
	XME	MOO	DBB	DBA	NLR

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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

NLR	+ 0.92	XME
DBB	+ 0.89	XME
NLR	+ 0.88	MOO
NLR	+ 0.85	DBB
MOO	+ 0.78	XME
DBB	+ 0.74	MOO

High negative correlations

DBA	- 0.76	XME
NLR	- 0.7	DBA
DBA	- 0.69	DBB
DBA	- 0.51	MOO

VanEck Steel Constituents Risk-Adjusted Indicators

There is a big difference between VanEck Etf performing well and VanEck Steel 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 VanEck Steel'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
XME	1.10	0.46	0.35	2.15	0.23	(1.49)	2.84	(1.28)	6.07
MOO	0.58	0.09	(0.06)	0.45	0.46	(0.63)	1.48	(0.97)	3.05
DBB	0.70	0.06	(0.10)	0.54	0.88	(0.75)	1.42	(1.32)	3.75
DBA	0.62	(0.08)	0.00	(1.24)	0.00	0.00	0.97	(1.14)	3.36
NLR	1.50	0.64	0.31	4.08	0.91	(1.86)	3.17	(2.39)	13.15

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