| WDNA Etf | | | USD 14.06 0.01 0.07% |
The current 90-days correlation between WisdomTree BioRevolution and Global X Genomics is 0.93 (i.e., Almost no diversification). The correlation of WisdomTree BioRevolution 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.
WisdomTree BioRevolution Correlation With Market
Very weak diversification
The correlation between WisdomTree BioRevolution and DJI is 0.51 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding WisdomTree BioRevolution and DJI in the same portfolio, assuming nothing else is changed.
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Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in WisdomTree BioRevolution. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as
signals in board of governors.