Defiance Correlations

WDTE Etf

33.94 0.11 0.32%

The current 90-days correlation between Defiance SP 500 and Strategy Shares is 0.4 (i.e., Very weak diversification). The correlation of Defiance 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.

Defiance Correlation With Market

Poor diversification

The correlation between Defiance SP 500 and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Defiance SP 500 and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Defiance Etf

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Defiance 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 employment.

Moving together with Defiance Etf

0.65	UDN	Invesco DB Dollar	Pair Corr
0.75	YCS	ProShares UltraShort Yen	Pair Corr
0.98	CEFD	ETRACS Monthly Pay	Pair Corr
0.85	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.98	USD	ProShares Ultra Semi	Pair Corr
0.96	FNGO	MicroSectors FANG Index	Pair Corr
0.72	NRGU	Bank of Montreal	Pair Corr
0.84	BITO	ProShares Bitcoin	Pair Corr
0.98	DFEN	Direxion Daily Aerospace	Pair Corr
0.85	BTF	Valkyrie Bitcoin Strategy	Pair Corr
0.93	BITS	Global X Blockchain	Pair Corr
0.96	FNGG	Direxion Daily Select	Pair Corr
0.89	BA	Boeing	Pair Corr
0.92	GE	GE Aerospace	Pair Corr
0.85	BAC	Bank of America	Pair Corr
0.63	AXP	American Express	Pair Corr
0.79	JNJ	Johnson Johnson	Pair Corr
0.92	CSCO	Cisco Systems Earnings Call Shortly	Pair Corr
0.8	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.95	JPM	JPMorgan Chase	Pair Corr
0.75	MRK	Merck Company	Pair Corr
0.92	CVX	Chevron Corp	Pair Corr

Moving against Defiance Etf

0.96	VXX	iPath Series B	Pair Corr
0.96	VIXY	ProShares VIX Short	Pair Corr
0.71	EUO	ProShares UltraShort Euro	Pair Corr
0.32	UUP	Invesco DB Dollar	Pair Corr
0.61	TRV	The Travelers Companies	Pair Corr
0.51	KO	Coca Cola Aggressive Push	Pair Corr
0.4	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.92	0.43	0.63	0.37	0.65	-0.69	0.83	0.6	0.49	META
MSFT	0.92		0.45	0.71	0.29	0.57	-0.7	0.94	0.7	0.54	MSFT
UBER	0.43	0.45		0.8	0.1	0.53	0.09	0.58	0.44	0.44	UBER
F	0.63	0.71	0.8		0.19	0.65	-0.29	0.8	0.74	0.68	F
T	0.37	0.29	0.1	0.19		0.37	-0.28	0.28	0.39	0.11	T
A	0.65	0.57	0.53	0.65	0.37		-0.2	0.65	0.74	0.7	A
CRM	-0.69	-0.7	0.09	-0.29	-0.28	-0.2		-0.5	-0.46	-0.24	CRM
JPM	0.83	0.94	0.58	0.8	0.28	0.65	-0.5		0.73	0.6	JPM
MRK	0.6	0.7	0.44	0.74	0.39	0.74	-0.46	0.73		0.68	MRK
XOM	0.49	0.54	0.44	0.68	0.11	0.7	-0.24	0.6	0.68		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

JPM	+ 0.94	MSFT
MSFT	+ 0.92	META
JPM	+ 0.83	META
F	+ 0.8	UBER
JPM	+ 0.8	F
MRK	+ 0.74	F

High negative correlations

CRM	- 0.7	MSFT
CRM	- 0.69	META
JPM	- 0.5	CRM
MRK	- 0.46	CRM
CRM	- 0.29	F
CRM	- 0.28	T

Defiance Competition Risk-Adjusted Indicators

There is a big difference between Defiance Etf performing well and Defiance 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 Defiance'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	1.47	0.31	0.24	0.40	0.94	(1.80)	3.51	(2.35)	14.28
MSFT	0.69	0.22	0.22	0.49	0.28	(0.80)	2.20	(1.08)	5.71
UBER	1.51	(0.03)	(0.02)	0.08	1.69	(1.75)	3.87	(3.36)	11.37
F	1.30	0.04	0.02	0.15	1.56	(1.28)	2.51	(2.33)	7.46
T	0.89	0.00	(0.09)	0.10	1.17	(0.91)	2.03	(2.13)	5.71
A	1.45	(0.06)	0.02	0.08	1.82	(1.47)	2.82	(2.74)	14.01
CRM	1.21	(0.34)	0.00	(0.14)	0.00	0.00	2.12	(3.19)	8.50
JPM	0.84	0.12	0.10	0.23	0.83	(0.92)	1.83	(1.51)	5.90
MRK	1.37	(0.08)	(0.03)	0.04	1.98	(1.25)	2.90	(3.31)	10.58
XOM	1.05	0.02	(0.05)	0.26	1.30	(1.07)	2.14	(2.07)	6.26

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