Energy Select Correlations

Etfs . USA . 
Etf . Energy Select Sector
XLE Etf  USD 86.66  0.53  0.62%   
The current 90-days correlation between Energy Select Sector and Financial Select Sector is -0.07 (i.e., Good diversification). The correlation of Energy Select 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.

Energy Select Correlation With Market

Good diversification

The correlation between Energy Select Sector and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Energy Select Sector and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with Energy Etf
Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Energy Select Sector. 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 Energy Etf

  0.94VDE Vanguard Energy IndexPairCorr
  0.95XOP SPDR SP OilPairCorr
  0.95OIH VanEck Oil ServicesPairCorr
  1.0IYE iShares Energy ETFPairCorr
  0.99IXC iShares Global EnergyPairCorr
  0.97FXN First Trust EnergyPairCorr
  1.0FENY Fidelity MSCI EnergyPairCorr
  0.91FTXN First Trust NasdaqPairCorr
  0.97IEO iShares Oil GasPairCorr
  0.83UPRO ProShares UltraPro SP500PairCorr
  0.81QTJA Innovator ETFs TrustPairCorr
  0.81QTOC Innovator ETFs TrustPairCorr
  0.81XTOC Innovator ETFs TrustPairCorr
  0.81QTAP Innovator Growth 100PairCorr
  0.82XTJA Innovator ETFs TrustPairCorr
  0.81XTAP Innovator Equity AccPairCorr
  0.83BUFD FT Cboe VestPairCorr
  0.65KGRN KraneShares MSCI ChinaPairCorr
  0.81CGGO Capital Group GlobalPairCorr
  0.73HIDE Alpha Architect HighPairCorr
  0.68EUSB iShares TrustPairCorr
  0.75PFUT Putnam Sustainable FuturePairCorr
  0.74VBF Invesco Van KampenPairCorr
  0.66KWEB KraneShares CSI China Aggressive PushPairCorr
  0.81SPIB SPDR Barclays IntermPairCorr
  0.74NFLX Netflix Downward RallyPairCorr
  0.8VABS Virtus Newfleet ABSMBSPairCorr
  0.84SRLN SPDR Blackstone SeniorPairCorr

Related Correlations Analysis

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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   
XLI
+ 0.98
XLK
XLI
+ 0.97
XLF
XLK
+ 0.96
XLF
XLI
+ 0.93
XLU
XLU
+ 0.92
XLF
XLU
+ 0.9
XLK
  
High negative correlations   
XLI
- 0.31
XLV
XLU
- 0.24
XLV
XLK
- 0.24
XLV
XLV
- 0.24
XLF

Energy Select Constituents Risk-Adjusted Indicators

There is a big difference between Energy Etf performing well and Energy Select 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 Energy Select'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.

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