Technology Select Correlations

Etfs . USA . 
Etf . Technology Select Sector
XLK Etf  USD 260.89  0.17  0.07%   
The current 90-days correlation between Technology Select Sector and First Trust Technology is 0.93 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Technology Select moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Technology Select Sector moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Technology Select Correlation With Market

Poor diversification

The correlation between Technology Select Sector and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Technology Select Sector and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with Technology Etf
Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Technology 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 Technology Etf

  1.0VGT Vanguard InformationPairCorr
  1.0IYW iShares Technology ETFPairCorr
  0.99SMH VanEck Semiconductor ETFPairCorr
  0.99SOXX iShares Semiconductor ETFPairCorr
  0.96CIBR First Trust NASDAQPairCorr
  1.0FTEC Fidelity MSCI InformationPairCorr
  0.97IGV iShares Expanded Tech Low VolatilityPairCorr
  0.98FDN First Trust DowPairCorr
  1.0IGM iShares Expanded TechPairCorr
  0.97USD ProShares Ultra SemiPairCorr
  0.9GBTC Grayscale Bitcoin TrustPairCorr
  0.99FNGO MicroSectors FANG IndexPairCorr
  0.9BITO ProShares BitcoinPairCorr
  0.97CRPT First Trust SkyBridgePairCorr
  0.87NRGU Bank of MontrealPairCorr
  1.0BULZ MicroSectors SolactivePairCorr
  0.95BITS Global X BlockchainPairCorr
  0.99FNGG Direxion Daily SelectPairCorr
  0.97DFEN Direxion Daily AerospacePairCorr
  0.9DD Dupont De NemoursPairCorr
  0.92AA Alcoa CorpPairCorr
  0.98MSFT MicrosoftPairCorr
  0.96DIS Walt DisneyPairCorr
  0.98JPM JPMorgan ChasePairCorr
  0.93BA BoeingPairCorr
  0.91MMM 3M CompanyPairCorr
  0.65XOM Exxon Mobil CorpPairCorr
  0.85CVX Chevron CorpPairCorr
  0.97CSCO Cisco SystemsPairCorr

Moving against Technology Etf

  0.7MCD McDonaldsPairCorr
  0.6KO Coca Cola Earnings Call This WeekPairCorr
  0.53PG Procter GamblePairCorr
  0.42VZ Verizon Communications Earnings Call This WeekPairCorr

Related Correlations Analysis

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Technology Select Constituents Risk-Adjusted Indicators

There is a big difference between Technology Etf performing well and Technology 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 Technology 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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