ZKB Gold Correlations

Etfs . Switzerland . 
Etf . ZKB Gold ETF
ZGLDHE Etf  EUR 2,532  41.00  1.59%   
The current 90-days correlation between ZKB Gold ETF and Xtrackers Physical Gold is 0.04 (i.e., Significant diversification). The correlation of ZKB Gold 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.

ZKB Gold Correlation With Market

Poor diversification

The correlation between ZKB Gold ETF and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ZKB Gold ETF and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to ZKB Gold could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ZKB Gold when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back ZKB Gold - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling ZKB Gold ETF to buy it.

Moving together with ZKB Etf

  1.0ZGLDUS ZKB Gold ETFPairCorr
  1.0ZGLDEU ZKB Gold ETFPairCorr
  0.84ZSILEU ZKB Silver ETFPairCorr
  0.96AUUSI UBS ETF GoldPairCorr
  1.0AUCHAH UBS ETF GoldPairCorr
  0.82ZSIL ZKB Silver ETFPairCorr
  0.84ZSILHC ZKB Silver ETFPairCorr
  0.85ZSILUS ZKB Silver ETFPairCorr
  0.93GDXJ VanEck Junior GoldPairCorr
  0.94AUCO LG Gold MiningPairCorr
  0.93ESGO AuAg Gold MiningPairCorr
  0.94HKOR HSBC MSCI KOREAPairCorr
  0.82XMKO Xtrackers MSCI KoreaPairCorr
  0.94IKOR iShares MSCI KoreaPairCorr
  0.94GGMUSY UBS ETF plcPairCorr
  0.94GDX VanEck Gold MinersPairCorr
  0.83SPICHA UBS ETF SPIPairCorr
  0.82GLUG LG Clean WaterPairCorr
  0.9SHEME UBSFund SolutionsPairCorr
  0.76AWSRIS UBS ETF plcPairCorr
  0.87FACH Invesco High YieldPairCorr
  0.89EMHD Invesco FTSE EmergingPairCorr
  0.75IBZL iShares MSCI BrazilPairCorr
  0.82IMEA iShares Core MSCIPairCorr
  0.85SMMCHA UBS ETF SMIMPairCorr
  0.93USFMA UBS ETF plcPairCorr
  0.86JPHG Amundi Index SolutionsPairCorr
  0.79SX7EEX iShares EURO STOXXPairCorr
  0.94PSRW Invesco FTSE RAFIPairCorr
  0.83IWDP iShares Developed MarketsPairCorr
  0.73HYLC iShares Global HighPairCorr
  0.88IUES iShares SP 500PairCorr
  0.92CSPXJ iShares VII PLCPairCorr
  0.86TPXY Amundi Index SolutionsPairCorr
  1.0RGLDS Raiffeisen ETF SolidPairCorr

Moving against ZKB Etf

  0.8XRPL CoinShares Physical XRPPairCorr

Related Correlations Analysis


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

CRM
+ 0.9
MSFT
XOM
+ 0.9
MRK
A
+ 0.84
UBER
UBER
+ 0.83
MSFT
A
+ 0.78
MSFT
MRK
+ 0.75
F
  

High negative correlations

XOM
- 0.94
MSFT
MRK
- 0.89
MSFT
XOM
- 0.87
CRM
XOM
- 0.83
A
CRM
- 0.83
T
T
- 0.83
MSFT

ZKB Gold Competition Risk-Adjusted Indicators

There is a big difference between ZKB Etf performing well and ZKB Gold 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 ZKB Gold'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.51  0.04  0.02  0.14  1.52 
(1.74)
 3.43 
(2.81)
 13.69 
MSFT  1.31 (0.38) 0.00 (0.81) 0.00 
 0.00 
 1.90 
(2.87)
 13.28 
UBER  1.61 (0.41) 0.00 (0.51) 0.00 
 0.00 
 2.46 
(4.25)
 11.09 
F  1.28  0.06  0.05  0.15  1.17 
(1.56)
 3.61 
(2.30)
 7.50 
T  1.03  0.18  0.07 (1.54) 0.92 
(1.20)
 3.87 
(1.76)
 7.44 
A  1.26 (0.32) 0.00 (0.19) 0.00 
 0.00 
 2.90 
(2.72)
 7.85 
CRM  1.74 (0.43) 0.00 (0.29) 0.00 
 0.00 
 3.22 
(4.75)
 12.37 
JPM  1.24 (0.15)(0.05) 0.00  1.80 
(1.29)
 2.34 
(3.11)
 8.17 
MRK  1.23  0.33  0.22  0.56  0.99 
(1.40)
 2.81 
(1.98)
 8.74 
XOM  1.31  0.35  0.18  3.10  1.14 
(1.50)
 2.90 
(2.44)
 6.83 

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Our tools can tell you how much better you can do entering a position in ZKB Gold without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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