ETFMG Prime Correlations

HACK
 Etf
  

USD 51.65  0.45  0.88%   

The correlation of ETFMG Prime is a statistical measure of how it moves in relation to other equities. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ETFMG Prime moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ETFMG Prime Cyber moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Please check Risk vs Return Analysis.
  
The ability to find closely correlated positions to ETFMG Prime could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ETFMG Prime 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 ETFMG Prime - 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 ETFMG Prime Cyber to buy it.

Moving together with ETFMG Prime

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0.9FTECFidelity Info TechPairCorr
0.99CIBRNasdaq Cybersecurity ETFPairCorr
0.86IGVNorth American Tech-PairCorr
0.9FDNDJ Internet IndexPairCorr
0.9IGMNorth American TechPairCorr
0.87VTITotal Stock MarketPairCorr
0.86SPYSP 500 SPDRPairCorr
0.61BNDTotal Bond MarketPairCorr
0.85IVVSP 500 IsharesPairCorr
0.92VUGVanguard Growth ETFPairCorr
0.82VOMidcap ETF VanguardPairCorr
0.85VBSmallcap ETF VanguardPairCorr

Related Correlations

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Correlation Matchups

The Correlation Coefficient is a useful tool to identify correlated or non-correlated securities, which is essential in developing a diversified portfolio. It tells us the relationship between two positions you have in your portfolio or considering acquiring. Over a given time period, the two securities movetogether 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   
FUBER
AMSFT
AF
FMSFT
UBERMSFT
AUBER
  
High negative correlations   

ETFMG Prime Competition Risk-Adjusted Indicators

Nowadays, there is a big difference between ETFMG Prime stock performing well and ETFMG Prime ETF doing well compared to the competition. There are way too many exceptions to the normal that investors can tell for sure what's good or bad unless they analyze ETFMG Prime's multiple risk-adjusted performance indicators. 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
Information
Ratio
Expected
Shortfall
Potential
Upside
Value
At Risk
Maximum
Drawdown
TWTR 2.23 (0.09)  0.00 (0.01)  0.00 (0.0323)  0.00  4.00 (5.55)  17.65 
MSFT 1.59  0.06  0.05  0.14  1.92  0.0492 (1.70)  2.97 (4.10)  7.83 
UBER 3.42  0.49  0.13  0.39  3.72  0.12 (3.57)  6.40 (7.08)  21.38 
F 2.56  0.23  0.10  0.21  2.85  0.10 (2.76)  5.32 (4.03)  16.84 
T 1.12 (0.12)  0.00 (0.09)  0.00 (0.09)  0.00  2.00 (2.45)  10.60 
A 1.76  0.15  0.08  0.22  1.84  0.08 (1.98)  4.22 (3.15)  8.98 
CRM 2.41  0.13  0.07  0.17  2.75  0.06 (2.64)  5.77 (4.63)  16.84 
JPM 1.44 (0.04) (0.01)  0.06  1.53 (0.01) (1.72)  3.03 (2.34)  10.79 
MRK 0.99  0.00 (0.05)  0.09  1.21 (0.0449) (1.03)  2.11 (2.50)  6.96 
XOM 1.95  0.06  0.02  0.16  2.62  0.0203 (1.85)  3.33 (3.96)  10.43 

Be your own money manager

Our tools can tell you how much better you can do entering a position in ETFMG Prime without increasing your portfolio risk or giving up 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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Invested in ETFMG Prime Cyber?

You need to understand the risk of investing before taking a position in ETFMG Prime. The danger of trading ETFMG Prime Cyber is mainly related to its market volatility and ETF specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of ETFMG Prime is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than ETFMG Prime. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile ETFMG Prime Cyber is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Please check Risk vs Return Analysis. Note that the ETFMG Prime Cyber information on this page should be used as a complementary analysis to other ETFMG Prime's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try Fundamental Analysis module to view fundamental data based on most recent published financial statements.

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When running ETFMG Prime Cyber price analysis, check to measure ETFMG Prime's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy ETFMG Prime is operating at the current time. Most of ETFMG Prime's value examination focuses on studying past and present price action to predict the probability of ETFMG Prime's future price movements. You can analyze the entity against its peers and financial market as a whole to determine factors that move ETFMG Prime's price. Additionally, you may evaluate how the addition of ETFMG Prime to your portfolios can decrease your overall portfolio volatility.
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The market value of ETFMG Prime Cyber is measured differently than its book value, which is the value of ETFMG that is recorded on the company's balance sheet. Investors also form their own opinion of ETFMG Prime's value that differs from its market value or its book value, called intrinsic value, which is ETFMG Prime's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because ETFMG Prime's market value can be influenced by many factors that don't directly affect ETFMG Prime's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between ETFMG Prime's value and its price as these two are different measures arrived at by different means. Investors typically determine ETFMG Prime value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, ETFMG Prime's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.