Nasdaq 100 Correlations

NQUSD Commodity

20,994 103.50 0.50%

The current 90-days correlation between Nasdaq 100 and Gasoline RBOB is 0.07 (i.e., Significant diversification). The correlation of Nasdaq 100 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.

Nasdaq 100 Correlation With Market

Significant diversification

The correlation between Nasdaq 100 and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nasdaq 100 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Nasdaq 100 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Nasdaq 100 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 Nasdaq 100 - 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 Nasdaq 100 to buy it.

Moving together with Nasdaq Commodity

0.88	NVDA	NVIDIA	Pair Corr
0.8	AMZN	Amazon Inc Aggressive Push	Pair Corr
0.64	BMYMP	Bristol Myers Squibb	Pair Corr
0.79	GOOG	Alphabet Class C Aggressive Push	Pair Corr
0.79	META	Meta Platforms Aggressive Push	Pair Corr
0.7	TSLA	Tesla Inc Aggressive Push	Pair Corr
0.72	PANW	Palo Alto Networks	Pair Corr
0.74	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr
0.87	OMIC	Singular Genomics Systems	Pair Corr
0.73	DECK	Deckers Outdoor	Pair Corr
0.79	GOOGL	Alphabet Class A Aggressive Push	Pair Corr
0.82	PLTR	Palantir Technologies Aggressive Push	Pair Corr
0.71	FTNT	Fortinet	Pair Corr
0.83	KMI	Kinder Morgan Fiscal Year End 15th of January 2025	Pair Corr
0.66	HA	Hawaiian Holdings	Pair Corr
0.76	MSTR	MicroStrategy Incorporated	Pair Corr
0.71	OPFI	OppFi Inc Downward Rally	Pair Corr
0.86	VB	Vanguard Small Cap	Pair Corr
0.89	EOS	Eaton Vance Enhanced	Pair Corr
0.93	VFIAX	Vanguard 500 Index	Pair Corr
0.87	CII	Blackrock Enhanced	Pair Corr
0.83	BDJ	Blackrock Enhanced Equity	Pair Corr
0.93	VFINX	Vanguard 500 Index	Pair Corr

Related Correlations Analysis

	RBUSD	ZRUSD	PLUSD	ZSUSX	ESUSD	ZBUSD	ZTUSD	HOUSD	CLUSD	ALIUSD
RBUSD		0.03	0.22	0.15	0.17	-0.19	-0.08	0.82	0.93	0.34	RBUSD
ZRUSD	0.03		0.11	0.15	-0.22	0.47	0.56	-0.2	0.14	-0.11	ZRUSD
PLUSD	0.22	0.11		0.05	0.23	-0.17	0.12	0.01	0.1	0.64	PLUSD
ZSUSX	0.15	0.15	0.05		-0.24	0.45	0.52	-0.01	0.15	-0.07	ZSUSX
ESUSD	0.17	-0.22	0.23	-0.24		-0.79	-0.66	0.4	-0.01	0.76	ESUSD
ZBUSD	-0.19	0.47	-0.17	0.45	-0.79		0.93	-0.54	0.01	-0.67	ZBUSD
ZTUSD	-0.08	0.56	0.12	0.52	-0.66	0.93		-0.49	0.09	-0.45	ZTUSD
HOUSD	0.82	-0.2	0.01	-0.01	0.4	-0.54	-0.49		0.77	0.47	HOUSD
CLUSD	0.93	0.14	0.1	0.15	-0.01	0.01	0.09	0.77		0.17	CLUSD
ALIUSD	0.34	-0.11	0.64	-0.07	0.76	-0.67	-0.45	0.47	0.17		ALIUSD
	RBUSD	ZRUSD	PLUSD	ZSUSX	ESUSD	ZBUSD	ZTUSD	HOUSD	CLUSD	ALIUSD

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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

CLUSD	+ 0.93	RBUSD
ZTUSD	+ 0.93	ZBUSD
HOUSD	+ 0.82	RBUSD
CLUSD	+ 0.77	HOUSD
ALIUSD	+ 0.76	ESUSD
ALIUSD	+ 0.64	PLUSD

High negative correlations

ZBUSD	- 0.79	ESUSD
ALIUSD	- 0.67	ZBUSD
ZTUSD	- 0.66	ESUSD
HOUSD	- 0.54	ZBUSD
HOUSD	- 0.49	ZTUSD
ALIUSD	- 0.45	ZTUSD

Risk-Adjusted Indicators

There is a big difference between Nasdaq Commodity performing well and Nasdaq 100 Commodity 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 Nasdaq 100'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
RBUSD	1.54	(0.11)	0.00	(1.61)	0.00	0.00	3.03	(3.32)	10.42
ZRUSD	0.72	0.04	(0.09)	(0.52)	0.97	(0.76)	1.53	(1.86)	4.39
PLUSD	1.34	0.09	(0.06)	(0.07)	1.64	(1.35)	2.72	(2.54)	6.63
ZSUSX	0.79	(0.01)	(0.13)	0.03	0.95	(0.82)	1.29	(1.72)	4.70
ESUSD	0.55	0.09	(0.04)	1.87	0.69	(0.59)	1.11	(1.37)	3.88
ZBUSD	0.48	(0.06)	0.00	(1.02)	0.00	0.00	0.84	(1.15)	2.69
ZTUSD	0.09	(0.02)	0.00	(2.19)	0.00	0.00	0.18	(0.16)	0.90
HOUSD	1.46	(0.04)	0.00	(0.35)	0.00	0.00	3.07	(3.52)	9.93
CLUSD	1.72	(0.12)	0.00	(0.64)	0.00	0.00	3.19	(4.40)	11.28
ALIUSD	1.34	0.13	0.02	0.91	1.39	(1.59)	3.44	(2.48)	7.64

View Nasdaq 100 Related Equities

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