Global X Correlations

Etfs . USA . 
Etf . Global X Renewable
RNRG Etf  USD 9.32  0.06  0.65%   
The current 90-days correlation between Global X Renewable and Global X CleanTech is 0.65 (i.e., Poor diversification). The correlation of Global X 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.

Global X Correlation With Market

Significant diversification

The correlation between Global X Renewable and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X Renewable and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Global X Renewable. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Global Etf

  0.97YLCO Global X YieldCoPairCorr
  0.95MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr
  0.86JNJ Johnson Johnson Fiscal Year End 28th of January 2025 PairCorr

Moving against Global Etf

  0.87YCS ProShares UltraShort YenPairCorr
  0.85TBT ProShares UltraShortPairCorr
  0.7FXU First Trust UtilitiesPairCorr
  0.68DIG ProShares Ultra OilPairCorr
  0.67ATMP Barclays ETN Select Low VolatilityPairCorr
  0.6USD ProShares Ultra SemiPairCorr
  0.56AMZA InfraCap MLP ETFPairCorr
  0.49AMPS Altus PowerPairCorr
  0.36MLPR ETRACS Quarterly PayPairCorr
  0.91JPM JPMorgan Chase Sell-off TrendPairCorr
  0.89CVX Chevron Corp Sell-off TrendPairCorr
  0.89CSCO Cisco Systems Aggressive PushPairCorr
  0.83AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.81AA Alcoa Corp Fiscal Year End 15th of January 2025 PairCorr
  0.78TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.74T ATT Inc Aggressive PushPairCorr
  0.73INTC Intel Fiscal Year End 23rd of January 2025 PairCorr
  0.72HPQ HP IncPairCorr
  0.58CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr
  0.53XOM Exxon Mobil Corp Sell-off TrendPairCorr

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   
WNDY
+ 0.68
CTEC
GXTG
+ 0.47
AQWA
GXTG
+ 0.34
WNDY
WNDY
+ 0.3
AQWA
AQWA
+ 0.26
CTEC
VPN
+ 0.0
CTEC
  
High negative correlations   
GXTG
- 0.04
CTEC
GXTG
- 0.0
VPN
WNDY
- 0.0
VPN
AQWA
- 0.0
VPN
VPN
- 0.0
CTEC

Global X Constituents Risk-Adjusted Indicators

There is a big difference between Global Etf performing well and Global X 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 Global X'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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