Cambria Cannabis Correlations

Etfs . USA . 
Etf . Cambria Cannabis ETF
TOKE Etf  USD 5.58  0.02  0.36%   
The current 90-days correlation between Cambria Cannabis ETF and Managed Account Series is 0.24 (i.e., Modest diversification). The correlation of Cambria Cannabis 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.

Cambria Cannabis Correlation With Market

Very good diversification

The correlation between Cambria Cannabis ETF and DJI is -0.36 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cambria Cannabis ETF and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Cambria Cannabis ETF. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with Cambria Etf

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Moving against Cambria Etf

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  0.52DSJA DSJAPairCorr
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  0.31ITDD iShares TrustPairCorr
  0.8JPM JPMorgan Chase Fiscal Year End 10th of January 2025 PairCorr
  0.59WMT Walmart Aggressive PushPairCorr
  0.55CSCO Cisco Systems Aggressive PushPairCorr
  0.53INTC Intel Fiscal Year End 23rd of January 2025 PairCorr
  0.47AA Alcoa Corp Fiscal Year End 15th of January 2025 PairCorr
  0.47TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.41HPQ HP IncPairCorr

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   
FSISX
+ 0.71
MSUMX
IPXHY
+ 0.62
FSISX
IPXHY
+ 0.27
MSUMX
  
High negative correlations   
STCE
- 0.77
FSISX
STCE
- 0.61
MSUMX
IPXHY
- 0.6
STCE

Cambria Cannabis Constituents Risk-Adjusted Indicators

There is a big difference between Cambria Etf performing well and Cambria Cannabis 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 Cambria Cannabis' 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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