IPath Series Correlations

VXZ Etf

USD 48.02 0.20 0.42%

The current 90-days correlation between iPath Series B and ProShares VIX Mid Term is 0.97 (i.e., Almost no diversification). The correlation of IPath Series 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. If the correlation is 0, the equities are not correlated; they are entirely random.

IPath Series Correlation With Market

Excellent diversification

The correlation between iPath Series B and DJI is -0.64 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iPath Series B 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 iPath Series B. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with IPath Etf

0.8	VXX	iPath Series B	Pair Corr
0.91	VIXY	ProShares VIX Short	Pair Corr
1.0	VIXM	ProShares VIX Mid	Pair Corr

Moving against IPath Etf

0.71	EUO	ProShares UltraShort Euro	Pair Corr
0.69	BAC	Bank of America Aggressive Push	Pair Corr
0.67	SHLD	Global X Funds	Pair Corr
0.56	YCS	ProShares UltraShort Yen	Pair Corr
0.55	WINN	Harbor Long Term	Pair Corr
0.52	UUP	Invesco DB Dollar	Pair Corr
0.46	CEFD	ETRACS Monthly Pay	Pair Corr
0.34	DUKH	Ocean Park High	Pair Corr
0.71	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.63	DIS	Walt Disney Aggressive Push	Pair Corr
0.59	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.58	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.45	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.44	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.42	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.27	0.55	0.01	0.55	0.04	0.64	0.28	-0.53	0.72	META
MSFT	0.27		0.22	0.13	0.18	-0.01	0.03	-0.12	0.12	-0.19	MSFT
UBER	0.55	0.22		-0.06	-0.06	0.27	-0.01	-0.14	0.08	0.35	UBER
F	0.01	0.13	-0.06		0.14	-0.38	0.44	0.67	-0.31	0.3	F
T	0.55	0.18	-0.06	0.14		-0.5	0.79	0.6	-0.78	0.38	T
A	0.04	-0.01	0.27	-0.38	-0.5		-0.47	-0.62	0.64	-0.01	A
CRM	0.64	0.03	-0.01	0.44	0.79	-0.47		0.85	-0.91	0.65	CRM
JPM	0.28	-0.12	-0.14	0.67	0.6	-0.62	0.85		-0.83	0.48	JPM
MRK	-0.53	0.12	0.08	-0.31	-0.78	0.64	-0.91	-0.83		-0.56	MRK
XOM	0.72	-0.19	0.35	0.3	0.38	-0.01	0.65	0.48	-0.56		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.85	CRM
CRM	+ 0.79	T
XOM	+ 0.72	META
JPM	+ 0.67	F
XOM	+ 0.65	CRM
CRM	+ 0.64	META

High negative correlations

MRK	- 0.91	CRM
MRK	- 0.83	JPM
MRK	- 0.78	T
JPM	- 0.62	A
XOM	- 0.56	MRK
MRK	- 0.53	META

IPath Series Competition Risk-Adjusted Indicators

There is a big difference between IPath Etf performing well and IPath Series 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 IPath Series' 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
META	1.06	0.06	0.02	0.20	1.40	(1.15)	2.62	(3.15)	8.02
MSFT	0.92	(0.05)	(0.05)	0.05	1.49	(0.89)	2.09	(1.85)	8.19
UBER	1.62	(0.12)	(0.05)	0.00	2.30	(1.74)	2.69	(2.53)	20.10
F	1.46	(0.15)	(0.04)	0.01	2.23	(1.47)	2.53	(2.90)	11.21
T	0.92	0.28	0.15	(7.88)	0.85	(1.05)	2.56	(1.72)	6.47
A	1.17	(0.09)	0.00	(0.05)	0.00	0.00	2.71	(2.42)	9.02
CRM	1.34	0.21	0.16	0.30	1.16	(1.53)	3.18	(1.93)	9.09
JPM	1.12	(0.01)	0.06	0.11	1.40	(1.21)	2.05	(2.00)	15.87
MRK	0.91	(0.21)	0.00	(0.74)	0.00	0.00	2.00	(2.13)	4.89
XOM	1.01	(0.05)	(0.08)	0.02	1.33	(1.07)	2.10	(2.09)	5.74

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