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I looked into the correlation between the Hot Hand ETFs. I think this tends to show uncorrelated ETFs.
Incidentally, my Fidelity accounts are not set up to allow buying of short or leveraged ETFs without additional paperwork forms. So these are not the true top performing funds which are for sophisticated and rich investors who are willing to lose on their trades.
With the exception of SOXS which is the Direxion Daily Semiconductor Bear 3X, the rest are the top 9 from the screen on ETFScreen.com with no short or leverage ETFs included and more than 1,000,000 share volume.
Interestingly SOXS is negatively correlated with every thing else. Is that good or bad? The newsletter I read reports 1 month growth of 34% while ETF Screen reports
-1.1%. The newletter has its month from May to June 17, ETF Screen has latest month as of today I assume. How could it change that much?
When in doubt, get out - thtatwas Courtney's advice earlier this evening.
Comments?
Doyle
Below is the correlation matrix for your requested symbols.
I looked into the correlation between the Hot Hand ETFs. I think this tends to show uncorrelated ETFs.
Incidentally, my Fidelity accounts are not set up to allow buying of short or leveraged ETFs without additional paperwork forms. So these are not the true top performing funds which are for sophisticated and rich investors who are willing to lose on their trades.
With the exception of SOXS which is the Direxion Daily Semiconductor Bear 3X, the rest are the top 9 from the screen on ETFScreen.com with no short or leverage ETFs included and more than 1,000,000 share volume.
Interestingly SOXS is negatively correlated with every thing else. Is that good or bad? The newsletter I read reports 1 month growth of 34% while ETF Screen reports
-1.1%. The newletter has its month from May to June 17, ETF Screen has latest month as of today I assume. How could it change that much?
When in doubt, get out - thtatwas Courtney's advice earlier this evening.
Comments?
Doyle
Below is the correlation matrix for your requested symbols.
| COW | DXJ | LD | NIB | PEJ | PSCE | RFG | SGG | SOXS | XRT | ||
| COW | 1.00 | ||||||||||
| DXJ | 0.33 | 1.00 | |||||||||
| LD | 0.13 | 0.20 | 1.00 | ||||||||
| NIB | 0.13 | 0.21 | 0.12 | 1.00 | |||||||
| PEJ | 0.29 | 0.55 | 0.19 | 0.13 | 1.00 | ||||||
| PSCE | 0.39 | 0.39 | 0.41 | 0.36 | 0.52 | 1.00 | |||||
| RFG | 0.36 | 0.46 | 0.31 | 0.18 | 0.86 | 0.71 | 1.00 | ||||
| SGG | 0.39 | 0.24 | 0.07 | 0.21 | 0.23 | 0.34 | 0.28 | 1.00 | |||
| SOXS | -0.22 | -0.45 | -0.30 | -0.15 | -0.72 | -0.60 | -0.79 | -0.20 | 1.00 | ||
| XRT | 0.31 | 0.40 | 0.10 | 0.15 | 0.77 | 0.49 | 0.82 | 0.16 | -0.64 | 1.00 | |
| These 126 day (6 month) correlations can be considered short term, focusing on recent price movements. Correlations are only calculated for actively traded funds. As of: 2011-07-01. | |||||||||||
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