Which stocks are most correlated with HFEQ?

Based on one year of daily returns, the stocks most correlated with Unlimited HFEQ Equity Long/Short ETF (HFEQ) are NOVZ (0.89), WLTG (0.89) and FEBZ (0.88). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.

Which stocks are inversely correlated with HFEQ?

Over the past year, the stocks most inversely correlated with Unlimited HFEQ Equity Long/Short ETF (HFEQ) are SPXS (-0.79), TZA (-0.79) and SPDN (-0.79). A negative correlation means the two stocks have tended to move in opposite directions.

Unlimited HFEQ Equity Long/Short ETF (HFEQ) — Stock Correlations & Overview

Over the past year, HFEQ has moved most closely with NOVZ, WLTG, FEBZ. Explore the stocks most correlated and inversely correlated with HFEQ below, along with its price, financials, and company profile.

Stocks correlated with HFEQ

Correlation of daily returns. Higher positive values move with HFEQ; negative values move opposite it. Informational only, not investment advice.

Most correlated with HFEQ

Symbol	Company	Correlation
NOVZ	TrueShares Structured Outcome (November) ETF	0.89
WLTG	WealthTrust DBS Long Term Growth ETF	0.89
FEBZ	TrueShares Structured Outcome (February) ETF	0.88
MARZ	TrueShares Structured Outcome (March) ETF	0.88
OCTZ	TrueShares Structured Outcome (October) ETF	0.88

Most inversely correlated with HFEQ

Symbol	Company	Correlation
SPXS	Direxion Daily S&P 500 Bear 3x ETF	-0.79
TZA	Direxion Daily Small Cap Bear 3x ETF	-0.79
SPDN	Direxion Daily S&P 500 Bear 1X ETF	-0.79
HIBS	Direxion Daily S&P 500 High Beta Bear 3X ETF	-0.79
SRTY	ProShares UltraPro Short Russell2000	-0.78

Frequently asked questions about HFEQ correlations

Which stocks are most correlated with HFEQ?: Based on one year of daily returns, the stocks most correlated with Unlimited HFEQ Equity Long/Short ETF (HFEQ) are NOVZ (0.89), WLTG (0.89) and FEBZ (0.88). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
Which stocks are inversely correlated with HFEQ?: Over the past year, the stocks most inversely correlated with Unlimited HFEQ Equity Long/Short ETF (HFEQ) are SPXS (-0.79), TZA (-0.79) and SPDN (-0.79). A negative correlation means the two stocks have tended to move in opposite directions.
What does a correlation of 0.8 mean for a stock?: Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
How are these HFEQ correlations calculated?: We compute the correlation of daily returns between HFEQ and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.

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