KraneShares 2x Long MELI Daily ETF (KMLI) — Stock Correlations & Overview
Over the past year, KMLI has moved most closely with MELI, FMQQ, EBIZ. Explore the stocks most correlated and inversely correlated with KMLI below, along with its price, financials, and company profile.
Stocks correlated with KMLI
Correlation of daily returns. Higher positive values move with KMLI; negative values move opposite it. Informational only, not investment advice.
Most correlated with KMLI
| Symbol | Company | Correlation |
|---|---|---|
| MELI | Mercado Libre, IncSERVICES-BUSINESS SERVICES, NEC | 0.99 |
| FMQQ | FMQQ The Next Frontier Internet ETF | 0.62 |
| EBIZ | Global X E-commerce ETF | 0.56 |
| PNQI | Invesco NASDAQ Internet ETF | 0.53 |
| BUYZ | Franklin Disruptive Commerce ETF | 0.53 |
Most inversely correlated with KMLI
| Symbol | Company | Correlation |
|---|---|---|
| WEBS | Direxion Daily Dow Jones Internet Bear 3X ETF | -0.45 |
| SCC | ProShares UltraShort Consumer Discretionary | -0.39 |
| FLYD | MicroSectors Travel -3x Inverse Leveraged ETNCOMMERCIAL BANKS, NEC | -0.38 |
| DXD | ProShares UltraShort Dow 30 | -0.35 |
| CARD | MAX Auto Industry -3x Inverse Leveraged ETNCOMMERCIAL BANKS, NEC | -0.35 |
Frequently asked questions about KMLI correlations
- Which stocks are most correlated with KMLI?
- Based on one year of daily returns, the stocks most correlated with KraneShares 2x Long MELI Daily ETF (KMLI) are MELI (0.99), FMQQ (0.62) and EBIZ (0.56). 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 KMLI?
- Over the past year, the stocks most inversely correlated with KraneShares 2x Long MELI Daily ETF (KMLI) are WEBS (-0.45), SCC (-0.39) and FLYD (-0.38). 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 KMLI correlations calculated?
- We compute the correlation of daily returns between KMLI 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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