First Trust Cloud Computing ETF (SKYY) — Stock Correlations & Overview
Over the past year, SKYY has moved most closely with SKYU, CLOD, IGV. Explore the stocks most correlated and inversely correlated with SKYY below, along with its price, financials, and company profile.
Stocks correlated with SKYY
Correlation of daily returns. Higher positive values move with SKYY; negative values move opposite it. Informational only, not investment advice.
Most correlated with SKYY
| Symbol | Company | Correlation |
|---|---|---|
| SKYU | ProShares Ultra Nasdaq Cloud Computing ETF | 1.00 |
| CLOD | Themes Cloud Computing ETF | 0.93 |
| IGV | iShares Expanded Tech-Software Sector ETF | 0.91 |
| CLOU | Global X Cloud Computing ETF | 0.91 |
| XDAT | Franklin Exponential Data ETF | 0.90 |
Most inversely correlated with SKYY
| Symbol | Company | Correlation |
|---|---|---|
| WEBS | Direxion Daily Dow Jones Internet Bear 3X ETF | -0.82 |
| AIBD | Direxion Daily AI and Big Data Bear 2X ETF | -0.68 |
| FNGD | MicroSectors FANG+ Index -3X Inverse Leveraged ETNs due January 8, 2038COMMERCIAL BANKS, NEC | -0.65 |
| PALD | Direxion Shares ETF Trust Direxion Daily PANW Bear 1X ETF | -0.63 |
| SARK | Investment Managers Series Trust II Tradr 1X Short Innovation Daily ETF | -0.61 |
Frequently asked questions about SKYY correlations
- Which stocks are most correlated with SKYY?
- Based on one year of daily returns, the stocks most correlated with First Trust Cloud Computing ETF (SKYY) are SKYU (1.00), CLOD (0.93) and IGV (0.91). 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 SKYY?
- Over the past year, the stocks most inversely correlated with First Trust Cloud Computing ETF (SKYY) are WEBS (-0.82), AIBD (-0.68) and FNGD (-0.65). 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 SKYY correlations calculated?
- We compute the correlation of daily returns between SKYY 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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