Wahed Dow Jones Islamic World ETF (UMMA) — Stock Correlations & Overview
Over the past year, UMMA has moved most closely with PATN, SPWO, CGNG. Explore the stocks most correlated and inversely correlated with UMMA below, along with its price, financials, and company profile.
Stocks correlated with UMMA
Correlation of daily returns. Higher positive values move with UMMA; negative values move opposite it. Informational only, not investment advice.
Most correlated with UMMA
| Symbol | Company | Correlation |
|---|---|---|
| PATN | Pacer Nasdaq International Patent Leaders ETF | 0.96 |
| SPWO | SP Funds S&P World (ex-US) ETF | 0.96 |
| CGNG | Capital Group New Geography Equity ETF | 0.96 |
| MEMX | Matthews Emerging Markets ex China Active ETF | 0.95 |
| CGGO | Capital Group Global Growth Equity ETF | 0.95 |
Most inversely correlated with UMMA
| Symbol | Company | Correlation |
|---|---|---|
| EDZ | Direxion Daily MSCI Emerging Markets Bear 3X ETF | -0.94 |
| EEV | ProShares Trust UltraShort MSCI Emerging Markets | -0.94 |
| EUM | ProShares Trust Short MSCI Emerging Markets | -0.94 |
| HIBS | Direxion Daily S&P 500 High Beta Bear 3X ETF | -0.85 |
| SOXS | Direxion Daily Semiconductor Bear 3X ETF | -0.84 |
Frequently asked questions about UMMA correlations
- Which stocks are most correlated with UMMA?
- Based on one year of daily returns, the stocks most correlated with Wahed Dow Jones Islamic World ETF (UMMA) are PATN (0.96), SPWO (0.96) and CGNG (0.96). 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 UMMA?
- Over the past year, the stocks most inversely correlated with Wahed Dow Jones Islamic World ETF (UMMA) are EDZ (-0.94), EEV (-0.94) and EUM (-0.94). 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 UMMA correlations calculated?
- We compute the correlation of daily returns between UMMA 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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