Factor ETFs (improved)

Performance

Risk-Adjusted Performance

Dividends

Drawdowns

Volatility

Diversification

Factor ETFs (improved)

Currency in USD · Last updated May 9, 2025

Asset Allocation

Position	Category/Sector	Target Weight
DBMF iM DBi Managed Futures Strategy ETF	Hedge Fund, Actively Managed	4%
DYNF BlackRock U.S. Equity Factor Rotation ETF	Large Cap Growth Equities, Actively Managed	4%
EFAV iShares Edge MSCI Min Vol EAFE ETF	Foreign Large Cap Equities	4%
IDHQ Invesco S&P International Developed High Quality ETF	Foreign Large Cap Equities	4%
IDLV Invesco S&P International Developed Low Volatility ETF	Volatility Hedged Equity	4%
IDMO Invesco S&P International Developed Momentum ETF	Global Equities	4%
IVLU iShares MSCI Intl Value Factor ETF	Foreign Large Cap Equities	4%
OMFL Invesco Russell 1000 Dynamic Multifactor ETF	Small Cap Blend Equities	4%
RFG Invesco S&P MidCap 400® Pure Growth ETF	Small Cap Growth Equities	4%
RFV Invesco S&P MidCap 400® Pure Value ETF	Small Cap Value Equities	4%
RPG Invesco S&P 500® Pure Growth ETF	Large Cap Blend Equities	4%
RPV Invesco S&P 500® Pure Value ETF	All Cap Equities	4%
RZG Invesco S&P SmallCap 600® Pure Growth ETF	Small Cap Growth Equities	4%
RZV Invesco S&P SmallCap 600® Pure Value ETF	Small Cap Value Equities	4%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	Volatility Hedged Equity, Dividend	4%
SPHQ Invesco S&P 500® Quality ETF	Large Cap Blend Equities	4%
SPLV Invesco S&P 500® Low Volatility ETF	Volatility Hedged Equity	4%
SPMO Invesco S&P 500® Momentum ETF	Large Cap Growth Equities	4%
SPY SPDR S&P 500 ETF	Large Cap Growth Equities	4%
XMHQ		4%
XMLV		4%
XMMO		4%
XSHQ		4%
XSLV		4%
XSMO		4%

Benchmark

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Factor ETFs (improved), comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Every 3 months.

Factor ETFs (improved)

Benchmark (^GSPC)

Portfolio components

The earliest data available for this chart is May 8, 2019, corresponding to the inception date of DBMF

Returns By Period

	YTD	1M	6M	1Y	5Y*	10Y*
^GSPC S&P 500	-3.70%	13.67%	-5.18%	9.18%	14.14%	10.43%
Factor ETFs (improved)	1.21%	13.81%	-2.62%	8.18%	14.18%	N/A
Portfolio components:
DBMF iM DBi Managed Futures Strategy ETF	-2.99%	2.40%	-4.05%	-9.50%	5.20%	N/A
DYNF BlackRock U.S. Equity Factor Rotation ETF	-2.68%	14.17%	-4.10%	13.78%	17.10%	N/A
EFAV iShares Edge MSCI Min Vol EAFE ETF	15.85%	11.94%	11.37%	19.71%	7.60%	4.83%
IDHQ Invesco S&P International Developed High Quality ETF	11.77%	15.23%	5.51%	6.55%	9.29%	6.68%
IDLV Invesco S&P International Developed Low Volatility ETF	16.21%	13.92%	11.20%	18.83%	7.25%	3.78%
IDMO Invesco S&P International Developed Momentum ETF	17.91%	20.13%	13.68%	19.47%	16.49%	8.69%
IVLU iShares MSCI Intl Value Factor ETF	16.05%	17.87%	11.77%	15.41%	15.37%	N/A
OMFL Invesco Russell 1000 Dynamic Multifactor ETF	0.37%	12.14%	-1.26%	2.75%	14.18%	N/A
RFG Invesco S&P MidCap 400® Pure Growth ETF	-4.41%	18.35%	-9.62%	-6.07%	11.65%	6.45%
RFV Invesco S&P MidCap 400® Pure Value ETF	-6.24%	15.42%	-9.86%	0.45%	21.42%	9.02%
RPG Invesco S&P 500® Pure Growth ETF	-0.39%	21.29%	-1.56%	17.05%	12.10%	10.17%
RPV Invesco S&P 500® Pure Value ETF	0.31%	10.00%	-2.59%	7.81%	17.48%	7.35%
RZG Invesco S&P SmallCap 600® Pure Growth ETF	-4.17%	15.21%	-10.95%	0.57%	10.80%	5.77%
RZV Invesco S&P SmallCap 600® Pure Value ETF	-14.29%	14.25%	-17.25%	-6.71%	19.04%	5.00%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	-0.82%	7.09%	-3.88%	10.36%	12.49%	8.04%
SPHQ Invesco S&P 500® Quality ETF	0.92%	13.84%	-0.68%	14.14%	16.47%	13.01%
SPLV Invesco S&P 500® Low Volatility ETF	4.46%	6.86%	1.09%	14.18%	10.29%	9.22%
SPMO Invesco S&P 500® Momentum ETF	3.87%	19.16%	2.96%	25.00%	20.72%	N/A
SPY SPDR S&P 500 ETF	-3.30%	13.81%	-4.52%	10.65%	15.81%	12.33%
XMHQ	-2.95%	16.06%	-9.12%	-5.53%	16.92%	N/A
XMLV	1.39%	10.04%	-1.89%	12.03%	10.04%	N/A
XMMO	-2.53%	17.82%	-7.11%	6.01%	17.52%	N/A
XSHQ	-6.75%	14.56%	-14.65%	-0.53%	12.40%	N/A
XSLV	-4.04%	9.36%	-8.49%	5.07%	8.22%	N/A
XSMO	-3.02%	15.88%	-10.48%	7.67%	15.06%	N/A

*Annualized

Monthly Returns

The table below presents the monthly returns of Factor ETFs (improved), with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2025	3.36%	-1.14%	-2.78%	-0.23%	2.11%								1.21%
2024	0.12%	5.02%	4.49%	-4.28%	4.24%	-0.46%	4.59%	1.12%	1.18%	-2.01%	6.74%	-5.40%	15.55%
2023	6.17%	-2.35%	-1.22%	0.52%	-2.91%	6.93%	3.75%	-1.96%	-3.45%	-3.39%	7.40%	6.52%	16.01%
2022	-5.37%	-0.91%	2.07%	-5.92%	1.62%	-8.21%	7.59%	-3.70%	-8.32%	9.58%	5.79%	-4.60%	-11.76%
2021	1.50%	3.71%	4.04%	2.69%	1.49%	0.80%	0.72%	2.32%	-3.39%	5.10%	-2.28%	4.30%	22.70%
2020	-1.89%	-8.79%	-15.72%	11.05%	4.74%	1.63%	4.13%	4.69%	-2.65%	-0.78%	12.45%	5.19%	11.03%
2019					-4.10%	5.98%	0.54%	-2.09%	2.60%	1.57%	2.39%	2.35%	9.27%

Expense Ratio

Factor ETFs (improved) has an expense ratio of 0.30%, placing it in the medium range. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

DBMF

iM DBi Managed Futures Strategy ETF

RFG

Invesco S&P MidCap 400® Pure Growth ETF

RFV

Invesco S&P MidCap 400® Pure Value ETF

RPG

Invesco S&P 500® Pure Growth ETF

RPV

Invesco S&P 500® Pure Value ETF

RZG

Invesco S&P SmallCap 600® Pure Growth ETF

RZV

Invesco S&P SmallCap 600® Pure Value ETF

DYNF

BlackRock U.S. Equity Factor Rotation ETF

IVLU

iShares MSCI Intl Value Factor ETF

SPHD

Invesco S&P 500® High Dividend Low Volatility ETF

IDHQ

Invesco S&P International Developed High Quality ETF

OMFL

Invesco Russell 1000 Dynamic Multifactor ETF

IDLV

Invesco S&P International Developed Low Volatility ETF

IDMO

Invesco S&P International Developed Momentum ETF

SPLV

Invesco S&P 500® Low Volatility ETF

EFAV

iShares Edge MSCI Min Vol EAFE ETF

SPHQ

Invesco S&P 500® Quality ETF

SPMO

Invesco S&P 500® Momentum ETF

SPY

SPDR S&P 500 ETF

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

The current rank of Factor ETFs (improved) is 32, indicating average performance compared to other portfolios on our website. Here’s a breakdown of how it compares using common performance measures.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

Risk-Adjusted Performance Indicators

This table presents a comparison of risk-adjusted performance metrics for positions. Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Portfolio components

	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
DBMF iM DBi Managed Futures Strategy ETF	-0.95	-1.08	0.86	-0.52	-0.90
DYNF BlackRock U.S. Equity Factor Rotation ETF	0.71	1.10	1.16	0.75	2.80
EFAV iShares Edge MSCI Min Vol EAFE ETF	1.63	2.22	1.31	2.28	5.64
IDHQ Invesco S&P International Developed High Quality ETF	0.38	0.66	1.09	0.47	1.22
IDLV Invesco S&P International Developed Low Volatility ETF	1.45	1.99	1.28	1.86	4.74
IDMO Invesco S&P International Developed Momentum ETF	0.94	1.31	1.19	1.46	5.53
IVLU iShares MSCI Intl Value Factor ETF	0.86	1.28	1.17	0.98	3.42
OMFL Invesco Russell 1000 Dynamic Multifactor ETF	0.15	0.34	1.04	0.17	0.52
RFG Invesco S&P MidCap 400® Pure Growth ETF	-0.25	-0.22	0.97	-0.25	-0.69
RFV Invesco S&P MidCap 400® Pure Value ETF	0.02	0.20	1.03	0.02	0.07
RPG Invesco S&P 500® Pure Growth ETF	0.63	0.97	1.14	0.65	2.15
RPV Invesco S&P 500® Pure Value ETF	0.44	0.76	1.10	0.54	1.73
RZG Invesco S&P SmallCap 600® Pure Growth ETF	0.02	0.20	1.02	0.01	0.02
RZV Invesco S&P SmallCap 600® Pure Value ETF	-0.26	-0.19	0.98	-0.22	-0.64
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	0.73	1.15	1.16	0.86	2.93
SPHQ Invesco S&P 500® Quality ETF	0.82	1.27	1.18	0.87	3.60
SPLV Invesco S&P 500® Low Volatility ETF	1.09	1.59	1.23	1.66	5.19
SPMO Invesco S&P 500® Momentum ETF	1.02	1.51	1.22	1.25	4.52
SPY SPDR S&P 500 ETF	0.54	0.90	1.13	0.57	2.24
XMHQ	-0.25	-0.23	0.97	-0.24	-0.67
XMLV	0.79	1.20	1.15	0.87	2.83
XMMO	0.25	0.51	1.07	0.24	0.70
XSHQ	-0.02	0.13	1.02	-0.03	-0.07
XSLV	0.29	0.64	1.08	0.33	0.99
XSMO	0.31	0.60	1.08	0.29	0.83

The current Factor ETFs (improved) Sharpe ratio is 0.48. This value is calculated based on the past 1 year of trading data and takes into account price changes and dividends.

Compared to the broad market, where average Sharpe ratios range from 0.44 to 0.96, this portfolio's current Sharpe ratio lies between the 25th and 75th percentiles. This indicates that the its risk-adjusted performance is in line with the majority of portfolios. This suggests a balanced approach to risk and return, which might be suitable for a broad range of investors.

Use the chart below to compare the Sharpe ratio of Factor ETFs (improved) with the selected benchmark, providing insights into the investment's historical performance in terms of risk-adjusted returns. Go to the Sharpe ratio tool for more fine-grained control over the calculation options.

Factor ETFs (improved)

Benchmark (^GSPC)

Portfolio components

Dividends

Dividend yield

Factor ETFs (improved) provided a 1.98% dividend yield over the last twelve months.

	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Portfolio	1.98%	1.99%	2.02%	2.40%	1.88%	1.51%	2.22%	1.80%	1.38%	1.47%	1.44%	1.32%
Portfolio components:
DBMF iM DBi Managed Futures Strategy ETF	6.05%	5.75%	2.91%	7.72%	10.38%	0.86%	9.35%	0.00%	0.00%	0.00%	0.00%	0.00%
DYNF BlackRock U.S. Equity Factor Rotation ETF	0.94%	0.66%	1.11%	1.65%	5.24%	1.52%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%
EFAV iShares Edge MSCI Min Vol EAFE ETF	2.79%	3.24%	3.07%	2.53%	2.47%	1.33%	4.19%	3.34%	2.45%	3.94%	2.49%	3.57%
IDHQ Invesco S&P International Developed High Quality ETF	2.30%	2.41%	2.52%	3.32%	2.10%	1.60%	2.10%	2.67%	1.68%	2.36%	1.71%	1.75%
IDLV Invesco S&P International Developed Low Volatility ETF	3.03%	3.41%	3.59%	4.69%	2.99%	2.31%	5.48%	3.94%	3.05%	3.92%	3.93%	3.25%
IDMO Invesco S&P International Developed Momentum ETF	1.74%	2.24%	2.89%	3.66%	1.81%	1.64%	2.10%	3.27%	3.08%	2.18%	2.52%	2.18%
IVLU iShares MSCI Intl Value Factor ETF	3.84%	4.46%	4.69%	3.59%	3.25%	2.05%	3.53%	2.82%	2.87%	2.53%	0.93%	0.00%
OMFL Invesco Russell 1000 Dynamic Multifactor ETF	0.98%	1.22%	1.37%	1.55%	0.95%	1.48%	1.53%	1.39%	0.32%	0.00%	0.00%	0.00%
RFG Invesco S&P MidCap 400® Pure Growth ETF	0.32%	0.38%	0.99%	0.78%	0.26%	0.27%	0.64%	0.76%	0.66%	0.35%	0.61%	0.60%
RFV Invesco S&P MidCap 400® Pure Value ETF	1.67%	1.31%	1.27%	2.05%	1.60%	1.52%	1.71%	1.39%	1.36%	0.88%	1.79%	1.19%
RPG Invesco S&P 500® Pure Growth ETF	0.28%	0.25%	1.44%	0.74%	0.00%	0.46%	0.83%	0.47%	0.56%	0.43%	0.73%	0.67%
RPV Invesco S&P 500® Pure Value ETF	2.33%	2.16%	2.38%	2.29%	1.92%	2.11%	2.28%	2.49%	1.73%	1.73%	2.39%	1.57%
RZG Invesco S&P SmallCap 600® Pure Growth ETF	0.79%	0.95%	1.43%	1.59%	0.22%	0.48%	0.70%	0.46%	0.44%	0.65%	0.70%	0.36%
RZV Invesco S&P SmallCap 600® Pure Value ETF	1.54%	1.14%	1.13%	1.43%	0.86%	0.63%	1.03%	2.03%	1.02%	0.46%	1.24%	0.68%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	3.43%	3.41%	4.48%	3.89%	3.45%	4.89%	4.07%	4.40%	3.14%	3.83%	3.49%	3.24%
SPHQ Invesco S&P 500® Quality ETF	1.14%	1.15%	1.43%	1.85%	1.19%	1.56%	1.50%	1.86%	1.57%	1.68%	2.29%	1.66%
SPLV Invesco S&P 500® Low Volatility ETF	1.74%	1.88%	2.45%	2.11%	1.51%	2.12%	2.08%	2.18%	2.03%	2.03%	2.28%	2.20%
SPMO Invesco S&P 500® Momentum ETF	0.52%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%	0.00%
SPY SPDR S&P 500 ETF	1.27%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%	1.87%
XMHQ	5.35%	5.20%	0.73%	1.72%	1.00%	1.12%	1.22%	1.59%	1.06%	1.64%	1.34%	1.25%
XMLV	2.52%	2.23%	2.34%	2.05%	1.14%	1.93%	2.02%	2.12%	1.74%	1.72%	1.85%	2.00%
XMMO	0.51%	0.34%	0.80%	1.43%	0.41%	0.61%	0.60%	0.19%	0.21%	0.22%	0.64%	1.24%
XSHQ	1.35%	1.18%	1.15%	2.02%	1.25%	1.24%	1.11%	1.16%	0.79%	0.00%	0.00%	0.00%
XSLV	2.11%	2.55%	2.35%	2.79%	1.05%	2.48%	2.43%	2.75%	1.87%	1.96%	2.20%	2.38%
XSMO	0.86%	0.63%	0.96%	1.19%	0.30%	0.82%	0.69%	0.66%	0.27%	0.30%	0.35%	1.31%

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

Factor ETFs (improved)

Benchmark (^GSPC)

Portfolio components

Worst Drawdowns

The table below displays the maximum drawdowns of the Factor ETFs (improved). A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Factor ETFs (improved) was 35.79%, occurring on Mar 23, 2020. Recovery took 162 trading sessions.

The current Factor ETFs (improved) drawdown is 4.38%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-35.79%	Jan 21, 2020	44	Mar 23, 2020	162	Nov 10, 2020	206
-21.35%	Nov 17, 2021	219	Sep 30, 2022	306	Dec 19, 2023	525
-15.98%	Dec 5, 2024	84	Apr 8, 2025	—	—	—
-7.03%	Jul 17, 2024	14	Aug 5, 2024	14	Aug 23, 2024	28
-5.45%	Jul 25, 2019	15	Aug 14, 2019	20	Sep 12, 2019	35

Volatility

Volatility Chart

The current Factor ETFs (improved) volatility is 8.89%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.

Factor ETFs (improved)

Benchmark (^GSPC)

Portfolio components

Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 25 assets, with an effective number of assets of 25.00, reflecting the diversification based on asset allocation. This number of effective assets suggests that the portfolio's investments are spread across a variety of assets, indicating a well-diversified allocation. However, true diversification also depends on the correlations between assets.

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	^GSPC	DBMF	SPLV	EFAV	SPHD	IDLV	IDMO	SPMO	IDHQ	IVLU	RZV	RPV	XSLV	RPG	XMLV	RFV	XSHQ	XSMO	XMMO	RZG	SPHQ	OMFL	RFG	DYNF	SPY	XMHQ	Portfolio
^GSPC	1.00	0.16	0.68	0.68	0.65	0.69	0.74	0.86	0.76	0.70	0.68	0.72	0.70	0.90	0.74	0.74	0.76	0.78	0.82	0.80	0.96	0.87	0.84	0.97	1.00	0.84	0.91
DBMF	0.16	1.00	0.06	0.07	0.06	0.07	0.17	0.19	0.12	0.13	0.11	0.11	0.09	0.15	0.10	0.12	0.14	0.16	0.16	0.12	0.16	0.14	0.14	0.16	0.15	0.14	0.18
SPLV	0.68	0.06	1.00	0.64	0.77	0.65	0.55	0.62	0.57	0.54	0.49	0.62	0.67	0.57	0.82	0.54	0.55	0.55	0.61	0.54	0.69	0.63	0.56	0.64	0.68	0.59	0.69
EFAV	0.68	0.07	0.64	1.00	0.59	0.94	0.82	0.59	0.85	0.82	0.53	0.58	0.58	0.62	0.64	0.57	0.57	0.57	0.61	0.60	0.68	0.64	0.62	0.66	0.69	0.62	0.74
SPHD	0.65	0.06	0.77	0.59	1.00	0.63	0.49	0.47	0.55	0.66	0.75	0.86	0.80	0.50	0.84	0.78	0.70	0.62	0.59	0.65	0.63	0.73	0.60	0.62	0.65	0.69	0.77
IDLV	0.69	0.07	0.65	0.94	0.63	1.00	0.82	0.60	0.83	0.84	0.58	0.62	0.61	0.62	0.67	0.61	0.60	0.60	0.63	0.62	0.69	0.66	0.64	0.67	0.69	0.65	0.76
IDMO	0.74	0.17	0.55	0.82	0.49	0.82	1.00	0.75	0.85	0.79	0.54	0.56	0.55	0.74	0.60	0.58	0.60	0.67	0.72	0.66	0.73	0.66	0.71	0.73	0.74	0.67	0.77
SPMO	0.86	0.19	0.62	0.59	0.47	0.60	0.75	1.00	0.68	0.58	0.50	0.52	0.55	0.88	0.62	0.55	0.60	0.72	0.81	0.67	0.86	0.71	0.76	0.84	0.85	0.70	0.78
IDHQ	0.76	0.12	0.57	0.85	0.55	0.83	0.85	0.68	1.00	0.80	0.57	0.60	0.58	0.72	0.62	0.62	0.63	0.64	0.68	0.66	0.75	0.69	0.70	0.74	0.76	0.69	0.79
IVLU	0.70	0.13	0.54	0.82	0.66	0.84	0.79	0.58	0.80	1.00	0.69	0.74	0.65	0.63	0.65	0.73	0.69	0.66	0.64	0.68	0.69	0.71	0.67	0.69	0.71	0.71	0.80
RZV	0.68	0.11	0.49	0.53	0.75	0.58	0.54	0.50	0.57	0.69	1.00	0.89	0.86	0.61	0.77	0.93	0.90	0.82	0.72	0.84	0.65	0.79	0.76	0.68	0.68	0.83	0.86
RPV	0.72	0.11	0.62	0.58	0.86	0.62	0.56	0.52	0.60	0.74	0.89	1.00	0.83	0.60	0.81	0.92	0.83	0.75	0.70	0.77	0.69	0.82	0.72	0.70	0.72	0.82	0.86
XSLV	0.70	0.09	0.67	0.58	0.80	0.61	0.55	0.55	0.58	0.65	0.86	0.83	1.00	0.63	0.90	0.85	0.89	0.82	0.75	0.83	0.67	0.77	0.75	0.69	0.71	0.82	0.87
RPG	0.90	0.15	0.57	0.62	0.50	0.62	0.74	0.88	0.72	0.63	0.61	0.60	0.63	1.00	0.67	0.66	0.72	0.78	0.85	0.80	0.88	0.79	0.89	0.89	0.90	0.82	0.86
XMLV	0.74	0.10	0.82	0.64	0.84	0.67	0.60	0.62	0.62	0.65	0.77	0.81	0.90	0.67	1.00	0.81	0.81	0.79	0.79	0.78	0.72	0.78	0.77	0.72	0.74	0.83	0.87
RFV	0.74	0.12	0.54	0.57	0.78	0.61	0.58	0.55	0.62	0.73	0.93	0.92	0.85	0.66	0.81	1.00	0.89	0.82	0.76	0.85	0.71	0.84	0.80	0.74	0.75	0.88	0.90
XSHQ	0.76	0.14	0.55	0.57	0.70	0.60	0.60	0.60	0.63	0.69	0.90	0.83	0.89	0.72	0.81	0.89	1.00	0.89	0.81	0.91	0.73	0.82	0.84	0.76	0.76	0.90	0.91
XSMO	0.78	0.16	0.55	0.57	0.62	0.60	0.67	0.72	0.64	0.66	0.82	0.75	0.82	0.78	0.79	0.82	0.89	1.00	0.90	0.93	0.76	0.79	0.88	0.79	0.78	0.87	0.91
XMMO	0.82	0.16	0.61	0.61	0.59	0.63	0.72	0.81	0.68	0.64	0.72	0.70	0.75	0.85	0.79	0.76	0.81	0.90	1.00	0.85	0.81	0.80	0.93	0.83	0.82	0.89	0.90
RZG	0.80	0.12	0.54	0.60	0.65	0.62	0.66	0.67	0.66	0.68	0.84	0.77	0.83	0.80	0.78	0.85	0.91	0.93	0.85	1.00	0.77	0.82	0.91	0.80	0.80	0.89	0.92
SPHQ	0.96	0.16	0.69	0.68	0.63	0.69	0.73	0.86	0.75	0.69	0.65	0.69	0.67	0.88	0.72	0.71	0.73	0.76	0.81	0.77	1.00	0.83	0.82	0.94	0.96	0.82	0.88
OMFL	0.87	0.14	0.63	0.64	0.73	0.66	0.66	0.71	0.69	0.71	0.79	0.82	0.77	0.79	0.78	0.84	0.82	0.79	0.80	0.82	0.83	1.00	0.83	0.86	0.87	0.87	0.91
RFG	0.84	0.14	0.56	0.62	0.60	0.64	0.71	0.76	0.70	0.67	0.76	0.72	0.75	0.89	0.77	0.80	0.84	0.88	0.93	0.91	0.82	0.83	1.00	0.84	0.84	0.92	0.92
DYNF	0.97	0.16	0.64	0.66	0.62	0.67	0.73	0.84	0.74	0.69	0.68	0.70	0.69	0.89	0.72	0.74	0.76	0.79	0.83	0.80	0.94	0.86	0.84	1.00	0.97	0.84	0.90
SPY	1.00	0.15	0.68	0.69	0.65	0.69	0.74	0.85	0.76	0.71	0.68	0.72	0.71	0.90	0.74	0.75	0.76	0.78	0.82	0.80	0.96	0.87	0.84	0.97	1.00	0.84	0.91
XMHQ	0.84	0.14	0.59	0.62	0.69	0.65	0.67	0.70	0.69	0.71	0.83	0.82	0.82	0.82	0.83	0.88	0.90	0.87	0.89	0.89	0.82	0.87	0.92	0.84	0.84	1.00	0.94
Portfolio	0.91	0.18	0.69	0.74	0.77	0.76	0.77	0.78	0.79	0.80	0.86	0.86	0.87	0.86	0.87	0.90	0.91	0.91	0.90	0.92	0.88	0.91	0.92	0.90	0.91	0.94	1.00

The correlation results are calculated based on daily price changes starting from May 9, 2019

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