ETRACS NYSE Pickens Core Midstream Index ETN due August 20, 2048
What is PYPE?
The ETRACS NYSE Pickens Core Midstream Index ETN (NYSE: PYPE) is an exchange-traded note linked to the performance of the NYSE Pickens Core Midstream Index, less investor fees. PYPE has been approve for listing on the NYSE Arca exchange (subject to official notice of issuance). The NYSE Pickens Core Midstream Index measures the performance of the common stock of corporations and units of MLPs which are intended to represent U.S. midstream energy fundamentals, agnostic of entity structure. The Index is calculated by the Index Sponsor using a modified free-float market capitalization weighted methodology. The Index constituents are intended to reflect pure (core) midstream energy exposure, with the aim of getting as close as possible, using publicly traded instruments, to the underlying assets and operating results of the core midstream sector, and limiting the potential effect of financial engineering via General Partners and Incentive Distribution Rights.
ETFs related toPYPE
ETFs correlated to PYPE include MLPX, AMZA, AMJ
What is ETF correlation?
Correlation is a measure of the strength of the relationship between two ETFs. It quantifies the degree to which prices of the two ETFs typically move together.
Here, correlation is measured over the past year with the Pearson correlation coefficient (Pearon’s r), which ranges from -1 to 1.
Using ETF correlations in portfolio and strategy construction
ETF correlations can help you create investing strategies and portfolios. Use them to:
- •Build a diversified portfolio from uncorrelated or inversely correlated ETFs with the aim of minimizing portfolio risk.
- •Compare correlated or related ETFs to find one with a lower expense ratio or higher trading volume.
- •Create an investing strategy that hedges an ETF with an uncorrelated or inversely correlated ETF.
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We show information based on calculations performed by Composer using data from our provider. Information provided here is based on calculations performed by Composer using data sourced from Xignite, an unaffiliated third party. Composer believes this information is reliable, but has not verified the data and there is no guarantee that the calculations are accurate.