Hierarchical clustering of default ETFs used in portfolio replication

ETFscale portfolio replication tool uses IVW,IVE,IJK,IJJ,IJS,IJT,AGG as the default factors/proxies to replicate a portfolio. These correspond to the following asset clases:
U.S. Large Cap Value - IVE
U.S. Large Cap Growth - IVW
U.S. Mid Cap Value - IJJ
U.S. Mid Cap Growth - IJK
U.S. Small Cap Value - IJS
U.S. Small Cap growth - IJT
U.S. Core Aggregate Bond -AGG
I was curious to see how these ETFs will cluster if they were used in a hierarchical clustering exercise. The results seem quite intuitive. As you can see AGG is in its own cluster rightly. And IVE, IVW are in their own clusters, because their correlation characteristics are the same. IJJ, IJK fall in their own clusters.


etf-cluster-png