SPDR DoubleLine Correlations

EMTL Etf

USD 43.14 0.17 0.40%

The current 90-days correlation between SPDR DoubleLine Emerging and Innovator Russell 2000 is -0.03 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR DoubleLine moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR DoubleLine Emerging moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR DoubleLine Correlation With Market

Poor diversification

The correlation between SPDR DoubleLine Emerging and DJI is 0.65 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR DoubleLine Emerging and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with SPDR Etf

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in SPDR DoubleLine Emerging. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with SPDR Etf

0.72	HYEM	VanEck Emerging Markets	Pair Corr
0.68	EMHY	iShares JP Morgan	Pair Corr
0.67	CEMB	iShares JP Morgan	Pair Corr
0.66	XEMD	Bondbloxx ETF Trust	Pair Corr
0.7	CBON	VanEck China Bond	Pair Corr
0.74	EMCB	WisdomTree Emerging	Pair Corr
0.74	EU	enCore Energy Corp	Pair Corr
0.72	WIP	SPDR FTSE International	Pair Corr
0.62	ISHG	iShares 1 3	Pair Corr
0.63	GENW	Spinnaker ETF Series	Pair Corr
0.75	VBK	Vanguard Small Cap	Pair Corr
0.81	LITP	Sprott Lithium Miners	Pair Corr
0.63	LSEQ	Harbor ETF Trust	Pair Corr
0.73	VGUS	Vanguard Ultra Short	Pair Corr
0.71	PCEM	Litman Gregory Funds	Pair Corr
0.7	TOCT	Innovator Equity Defined	Pair Corr
0.77	JANW	AIM ETF Products	Pair Corr
0.67	EWT	iShares MSCI Taiwan	Pair Corr
0.84	WDNA	WisdomTree BioRevolution	Pair Corr
0.72	FPXE	First Trust IPOX	Pair Corr
0.7	BSMS	Invesco BulletShares 2028	Pair Corr
0.66	TAXT	Northern Trust Tax	Pair Corr
0.61	XFIX	Fm Investments Symbol Change	Pair Corr
0.69	IBBQ	Invesco Nasdaq Biote	Pair Corr
0.67	TSPX	Twin Oak Active	Pair Corr
0.74	GAPR	First Trust Exchange	Pair Corr
0.61	VIG	Vanguard Dividend Sell-off Trend	Pair Corr
0.72	XBI	SPDR SP Biotech	Pair Corr
0.64	BBH	VanEck Biotech ETF	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.38	-0.43	0.41	0.14	-0.49	-0.08	0.34	0.45	0.41	META
MSFT	-0.38		0.81	-0.55	-0.68	0.73	0.83	0.07	-0.86	-0.91	MSFT
UBER	-0.43	0.81		-0.49	-0.53	0.8	0.58	-0.08	-0.8	-0.76	UBER
F	0.41	-0.55	-0.49		0.14	-0.45	-0.28	0.28	0.7	0.62	F
T	0.14	-0.68	-0.53	0.14		-0.44	-0.77	-0.14	0.45	0.6	T
A	-0.49	0.73	0.8	-0.45	-0.44		0.52	-0.02	-0.66	-0.79	A
CRM	-0.08	0.83	0.58	-0.28	-0.77	0.52		0.44	-0.61	-0.82	CRM
JPM	0.34	0.07	-0.08	0.28	-0.14	-0.02	0.44		0.21	-0.09	JPM
MRK	0.45	-0.86	-0.8	0.7	0.45	-0.66	-0.61	0.21		0.84	MRK
XOM	0.41	-0.91	-0.76	0.62	0.6	-0.79	-0.82	-0.09	0.84		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

XOM	+ 0.84	MRK
CRM	+ 0.83	MSFT
UBER	+ 0.81	MSFT
A	+ 0.8	UBER
A	+ 0.73	MSFT
MRK	+ 0.7	F

High negative correlations

XOM	- 0.91	MSFT
MRK	- 0.86	MSFT
XOM	- 0.82	CRM
MRK	- 0.8	UBER
XOM	- 0.79	A
CRM	- 0.77	T

SPDR DoubleLine Competition Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR DoubleLine ETF doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze SPDR DoubleLine's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
META	1.50	0.02	0.00	0.07	1.52	(1.82)	3.43	(2.82)	13.69
MSFT	1.32	(0.38)	0.00	(1.03)	0.00	0.00	1.90	(2.74)	13.28
UBER	1.51	(0.44)	0.00	(0.83)	0.00	0.00	2.41	(3.82)	11.09
F	1.21	0.07	0.05	0.13	1.18	(1.44)	3.34	(2.30)	7.16
T	1.00	0.21	0.17	6.48	0.77	(1.18)	3.87	(1.54)	5.31
A	1.25	(0.33)	0.00	(0.22)	0.00	0.00	2.90	(2.73)	7.85
CRM	1.71	(0.45)	0.00	(0.42)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.27	(0.10)	0.00	(0.02)	0.00	0.00	2.34	(3.11)	7.38
MRK	1.29	0.43	0.31	0.78	1.00	(1.59)	2.93	(1.98)	8.74
XOM	1.25	0.32	0.20	1.60	1.14	(1.43)	2.68	(2.12)	6.83

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