SPDR DoubleLine Correlations

EMTL Etf

USD 43.59 0.02 0.05%

The current 90-days correlation between SPDR DoubleLine Emerging and Innovator Russell 2000 is 0.41 (i.e., Very weak 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

Very poor diversification

The correlation between SPDR DoubleLine Emerging and DJI is 0.81 (i.e., Very 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 real.

Moving together with SPDR Etf

0.82	EMB	iShares JP Morgan	Pair Corr
0.93	HYEM	VanEck Emerging Markets	Pair Corr
0.92	EMHY	iShares JP Morgan	Pair Corr
0.93	CEMB	iShares JP Morgan	Pair Corr
0.93	XEMD	Bondbloxx ETF Trust	Pair Corr
0.83	EMHC	SPDR Bloomberg Barclays	Pair Corr
0.92	CBON	VanEck China Bond	Pair Corr
0.8	EMBD	Global X Emerging	Pair Corr
0.89	OIH	VanEck Oil Services	Pair Corr
0.85	WTMF	WisdomTree Managed	Pair Corr
0.86	EWC	iShares MSCI Canada	Pair Corr
0.66	TOT	Advisor Managed Port	Pair Corr
0.89	VEA	Vanguard FTSE Developed	Pair Corr
0.87	SIXD	AIM ETF Products	Pair Corr
0.76	IEMG	iShares Core MSCI	Pair Corr
0.78	TPHD	Timothy Plan High	Pair Corr
0.75	WMT	Walmart Common Stock Sell-off Trend	Pair Corr
0.86	MRK	Merck Company	Pair Corr
0.69	INTC	Intel Earnings Call This Week	Pair Corr
0.9	XOM	Exxon Mobil Corp Earnings Call This Week	Pair Corr
0.7	CVX	Chevron Corp Earnings Call This Week	Pair Corr
0.82	JNJ	Johnson Johnson	Pair Corr
0.85	DD	Dupont De Nemours	Pair Corr
0.87	CAT	Caterpillar Earnings Call This Week	Pair Corr
0.88	AA	Alcoa Corp	Pair Corr

Moving against SPDR Etf

0.6	ARKW	ARK Next Generation	Pair Corr
0.67	T	ATT Inc Earnings Call This Week	Pair Corr
0.4	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.56	0.27	-0.24	0.15	-0.12	0.53	-0.07	-0.28	-0.32	META
MSFT	0.56		0.78	-0.55	0.52	0.25	0.35	-0.25	-0.84	-0.74	MSFT
UBER	0.27	0.78		-0.47	0.42	0.45	0.01	-0.39	-0.8	-0.51	UBER
F	-0.24	-0.55	-0.47		-0.64	-0.13	0.07	0.59	0.68	0.62	F
T	0.15	0.52	0.42	-0.64		0.55	-0.19	-0.41	-0.49	-0.64	T
A	-0.12	0.25	0.45	-0.13	0.55		-0.32	-0.22	-0.25	-0.37	A
CRM	0.53	0.35	0.01	0.07	-0.19	-0.32		0.54	-0.09	-0.33	CRM
JPM	-0.07	-0.25	-0.39	0.59	-0.41	-0.22	0.54		0.48	0.17	JPM
MRK	-0.28	-0.84	-0.8	0.68	-0.49	-0.25	-0.09	0.48		0.74	MRK
XOM	-0.32	-0.74	-0.51	0.62	-0.64	-0.37	-0.33	0.17	0.74		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

UBER	+ 0.78	MSFT
XOM	+ 0.74	MRK
MRK	+ 0.68	F
XOM	+ 0.62	F
JPM	+ 0.59	F
MSFT	+ 0.56	META

High negative correlations

MRK	- 0.84	MSFT
MRK	- 0.8	UBER
XOM	- 0.74	MSFT
XOM	- 0.64	T
T	- 0.64	F
F	- 0.55	MSFT

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	1.42	(0.21)	0.00	(0.14)	0.00	0.00	3.16	(2.67)	13.02
MSFT	1.04	(0.18)	0.00	(0.50)	0.00	0.00	1.78	(2.50)	4.90
UBER	1.45	(0.24)	0.00	(0.24)	0.00	0.00	2.60	(3.82)	10.23
F	1.50	0.11	0.10	0.14	1.32	(1.86)	3.69	(2.35)	16.30
T	0.87	(0.16)	0.00	(0.39)	0.00	0.00	1.53	(1.85)	4.30
A	1.21	(0.17)	0.00	(0.06)	0.00	0.00	2.90	(2.58)	7.85
CRM	1.51	(0.23)	0.00	(0.13)	0.00	0.00	3.22	(3.10)	12.37
JPM	1.13	(0.11)	0.00	(0.01)	0.00	0.00	2.00	(3.11)	7.38
MRK	1.24	0.31	0.21	0.48	1.09	(1.53)	3.59	(1.98)	8.09
XOM	1.07	0.28	0.18	4.20	0.95	(1.22)	2.38	(1.51)	5.82

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