SPDR DoubleLine Correlations

EMTL Etf

USD 43.42 0.05 0.12%

The current 90-days correlation between SPDR DoubleLine Emerging and Capital Group Fixed is 0.22 (i.e., Modest 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 weak diversification

The correlation between SPDR DoubleLine Emerging and DJI is 0.51 (i.e., Very weak 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

0.84	EMB	iShares JP Morgan	Pair Corr
0.9	HYEM	VanEck Emerging Markets	Pair Corr
0.91	EMHY	iShares JP Morgan	Pair Corr
0.86	CEMB	iShares JP Morgan	Pair Corr
0.87	XEMD	Bondbloxx ETF Trust	Pair Corr
0.84	EMHC	SPDR Bloomberg Barclays	Pair Corr
0.82	CBON	VanEck China Bond	Pair Corr
0.83	EMBD	Global X Emerging	Pair Corr
0.78	MUU	Direxion Daily MU Buyout Trend	Pair Corr
0.77	MULL	GraniteShares 2x Long	Pair Corr
0.67	KORU	Direxion Daily South	Pair Corr
0.72	AGQ	ProShares Ultra Silver	Pair Corr
0.82	HAP	VanEck Natural Resources	Pair Corr
0.65	RSSE	First Trust Exchange	Pair Corr
0.78	DJUL	FT Cboe Vest	Pair Corr
0.73	IXUS	iShares Core MSCI	Pair Corr
0.78	INOV	Innovator ETFs Trust	Pair Corr
0.65	SSO	ProShares Ultra SP500	Pair Corr
0.73	SPY	SPDR SP 500	Pair Corr
0.78	JEPI	JPMorgan Equity Premium	Pair Corr
0.87	DJD	Invesco Dow Jones	Pair Corr
0.72	TBXU	Direxion Shares ETF	Pair Corr
0.85	FGD	First Trust Dow	Pair Corr
0.79	LABU	Direxion Daily SP	Pair Corr
0.75	FTBI	First Trust Exchange	Pair Corr
0.84	FNDF	Schwab Fundamental	Pair Corr
0.83	RFDI	First Trust RiverFront	Pair Corr
0.77	NVBU	AllianzIM Equity Buffer15	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.63	0.38	-0.48	0.26	-0.32	0.31	-0.26	-0.37	-0.47	META
MSFT	0.63		0.84	-0.56	0.43	-0.03	-0.04	-0.48	-0.82	-0.65	MSFT
UBER	0.38	0.84		-0.55	0.47	0.2	-0.24	-0.48	-0.83	-0.63	UBER
F	-0.48	-0.56	-0.55		-0.68	0.24	0.36	0.58	0.68	0.77	F
T	0.26	0.43	0.47	-0.68		0.25	-0.67	-0.62	-0.45	-0.57	T
A	-0.32	-0.03	0.2	0.24	0.25		-0.48	-0.27	0.01	0.0	A
CRM	0.31	-0.04	-0.24	0.36	-0.67	-0.48		0.54	0.27	0.32	CRM
JPM	-0.26	-0.48	-0.48	0.58	-0.62	-0.27	0.54		0.65	0.66	JPM
MRK	-0.37	-0.82	-0.83	0.68	-0.45	0.01	0.27	0.65		0.8	MRK
XOM	-0.47	-0.65	-0.63	0.77	-0.57	0.0	0.32	0.66	0.8		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	+ 0.84	MSFT
XOM	+ 0.8	MRK
XOM	+ 0.77	F
MRK	+ 0.68	F
XOM	+ 0.66	JPM
MRK	+ 0.65	JPM

High negative correlations

MRK	- 0.83	UBER
MRK	- 0.82	MSFT
T	- 0.68	F
CRM	- 0.67	T
XOM	- 0.65	MSFT
XOM	- 0.63	UBER

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	1.36	(0.20)	0.00	(0.12)	0.00	0.00	2.30	(2.72)	13.52
MSFT	0.91	(0.18)	0.00	(0.27)	0.00	0.00	1.65	(2.50)	4.90
UBER	1.54	(0.28)	0.00	(0.19)	0.00	0.00	2.60	(3.82)	10.23
F	1.44	0.18	0.14	0.22	1.32	(1.68)	3.38	(2.35)	16.30
T	0.88	(0.14)	0.00	(0.52)	0.00	0.00	1.61	(1.83)	5.75
A	1.13	0.01	0.02	0.09	1.26	(1.22)	2.34	(2.22)	6.50
CRM	1.51	0.06	0.02	0.16	1.92	(1.53)	3.66	(2.92)	9.91
JPM	1.12	0.10	0.01	1.54	1.44	(1.17)	2.34	(2.28)	7.02
MRK	1.22	0.30	0.22	0.45	1.05	(1.52)	3.59	(1.98)	8.09
XOM	1.04	0.12	0.05	0.44	1.06	(1.15)	2.21	(1.93)	5.82

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