SPDR SP Correlations

ESIX Etf

USD 33.31 0.14 0.42%

The current 90-days correlation between SPDR SP SmallCap and JPMorgan Fundamental Data is 0.84 (i.e., Very poor diversification). The correlation of SPDR SP is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

SPDR SP Correlation With Market

Poor diversification

The correlation between SPDR SP SmallCap and DJI is 0.73 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP SmallCap 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 SP SmallCap. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with SPDR Etf

0.97	VB	Vanguard Small Cap	Pair Corr
0.99	IJR	iShares Core SP	Pair Corr
0.96	IWM	iShares Russell 2000	Pair Corr
0.96	VRTIX	Vanguard Russell 2000	Pair Corr
0.91	VTWO	Vanguard Russell 2000	Pair Corr
0.95	FNDA	Schwab Fundamental Small	Pair Corr
0.94	SPSM	SPDR Portfolio SP	Pair Corr
0.99	DFAS	Dimensional Small Cap	Pair Corr
0.93	VIOO	Vanguard SP Small	Pair Corr
0.93	PRFZ	Invesco FTSE RAFI	Pair Corr
0.65	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.82	DGP	DB Gold Double	Pair Corr
0.83	AGQ	ProShares Ultra Silver Downward Rally	Pair Corr
0.79	SMH	VanEck Semiconductor ETF	Pair Corr
0.89	JEPI	JPMorgan Equity Premium Sell-off Trend	Pair Corr
0.87	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.71	MRK	Merck Company	Pair Corr
0.69	BA	Boeing Sell-off Trend	Pair Corr
0.84	AA	Alcoa Corp Earnings Call This Week	Pair Corr
0.67	CAT	Caterpillar Sell-off Trend	Pair Corr
0.63	INTC	Intel Aggressive Push	Pair Corr
0.65	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.68	JNJ	Johnson Johnson Earnings Call This Week	Pair Corr

Moving against SPDR Etf

0.56

Procter Gamble Earnings Call This Week

Pair Corr

Related Correlations Analysis

	SCDS	MCDS	EMDV	UGE	RFEU	PWER	ESMV	EZJ	JOJO	LQAI
SCDS		0.92	0.54	0.59	0.81	0.9	0.55	0.82	0.73	0.06	SCDS
MCDS	0.92		0.62	0.56	0.92	0.9	0.63	0.84	0.73	0.14	MCDS
EMDV	0.54	0.62		0.09	0.78	0.67	0.34	0.51	0.2	-0.29	EMDV
UGE	0.59	0.56	0.09		0.39	0.52	0.57	0.48	0.74	-0.05	UGE
RFEU	0.81	0.92	0.78	0.39		0.89	0.54	0.82	0.59	0.0	RFEU
PWER	0.9	0.9	0.67	0.52	0.89		0.51	0.8	0.65	-0.12	PWER
ESMV	0.55	0.63	0.34	0.57	0.54	0.51		0.49	0.62	0.17	ESMV
EZJ	0.82	0.84	0.51	0.48	0.82	0.8	0.49		0.66	0.24	EZJ
JOJO	0.73	0.73	0.2	0.74	0.59	0.65	0.62	0.66		0.13	JOJO
LQAI	0.06	0.14	-0.29	-0.05	0.0	-0.12	0.17	0.24	0.13		LQAI
	SCDS	MCDS	EMDV	UGE	RFEU	PWER	ESMV	EZJ	JOJO	LQAI

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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

MCDS	+ 0.92	SCDS
RFEU	+ 0.92	MCDS
PWER	+ 0.9	SCDS
PWER	+ 0.9	MCDS
PWER	+ 0.89	RFEU
EZJ	+ 0.84	MCDS

High negative correlations

LQAI	- 0.29	EMDV
LQAI	- 0.12	PWER
LQAI	- 0.05	UGE
LQAI	- 0.0	RFEU

SPDR SP Constituents Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR SP 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 SP'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
SCDS	0.80	0.03	0.05	0.11	0.84	(0.90)	1.61	(1.53)	4.32
MCDS	0.61	0.08	0.02	0.46	0.61	(0.64)	1.43	(1.13)	2.90
EMDV	0.40	0.05	(0.06)	0.40	0.32	(0.46)	0.84	(0.67)	3.01
UGE	1.20	0.07	0.02	0.23	1.25	(1.40)	2.69	(2.05)	7.45
RFEU	0.44	0.10	0.05	0.79	0.29	(0.55)	0.95	(0.86)	2.44
PWER	0.98	0.05	0.04	0.14	1.13	(0.98)	2.09	(2.05)	5.13
ESMV	0.50	(0.04)	(0.10)	0.01	0.84	(0.50)	0.83	(0.80)	7.02
EZJ	1.36	0.15	0.10	0.18	1.59	(1.42)	3.85	(2.91)	8.75
JOJO	0.20	0.00	(0.23)	0.08	0.24	(0.24)	0.45	(0.45)	1.74
LQAI	0.73	(0.02)	0.00	(0.06)	0.00	0.00	1.30	(2.48)	5.26

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