SPDR Gold Correlations

GLDM Etf

USD 88.70 0.31 0.35%

The current 90-days correlation between SPDR Gold Mini and iShares MSCI Japan is 0.22 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR Gold moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR Gold Mini moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR Gold Correlation With Market

Average diversification

The correlation between SPDR Gold Mini and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Gold Mini and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with SPDR Etf

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in SPDR Gold Mini. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in services.

Moving together with SPDR Etf

1.0	GLD	SPDR Gold Shares	Pair Corr
1.0	IAU	iShares Gold Trust	Pair Corr
0.87	SLV	iShares Silver Trust Aggressive Push	Pair Corr
1.0	SGOL	abrdn Physical Gold	Pair Corr
0.96	GLTR	abrdn Physical Precious	Pair Corr
0.87	SIVR	abrdn Physical Silver	Pair Corr
1.0	IAUM	iShares Gold Trust Sell-off Trend	Pair Corr
0.61	GDXU	MicroSectors Gold Miners	Pair Corr
0.72	JNUG	Direxion Daily Junior	Pair Corr
0.69	MUU	Direxion Daily MU Trending	Pair Corr
0.71	NUGT	Direxion Daily Gold	Pair Corr
0.69	MULL	GraniteShares 2x Long Trending	Pair Corr
0.84	AGQ	ProShares Ultra Silver	Pair Corr
0.9	GDMN	WisdomTree Efficient Gold Low Volatility	Pair Corr
0.98	SHNY	Microsectors Gold	Pair Corr
0.73	SIL	Global X Silver	Pair Corr
0.82	GBUG	Sprott Active Gold	Pair Corr
0.74	HEZU	iShares Currency Hedged	Pair Corr
0.79	CPSU	Calamos SP 500	Pair Corr
0.8	CPER	United States Copper	Pair Corr
0.88	ZSB	USCF Sustainable Battery	Pair Corr
0.86	MYCI	SPDR SSGA My2029	Pair Corr
0.75	ZJAN	Innovator Equity Defined	Pair Corr

Moving against SPDR Etf

0.8	USO	United States Oil Sell-off Trend	Pair Corr
0.38	DBA	Invesco DB Agriculture	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.66	0.57	-0.64	0.57	-0.6	0.23	-0.14	-0.59	-0.63	META
MSFT	0.66		0.83	-0.51	0.36	-0.22	0.09	-0.3	-0.77	-0.6	MSFT
UBER	0.57	0.83		-0.62	0.57	-0.33	-0.1	-0.2	-0.84	-0.59	UBER
F	-0.64	-0.51	-0.62		-0.71	0.56	0.27	0.38	0.7	0.76	F
T	0.57	0.36	0.57	-0.71		-0.57	-0.45	-0.16	-0.54	-0.49	T
A	-0.6	-0.22	-0.33	0.56	-0.57		-0.17	-0.25	0.51	0.28	A
CRM	0.23	0.09	-0.1	0.27	-0.45	-0.17		0.33	0.01	0.13	CRM
JPM	-0.14	-0.3	-0.2	0.38	-0.16	-0.25	0.33		0.25	0.36	JPM
MRK	-0.59	-0.77	-0.84	0.7	-0.54	0.51	0.01	0.25		0.64	MRK
XOM	-0.63	-0.6	-0.59	0.76	-0.49	0.28	0.13	0.36	0.64		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	+ 0.83	MSFT
XOM	+ 0.76	F
MRK	+ 0.7	F
MSFT	+ 0.66	META
XOM	+ 0.64	MRK
UBER	+ 0.57	META

High negative correlations

MRK	- 0.84	UBER
MRK	- 0.77	MSFT
T	- 0.71	F
F	- 0.64	META
XOM	- 0.63	META
F	- 0.62	UBER

SPDR Gold Competition Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR Gold 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 Gold'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	1.40	(0.25)	0.00	(0.21)	0.00	0.00	2.30	(2.72)	13.52
MSFT	0.92	(0.12)	0.00	(0.14)	0.00	0.00	1.78	(2.50)	5.08
UBER	1.48	(0.36)	0.00	(0.28)	0.00	0.00	2.60	(3.82)	10.51
F	1.51	0.15	0.09	0.16	1.69	(1.65)	3.38	(2.63)	16.30
T	0.96	(0.26)	0.00	(0.85)	0.00	0.00	1.61	(2.18)	5.75
A	1.25	0.08	0.06	0.13	1.31	(1.37)	2.34	(2.21)	11.03
CRM	1.57	0.03	0.02	0.09	2.02	(1.54)	3.66	(2.92)	9.91
JPM	1.03	0.00	0.01	0.06	1.41	(1.02)	2.00	(1.91)	7.02
MRK	1.45	0.38	0.27	0.50	1.07	(1.86)	4.85	(2.06)	11.45
XOM	0.96	0.09	0.04	0.47	0.99	(1.02)	1.96	(1.51)	4.99

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