SPDR Gold Correlations

GLDM Etf

USD 104.14 1.31 1.27%

The current 90-days correlation between SPDR Gold Mini and First Trust Rising is 0.12 (i.e., Average 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

Poor diversification

The correlation between SPDR Gold Mini and DJI is 0.76 (i.e., Poor 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 discontinued.

Moving together with SPDR Etf

1.0	GLD	SPDR Gold Shares Aggressive Push	Pair Corr
1.0	IAU	iShares Gold Trust Aggressive Push	Pair Corr
0.83	SLV	iShares Silver Trust Aggressive Push	Pair Corr
1.0	SGOL	abrdn Physical Gold	Pair Corr
0.87	USO	United States Oil	Pair Corr
0.74	DBA	Invesco DB Agriculture	Pair Corr
0.93	GLTR	abrdn Physical Precious	Pair Corr
0.84	SIVR	abrdn Physical Silver	Pair Corr
1.0	IAUM	iShares Gold Trust	Pair Corr
0.92	JPST	JPMorgan Ultra Short	Pair Corr
0.8	FNGD	MicroSectors FANG Index	Pair Corr
0.73	FB	ProShares Trust ProShares	Pair Corr
0.73	GSX	Tradr 2X Long	Pair Corr
0.79	IDRV	iShares Self Driving	Pair Corr
0.87	IJS	iShares SP Small	Pair Corr
0.89	SPDV	AAM SP 500	Pair Corr
0.89	FNDA	Schwab Fundamental Small	Pair Corr
0.91	EMIF	iShares Emerging Markets	Pair Corr
0.93	ESGD	iShares ESG Aware	Pair Corr
0.88	GCAL	Goldman Sachs ETF	Pair Corr
0.88	NDIV	Amplify ETF Trust	Pair Corr
0.96	CCNR	CoreCommodity Natural	Pair Corr
0.87	ETHO	Amplify Etho Climate	Pair Corr
0.88	AHYB	American Century ETF	Pair Corr
0.83	ERET	iShares Environmentally	Pair Corr
0.92	DWM	WisdomTree International	Pair Corr
0.66	PDEC	Innovator SP 500	Pair Corr
0.94	HEEM	iShares Currency Hedged	Pair Corr
0.71	GOCT	FT Cboe Vest	Pair Corr
0.96	AUMI	Themes Gold Miners	Pair Corr
0.92	VYMI	Vanguard International	Pair Corr
0.88	FNK	First Trust Mid	Pair Corr
0.92	FIEE	FiEE Inc Symbol Change	Pair Corr
0.88	QLV	FlexShares Quality Low	Pair Corr

Moving against SPDR Etf

0.55	IND	Xtrackers Nifty 500	Pair Corr
0.48	VXX	iPath Series B Low Volatility	Pair Corr
0.78	ENTR	EntrepreneurShares	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.12	-0.14	0.13	0.12	-0.31	-0.04	0.23	0.08	0.21	META
MSFT	-0.12		0.84	-0.65	-0.86	0.8	0.93	0.33	-0.91	-0.94	MSFT
UBER	-0.14	0.84		-0.57	-0.77	0.85	0.75	0.19	-0.81	-0.83	UBER
F	0.13	-0.65	-0.57		0.41	-0.59	-0.51	-0.05	0.75	0.7	F
T	0.12	-0.86	-0.77	0.41		-0.65	-0.84	-0.29	0.75	0.76	T
A	-0.31	0.8	0.85	-0.59	-0.65		0.67	0.2	-0.75	-0.84	A
CRM	-0.04	0.93	0.75	-0.51	-0.84	0.67		0.53	-0.82	-0.9	CRM
JPM	0.23	0.33	0.19	-0.05	-0.29	0.2	0.53		-0.13	-0.32	JPM
MRK	0.08	-0.91	-0.81	0.75	0.75	-0.75	-0.82	-0.13		0.92	MRK
XOM	0.21	-0.94	-0.83	0.7	0.76	-0.84	-0.9	-0.32	0.92		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

CRM	+ 0.93	MSFT
XOM	+ 0.92	MRK
A	+ 0.85	UBER
UBER	+ 0.84	MSFT
A	+ 0.8	MSFT
XOM	+ 0.76	T

High negative correlations

XOM	- 0.94	MSFT
MRK	- 0.91	MSFT
XOM	- 0.9	CRM
T	- 0.86	MSFT
XOM	- 0.84	A
CRM	- 0.84	T

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	1.54	0.08	0.04	0.17	1.53	(1.74)	3.43	(2.81)	13.69
MSFT	1.33	(0.31)	0.00	(0.50)	0.00	0.00	2.19	(2.87)	13.28
UBER	1.56	(0.19)	0.00	(0.30)	0.00	0.00	2.70	(3.82)	11.09
F	1.22	0.09	0.07	0.17	1.05	(1.50)	3.61	(2.22)	7.50
T	1.05	0.15	0.05	(0.64)	0.99	(1.22)	3.87	(1.76)	7.44
A	1.24	(0.41)	0.00	(0.32)	0.00	0.00	2.48	(2.73)	7.20
CRM	1.80	(0.30)	0.00	(0.18)	0.00	0.00	3.66	(4.75)	12.37
JPM	1.27	(0.11)	(0.03)	0.01	1.83	(1.30)	2.34	(3.11)	8.17
MRK	1.27	0.33	0.20	0.72	1.10	(1.42)	2.81	(2.06)	8.74
XOM	1.32	0.41	0.23	12.19	1.09	(1.57)	2.90	(2.44)	6.83

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