SPDR SP Correlations

HAIL Etf

USD 28.27 0.00 0.00%

The current 90-days correlation between SPDR SP Kensho and iShares Dividend and is 0.53 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR SP moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR SP Kensho moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR SP Correlation With Market

Average diversification

The correlation between SPDR SP Kensho and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP Kensho and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in SPDR SP Kensho. 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

0.81	VGT	Vanguard Information	Pair Corr
0.71	XLK	Technology Select Sector	Pair Corr
0.79	IYW	iShares Technology ETF	Pair Corr
0.72	CIBR	First Trust NASDAQ Sell-off Trend	Pair Corr
0.81	FTEC	Fidelity MSCI Information	Pair Corr
0.72	FDN	First Trust Dow	Pair Corr
0.81	IGM	iShares Expanded Tech	Pair Corr
0.8	WINN	Harbor Long Term	Pair Corr
0.64	IBM	International Business Tech Boost	Pair Corr
0.61	BA	Boeing	Pair Corr

Moving against SPDR Etf

0.76	FNGD	MicroSectors FANG Index	Pair Corr
0.61	JNJ	Johnson Johnson	Pair Corr
0.48	INTC	Intel	Pair Corr
0.42	KO	Coca Cola Earnings Call This Week	Pair Corr
0.42	DD	Dupont De Nemours Earnings Call This Week	Pair Corr
0.37	AA	Alcoa Corp	Pair Corr

Related Correlations Analysis

	DIVB	MCSE	MDCP	EV	GK	MJ	PP	METV	DMAT
DIVB		0.27	0.88	0.36	0.53	0.05	0.58	0.14	0.46	DIVB
MCSE	0.27		0.26	0.45	0.03	0.43	0.45	-0.1	0.48	MCSE
MDCP	0.88	0.26		0.66	0.37	0.37	0.66	-0.16	0.75	MDCP
EV	0.36	0.45	0.66		0.17	0.62	0.69	-0.28	0.82	EV
GK	0.53	0.03	0.37	0.17		-0.45	0.51	0.77	-0.14	GK
MJ	0.05	0.43	0.37	0.62	-0.45		0.34	-0.81	0.79	MJ
PP	0.58	0.45	0.66	0.69	0.51	0.34		0.17	0.5	PP
METV	0.14	-0.1	-0.16	-0.28	0.77	-0.81	0.17		-0.58	METV
DMAT	0.46	0.48	0.75	0.82	-0.14	0.79	0.5	-0.58		DMAT
	DIVB	MCSE	MDCP	EV	GK	MJ	PP	METV	DMAT

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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

MDCP	+ 0.88	DIVB
DMAT	+ 0.82	EV
DMAT	+ 0.79	MJ
METV	+ 0.77	GK
DMAT	+ 0.75	MDCP
PP	+ 0.69	EV

High negative correlations

METV	- 0.81	MJ
DMAT	- 0.58	METV
MJ	- 0.45	GK
METV	- 0.28	EV
METV	- 0.16	MDCP
DMAT	- 0.14	GK

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
DIVB	0.59	0.00	(0.08)	0.09	0.66	(0.66)	1.11	(0.76)	5.73
MCSE	0.74	(0.03)	0.00	(0.10)	0.00	0.00	1.55	(1.67)	5.39
MDCP	0.74	(0.09)	0.00	(0.08)	0.00	0.00	1.38	(1.19)	5.94
EV	1.03	(0.09)	0.00	(0.15)	0.00	0.00	1.81	(2.16)	6.73
GK	0.79	0.02	(0.03)	0.14	1.33	(0.72)	1.57	(1.93)	5.38
MJ	1.95	(0.66)	0.00	(2.24)	0.00	0.00	3.47	(3.59)	21.15
PP	1.13	(0.10)	0.00	(0.08)	0.00	0.00	2.39	(2.09)	9.37
METV	1.06	0.19	0.09	0.77	1.12	(1.16)	2.34	(1.58)	6.62
DMAT	1.32	(0.18)	0.00	(0.28)	0.00	0.00	2.55	(2.65)	10.27

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