SPDR SSgA Correlations

INKM Etf

USD 32.50 0.07 0.22%

The current 90-days correlation between SPDR SSgA Income and First Trust Multi Asset is 0.7 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR SSgA moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR SSgA Income moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR SSgA Correlation With Market

Very weak diversification

The correlation between SPDR SSgA Income and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SSgA Income 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 SSgA Income. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with SPDR Etf

0.66	AOR	iShares Core Growth	Pair Corr
0.82	MPRO	Northern Lights	Pair Corr
0.61	IBM	International Business Fiscal Year End 22nd of January 2025	Pair Corr

Moving against SPDR Etf

0.38

JPM

JPMorgan Chase Fiscal Year End 10th of January 2025

Pair Corr

Related Correlations Analysis

	MDIV	MFUL	MPAY	MPRO	DWAT	MRSK	MSMR	EAOA	EAOK
MDIV		0.93	0.82	0.16	0.77	0.8	0.74	0.86	0.33	MDIV
MFUL	0.93		0.87	0.01	0.85	0.91	0.84	0.88	0.2	MFUL
MPAY	0.82	0.87		0.05	0.92	0.88	0.86	0.96	0.23	MPAY
MPRO	0.16	0.01	0.05		-0.28	-0.29	-0.35	0.08	0.89	MPRO
DWAT	0.77	0.85	0.92	-0.28		0.93	0.96	0.88	-0.12	DWAT
MRSK	0.8	0.91	0.88	-0.29	0.93		0.94	0.88	-0.04	MRSK
MSMR	0.74	0.84	0.86	-0.35	0.96	0.94		0.85	-0.18	MSMR
EAOA	0.86	0.88	0.96	0.08	0.88	0.88	0.85		0.32	EAOA
EAOK	0.33	0.2	0.23	0.89	-0.12	-0.04	-0.18	0.32		EAOK
	MDIV	MFUL	MPAY	MPRO	DWAT	MRSK	MSMR	EAOA	EAOK

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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

EAOA	+ 0.96	MPAY
MSMR	+ 0.96	DWAT
MSMR	+ 0.94	MRSK
MFUL	+ 0.93	MDIV
MRSK	+ 0.93	DWAT
DWAT	+ 0.92	MPAY

High negative correlations

MSMR	- 0.35	MPRO
MRSK	- 0.29	MPRO
DWAT	- 0.28	MPRO
EAOK	- 0.18	MSMR
EAOK	- 0.12	DWAT
EAOK	- 0.04	MRSK

SPDR SSgA Constituents Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR SSgA 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 SSgA'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
MDIV	0.30	0.02	(0.13)	0.15	0.27	(0.34)	0.74	(0.72)	1.90
MFUL	0.18	0.00	(0.33)	0.10	0.12	(0.21)	0.33	(0.28)	1.16
MPAY	0.51	(0.03)	(0.09)	0.05	0.76	(0.50)	0.94	(1.30)	3.75
MPRO	0.33	(0.03)	(0.24)	(0.05)	0.44	(0.32)	0.65	(0.68)	1.61
DWAT	0.65	(0.03)	(0.03)	0.07	0.79	(0.71)	1.29	(1.57)	5.24
MRSK	0.51	(0.01)	(0.03)	0.09	0.92	(0.48)	0.92	(1.02)	5.62
MSMR	0.56	(0.01)	(0.03)	0.09	0.66	(0.64)	1.01	(1.10)	3.56
EAOA	0.47	(0.03)	(0.12)	0.04	0.54	(0.52)	1.03	(0.87)	2.98
EAOK	0.24	(0.04)	0.00	(0.07)	0.00	0.00	0.43	(0.50)	1.47

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