SPDR SP Correlations

KIE Etf

USD 58.44 0.04 0.07%

The current 90-days correlation between SPDR SP Insurance and SPDR SP North is 0.24 (i.e., Modest 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.

SPDR SP Correlation With Market

Very weak diversification

The correlation between SPDR SP Insurance and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP Insurance and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with SPDR Etf

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in SPDR SP Insurance. 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

0.73	XLF	Financial Select Sector	Pair Corr
0.72	VFH	Vanguard Financials Index	Pair Corr
0.74	IYF	iShares Financials ETF	Pair Corr
0.72	FNCL	Fidelity MSCI Financials	Pair Corr
0.69	IYG	iShares Financial	Pair Corr
0.71	FXO	First Trust Financials	Pair Corr
0.61	IAT	iShares Regional Banks	Pair Corr
0.65	IXG	iShares Global Financials	Pair Corr
0.69	IXJ	iShares Global Healthcare	Pair Corr
0.64	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.69	BAC	Bank of America Aggressive Push	Pair Corr
0.82	TRV	The Travelers Companies	Pair Corr
0.66	AXP	American Express	Pair Corr

Moving against SPDR Etf

0.54	PG	Procter Gamble	Pair Corr
0.4	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	EWX	SPEU	EWI	IAK	IYT	EWS	EMCS	TPYP	GWX	NANR
EWX		0.76	0.61	-0.3	0.48	0.89	0.93	0.49	0.79	0.72	EWX
SPEU	0.76		0.95	0.28	0.87	0.66	0.86	0.66	0.98	0.94	SPEU
EWI	0.61	0.95		0.5	0.87	0.56	0.72	0.61	0.89	0.85	EWI
IAK	-0.3	0.28	0.5		0.41	-0.2	-0.15	0.19	0.16	0.21	IAK
IYT	0.48	0.87	0.87	0.41		0.36	0.64	0.5	0.83	0.8	IYT
EWS	0.89	0.66	0.56	-0.2	0.36		0.84	0.4	0.67	0.59	EWS
EMCS	0.93	0.86	0.72	-0.15	0.64	0.84		0.58	0.89	0.85	EMCS
TPYP	0.49	0.66	0.61	0.19	0.5	0.4	0.58		0.72	0.81	TPYP
GWX	0.79	0.98	0.89	0.16	0.83	0.67	0.89	0.72		0.96	GWX
NANR	0.72	0.94	0.85	0.21	0.8	0.59	0.85	0.81	0.96		NANR
	EWX	SPEU	EWI	IAK	IYT	EWS	EMCS	TPYP	GWX	NANR

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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

GWX	+ 0.98	SPEU
NANR	+ 0.96	GWX
EWI	+ 0.95	SPEU
NANR	+ 0.94	SPEU
EMCS	+ 0.93	EWX
EWS	+ 0.89	EWX

High negative correlations

IAK	- 0.3	EWX
EWS	- 0.2	IAK
EMCS	- 0.15	IAK

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
EWX	0.52	0.02	(0.01)	0.10	0.57	(0.52)	1.00	(0.91)	2.32
SPEU	0.61	0.09	0.12	0.18	0.52	(0.70)	1.26	(1.17)	3.18
EWI	0.70	0.11	0.13	0.20	0.61	(0.80)	1.53	(1.41)	3.65
IAK	0.64	0.03	0.00	0.13	0.71	(0.69)	1.27	(0.91)	5.19
IYT	0.84	0.08	0.09	0.12	0.79	(0.95)	2.43	(1.40)	5.07
EWS	0.62	0.03	0.00	0.11	0.76	(0.65)	1.67	(1.37)	3.78
EMCS	0.76	0.16	0.14	0.62	0.69	(0.85)	1.91	(1.44)	4.25
TPYP	0.60	0.14	0.11	1.29	0.59	(0.65)	1.08	(1.17)	3.35
GWX	0.61	0.13	0.14	0.24	0.50	(0.65)	1.27	(1.18)	2.91
NANR	0.92	0.31	0.25	0.83	0.77	(1.06)	2.00	(1.59)	4.50

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