SPDR SP Correlations

KIE Etf

USD 58.09 0.59 1.01%

The current 90-days correlation between SPDR SP Insurance and SPDR SP North is 0.05 (i.e., Significant 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 good diversification

The correlation between SPDR SP Insurance and DJI is -0.37 (i.e., Very good 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

0.8	XLF	Financial Select Sector	Pair Corr
0.76	VFH	Vanguard Financials Index	Pair Corr
0.68	IYF	iShares Financials ETF	Pair Corr
0.76	FNCL	Fidelity MSCI Financials	Pair Corr
0.73	IYG	iShares Financial	Pair Corr
0.71	PLTI	REX ETF Trust	Pair Corr

Moving against SPDR Etf

0.62	PFFL	ETRACS 2xMonthly Pay	Pair Corr
0.42	KRE	SPDR SP Regional	Pair Corr
0.34	SIXD	AIM ETF Products	Pair Corr
0.33	IAT	iShares Regional Banks	Pair Corr
0.31	KBE	SPDR SP Bank	Pair Corr
0.31	FXY	Invesco CurrencyShares	Pair Corr
0.68	AVDS	Avantis International	Pair Corr
0.68	RHRX	Starboard Investment	Pair Corr
0.66	DFIC	Dimensional International	Pair Corr
0.65	DXJ	WisdomTree Japan Hedged	Pair Corr
0.65	AVMC	American Century ETF	Pair Corr
0.62	HIYS	Invesco High Yield Symbol Change	Pair Corr
0.6	KNGZ	First Trust Exchange	Pair Corr
0.6	ILOW	AB Active ETFs	Pair Corr
0.59	FNK	First Trust Mid	Pair Corr
0.54	QTAP	Innovator Growth 100	Pair Corr
0.44	SLV	iShares Silver Trust	Pair Corr
0.44	DAUG	FT Cboe Vest	Pair Corr
0.4	UAUG	Innovator Equity Ultra	Pair Corr
0.39	DIA	SPDR Dow Jones	Pair Corr
0.71	FEM	First Trust Emerging	Pair Corr
0.7	LALT	Invesco Multi Strategy	Pair Corr
0.68	ERET	iShares Environmentally	Pair Corr
0.68	FIDU	Fidelity MSCI Industrials	Pair Corr
0.67	DISV	Dimensional ETF Trust	Pair Corr
0.65	VYMI	Vanguard International	Pair Corr

Related Correlations Analysis

	EWX	SPEU	EWI	IAK	IYT	EWS	EMCS	TPYP	GWX	NANR
EWX		0.94	0.89	-0.11	0.81	0.92	0.98	0.78	0.92	0.94	EWX
SPEU	0.94		0.93	0.07	0.88	0.86	0.96	0.82	0.98	0.96	SPEU
EWI	0.89	0.93		0.16	0.82	0.83	0.9	0.69	0.87	0.85	EWI
IAK	-0.11	0.07	0.16		0.16	-0.02	-0.02	0.13	0.05	-0.02	IAK
IYT	0.81	0.88	0.82	0.16		0.7	0.87	0.83	0.88	0.88	IYT
EWS	0.92	0.86	0.83	-0.02	0.7		0.91	0.67	0.83	0.83	EWS
EMCS	0.98	0.96	0.9	-0.02	0.87	0.91		0.86	0.96	0.97	EMCS
TPYP	0.78	0.82	0.69	0.13	0.83	0.67	0.86		0.91	0.91	TPYP
GWX	0.92	0.98	0.87	0.05	0.88	0.83	0.96	0.91		0.98	GWX
NANR	0.94	0.96	0.85	-0.02	0.88	0.83	0.97	0.91	0.98		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

EMCS	+ 0.98	EWX
GWX	+ 0.98	SPEU
NANR	+ 0.98	GWX
NANR	+ 0.97	EMCS
EMCS	+ 0.96	SPEU
NANR	+ 0.96	SPEU

High negative correlations

IAK	- 0.11	EWX
NANR	- 0.02	IAK
EMCS	- 0.02	IAK
EWS	- 0.02	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	0.59	0.02	0.00	0.08	0.98	(0.51)	1.07	(1.14)	3.15
SPEU	0.60	0.18	0.18	(1.35)	0.57	(0.67)	1.29	(1.17)	3.21
EWI	0.78	0.04	0.02	0.10	1.12	(0.75)	1.53	(1.73)	4.77
IAK	0.67	0.05	0.01	(0.56)	0.78	(0.73)	1.27	(0.91)	5.19
IYT	0.94	0.16	0.16	0.17	0.81	(1.14)	2.43	(1.13)	5.85
EWS	0.69	0.00	(0.01)	0.04	0.83	(0.77)	1.67	(1.41)	4.60
EMCS	0.90	0.14	0.10	0.18	1.17	(0.97)	2.27	(1.56)	5.25
TPYP	0.64	0.28	0.29	(3.35)	0.44	(0.76)	1.33	(1.16)	3.11
GWX	0.61	0.26	0.28	(2.70)	0.35	(0.68)	1.62	(0.98)	3.25
NANR	1.14	0.37	0.21	0.51	1.38	(1.26)	2.14	(3.04)	6.59

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