SPDR SPASX Correlations

OZF Etf

29.58 0.10 0.34%

The current 90-days correlation between SPDR SPASX 200 and SPDR SPASX 200 is -0.35 (i.e., Very good diversification). The correlation of SPDR SPASX 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. If the correlation is 0, the equities are not correlated; they are entirely random.

SPDR SPASX Correlation With Market

Good diversification

The correlation between SPDR SPASX 200 and DJI is -0.18 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SPASX 200 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to SPDR SPASX could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace SPDR SPASX when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back SPDR SPASX - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling SPDR SPASX 200 to buy it.

Moving together with SPDR Etf

0.82	SPY	SPDR SP 500	Pair Corr
0.83	VTS	Vanguard Total Market	Pair Corr
0.83	IVV	iShares Core SP	Pair Corr
0.85	IJR	iShares Core SP	Pair Corr
0.67	QUAL	VanEck Vectors MSCI	Pair Corr
0.8	MOAT	VanEck Morningstar Wide	Pair Corr
0.83	IJH	iShares CoreSP MidCap	Pair Corr
0.81	VGS	Vanguard MSCI Intern	Pair Corr
0.83	WXOZ	SPDR SP World	Pair Corr

Related Correlations Analysis

	STW	SFY	QMIX	DJRE	WXHG	WEMG	GOVT	BOND
STW		0.9	0.66	0.28	0.81	0.72	-0.62	-0.58	STW
SFY	0.9		0.7	0.37	0.83	0.62	-0.58	-0.53	SFY
QMIX	0.66	0.7		0.35	0.76	0.48	-0.79	-0.73	QMIX
DJRE	0.28	0.37	0.35		0.12	-0.06	-0.05	0.02	DJRE
WXHG	0.81	0.83	0.76	0.12		0.75	-0.73	-0.75	WXHG
WEMG	0.72	0.62	0.48	-0.06	0.75		-0.69	-0.75	WEMG
GOVT	-0.62	-0.58	-0.79	-0.05	-0.73	-0.69		0.95	GOVT
BOND	-0.58	-0.53	-0.73	0.02	-0.75	-0.75	0.95		BOND
	STW	SFY	QMIX	DJRE	WXHG	WEMG	GOVT	BOND

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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

BOND	+ 0.95	GOVT
SFY	+ 0.9	STW
WXHG	+ 0.83	SFY
WXHG	+ 0.81	STW
WXHG	+ 0.76	QMIX
WEMG	+ 0.75	WXHG

High negative correlations

GOVT	- 0.79	QMIX
BOND	- 0.75	WEMG
BOND	- 0.75	WXHG
GOVT	- 0.73	WXHG
BOND	- 0.73	QMIX
GOVT	- 0.69	WEMG

SPDR SPASX Constituents Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR SPASX 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 SPASX'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
STW	0.46	0.03	(0.07)	0.22	0.55	(0.47)	0.93	(0.81)	3.13
SFY	0.49	0.06	(0.08)	5.08	0.63	(0.47)	0.94	(1.09)	2.96
QMIX	0.64	0.04	(0.04)	0.30	0.83	(0.69)	1.75	(1.64)	4.82
DJRE	0.67	0.01	(0.06)	0.16	0.89	(0.72)	1.27	(1.11)	6.33
WXHG	0.57	0.04	(0.08)	0.34	0.72	(0.60)	1.06	(1.18)	4.72
WEMG	0.58	0.08	(0.02)	0.62	0.48	(0.71)	1.61	(1.10)	4.13
GOVT	0.22	(0.05)	0.00	(0.82)	0.00	0.00	0.45	(0.49)	1.52
BOND	0.20	(0.03)	0.00	0.98	0.00	0.00	0.39	(0.36)	1.14

Be your own money manager

Our tools can tell you how much better you can do entering a position in SPDR SPASX without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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