SPDR Portfolio Correlations

Etfs . USA . 
Etf . SPDR Portfolio SP
SPYD Etf  USD 43.91  0.21  0.48%   
The current 90-days correlation between SPDR Portfolio SP and Invesco SP 500 is 0.95 (i.e., Almost no diversification). The correlation of SPDR Portfolio 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 Portfolio Correlation With Market

Weak diversification

The correlation between SPDR Portfolio SP and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Portfolio SP and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in SPDR Portfolio SP. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with SPDR Etf

  0.97VOE Vanguard Mid CapPairCorr
  0.96SDY SPDR SP DividendPairCorr
  0.88IWS iShares Russell MidPairCorr
  0.84COWZ Pacer Cash CowsPairCorr
  0.69IJJ iShares SP MidPairCorr
  0.79DON WisdomTree MidCapPairCorr
  0.62RPV Invesco SP 500PairCorr
  0.92PEY Invesco High YieldPairCorr
  0.75PKW Invesco BuyBack AchieversPairCorr
  0.76URNM Sprott Uranium MinersPairCorr

Moving against SPDR Etf

  0.55FNGS MicroSectors FANG ETNPairCorr
  0.52FNGO MicroSectors FANG IndexPairCorr
  0.51FNGU MicroSectors FANG IndexPairCorr
  0.75FBGX UBSPairCorr
  0.62TFLO iShares Treasury FloatingPairCorr
  0.61YEAR AB Ultra ShortPairCorr
  0.58JAAA Janus Detroit StreetPairCorr
  0.51XDEC First Trust ExchangePairCorr
  0.49STK Columbia Seligman PremiumPairCorr
  0.43GDXD MicroSectors Gold MinersPairCorr
  0.37TSLY Tidal Trust IIPairCorr
  0.66ICSH iShares Ultra ShortPairCorr
  0.65BILS SPDR Series TrustPairCorr
  0.6GSG iShares SP GSCIPairCorr
  0.6QYLD Global X NASDAQPairCorr
  0.47HAPR Innovator Premium IncomePairCorr
  0.46FLDR Fidelity Low DurationPairCorr

Related Correlations Analysis

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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   
HDV
+ 0.97
SPHD
SCHD
+ 0.94
HDV
SCHD
+ 0.92
SPHD
VYM
+ 0.88
SCHD
VYM
+ 0.74
SPHD
VYM
+ 0.73
HDV
  
High negative correlations   
SPYG
- 0.49
HDV
SPYG
- 0.41
SPHD
SCHD
- 0.24
SPYG

SPDR Portfolio Constituents Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR Portfolio 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 Portfolio'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.

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