State Street Correlations

Mutual Funds . USA . 
Fund . State Street Target
SSBSX Fund  USD 13.05  0.01  0.08%   
The current 90-days correlation between State Street Target and Ashmore Emerging Markets is 0.1 (i.e., Average diversification). The correlation of State Street 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.

State Street Correlation With Market

Poor diversification

The correlation between State Street Target and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding State Street Target 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 State Street Target. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with State Mutual Fund

  0.8VTTVX Vanguard Target RetiPairCorr
  0.97AADTX American Funds 2025PairCorr
  0.95CCDTX American Funds 2025PairCorr
  0.95FAPTX American Funds 2025PairCorr
  0.99FSNPX Fidelity Freedom 2025PairCorr
  0.96FFTWX Fidelity Freedom 2025PairCorr
  0.99FDTKX Fidelity Freedom 2025PairCorr
  0.95TREHX T Rowe PricePairCorr
  0.74PARJX T Rowe PricePairCorr
  0.85PFN Pimco Income StrategyPairCorr
  0.97RFDTX American Funds 2025PairCorr
  0.95STSIX American Beacon StephensPairCorr
  0.71BASMX Blackrock Total StockPairCorr
  0.79IREIX Ivy Advantus RealPairCorr
  0.94JVMIX John Hancock DisciplinedPairCorr
  0.86FIMPX Nuveen Small CapPairCorr
  0.95CFNLX National TaxPairCorr
  0.85SEBLX Sentinel BalancedPairCorr
  0.88ABSIX Ab Discovery ValuePairCorr
  0.75CIESX Calvert InternationalPairCorr
  0.76PRILX Parnassus Equity IncmePairCorr
  0.91CDDYX Columbia Dividend IncomePairCorr
  0.97RPFDX T Rowe PricePairCorr

Moving against State Mutual Fund

  0.55NXJ Nuveen New JerseyPairCorr
  0.41XNXJX Nuveen New JerseyPairCorr
  0.35XDSMX Dreyfus StrategicPairCorr
  0.53XNBHX Neuberger Berman IntPairCorr

Related Correlations Analysis


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

FMVUX
+ 0.93
SMAAX
ELBCX
+ 0.9
FMVUX
ELBCX
+ 0.87
SMAAX
SMAAX
+ 0.0
PCEXX
FMVUX
+ 0.0
PCEXX
HBIXX
+ 0.0
PCEXX
  

High negative correlations

ELBCX
- 0.0
IMLXX
ELBCX
- 0.0
HBIXX
IMLXX
- 0.0
HBIXX
IMLXX
- 0.0
FMVUX
HBIXX
- 0.0
FMVUX
IMLXX
- 0.0
SMAAX

Risk-Adjusted Indicators

There is a big difference between State Mutual Fund performing well and State Street Mutual Fund 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 State Street'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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