State Street Correlations

Mutual Funds . USA . 
Fund . State Street Target
SSBYX Fund  USD 14.11  0.04  0.28%   
The current 90-days correlation between State Street Target and State Street Target is 0.99 (i.e., No risk reduction). 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

Very weak diversification

The correlation between State Street Target and DJI is 0.48 (i.e., Very weak 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 signals in unemployment.

Moving together with State Mutual Fund

  1.0SSAHX State Street TargetPairCorr
  1.0SSAJX State Street TargetPairCorr
  0.96SSAOX State Street TargetPairCorr
  0.99SSAKX State Street TargetPairCorr
  0.99SSCKX State Street TargetPairCorr
  0.99SSCQX State Street TargetPairCorr
  0.85SSAWX State Street TargetPairCorr
  0.99SSAZX State Street TargetPairCorr
  0.82SSAYX State Street TargetPairCorr
  0.93SSAUX State Street TargetPairCorr
  1.0SSBSX State Street TargetPairCorr
  0.85SSDYX State Street TargetPairCorr
  0.98SSDEX State Street TargetPairCorr
  0.95SSDLX State Street TargetPairCorr
  0.72SSDQX State Street TargetPairCorr
  0.61SSGLX State Street GlobalPairCorr
  0.88SSFJX State Street TargetPairCorr
  0.83SSFKX State Street TargetPairCorr
  0.71SSFOX State Street TargetPairCorr
  0.61SSIQX Ssga International StockPairCorr
  0.7SSMLX State Street SmallmidPairCorr
  0.62SSMHX State Street SmallmidPairCorr
  0.67SSMJX State Street SmallmidPairCorr

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

FHAPX
+ 0.94
CCFAX
FFFCX
+ 0.81
SSCQX
FFFCX
+ 0.8
SSDQX
SSDQX
+ 0.75
SSCQX
TRRAX
+ 0.75
CCFAX
TRRAX
+ 0.72
MACFX
  

High negative correlations

FFFCX
- 0.15
TRRAX
TRRAX
- 0.07
SSCQX

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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