SPDR DoubleLine Correlations

STOT Etf

USD 47.35 0.11 0.23%

The current 90-days correlation between SPDR DoubleLine Short and PIMCO Enhanced Short is -0.06 (i.e., Good diversification). The correlation of SPDR DoubleLine 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 DoubleLine Correlation With Market

Very poor diversification

The correlation between SPDR DoubleLine Short and DJI is 0.82 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR DoubleLine Short and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with SPDR Etf

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in SPDR DoubleLine Short. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with SPDR Etf

0.96	BSV	Vanguard Short Term Sell-off Trend	Pair Corr
0.98	IGSB	iShares 1 5 Sell-off Trend	Pair Corr
0.98	SPSB	SPDR Barclays Short	Pair Corr
0.98	ISTB	iShares Core 1	Pair Corr
0.99	SLQD	iShares 0 5	Pair Corr
0.89	GVI	iShares Intermediate	Pair Corr
0.98	LDUR	PIMCO Enhanced Low	Pair Corr
0.98	SUSB	iShares ESG 1	Pair Corr
0.65	VTI	Vanguard Total Stock	Pair Corr
0.84	FB	ProShares Trust ProShares	Pair Corr
0.71	VBK	Vanguard Small Cap	Pair Corr
0.89	EEM	iShares MSCI Emerging	Pair Corr
0.86	FNGD	MicroSectors FANG Index	Pair Corr
0.98	JPST	JPMorgan Ultra Short	Pair Corr
0.9	DUKH	Ocean Park High	Pair Corr
0.87	UMAY	Innovator ETFs Trust	Pair Corr
0.87	QLV	FlexShares Quality Low	Pair Corr
0.92	EURL	Direxion Daily FTSE	Pair Corr
0.91	BMVP	Invesco Bloomberg MVP	Pair Corr
0.97	BSMS	Invesco BulletShares 2028	Pair Corr
0.81	XAUG	FT Cboe Vest	Pair Corr
0.94	JEPI	JPMorgan Equity Premium	Pair Corr
0.68	GPT	Intelligent Alpha Atlas Symbol Change	Pair Corr
0.93	CCNR	CoreCommodity Natural	Pair Corr
0.86	PFFA	Virtus InfraCap Preferred	Pair Corr
0.9	CHPS	Xtrackers Semiconductor	Pair Corr
0.78	PSFD	Pacer Swan SOS	Pair Corr
0.94	UDI	USCF ETF Trust	Pair Corr
0.94	REGL	ProShares SP MidCap	Pair Corr
0.84	PFF	iShares Preferred Sell-off Trend	Pair Corr
0.88	FPXE	First Trust IPOX	Pair Corr
0.81	WDNA	WisdomTree BioRevolution Low Volatility	Pair Corr
0.94	WLDR	Affinity World Leaders	Pair Corr
0.9	SCDV	ETF Series Solutions	Pair Corr

Moving against SPDR Etf

0.92	NFLX	Netflix	Pair Corr
0.73	GBTC	Grayscale Bitcoin Trust	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.38	-0.43	0.41	0.14	-0.49	-0.08	0.34	0.45	0.41	META
MSFT	-0.38		0.81	-0.55	-0.68	0.73	0.83	0.07	-0.86	-0.91	MSFT
UBER	-0.43	0.81		-0.49	-0.53	0.8	0.58	-0.08	-0.8	-0.76	UBER
F	0.41	-0.55	-0.49		0.14	-0.45	-0.28	0.28	0.7	0.62	F
T	0.14	-0.68	-0.53	0.14		-0.44	-0.77	-0.14	0.45	0.6	T
A	-0.49	0.73	0.8	-0.45	-0.44		0.52	-0.02	-0.66	-0.79	A
CRM	-0.08	0.83	0.58	-0.28	-0.77	0.52		0.44	-0.61	-0.82	CRM
JPM	0.34	0.07	-0.08	0.28	-0.14	-0.02	0.44		0.21	-0.09	JPM
MRK	0.45	-0.86	-0.8	0.7	0.45	-0.66	-0.61	0.21		0.84	MRK
XOM	0.41	-0.91	-0.76	0.62	0.6	-0.79	-0.82	-0.09	0.84		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

XOM	+ 0.84	MRK
CRM	+ 0.83	MSFT
UBER	+ 0.81	MSFT
A	+ 0.8	UBER
A	+ 0.73	MSFT
MRK	+ 0.7	F

High negative correlations

XOM	- 0.91	MSFT
MRK	- 0.86	MSFT
XOM	- 0.82	CRM
MRK	- 0.8	UBER
XOM	- 0.79	A
CRM	- 0.77	T

SPDR DoubleLine Competition Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR DoubleLine 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 DoubleLine'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
META	1.50	0.02	0.00	0.07	1.52	(1.82)	3.43	(2.82)	13.69
MSFT	1.32	(0.38)	0.00	(1.03)	0.00	0.00	1.90	(2.74)	13.28
UBER	1.51	(0.44)	0.00	(0.83)	0.00	0.00	2.41	(3.82)	11.09
F	1.21	0.07	0.05	0.13	1.18	(1.44)	3.34	(2.30)	7.16
T	1.00	0.21	0.17	6.48	0.77	(1.18)	3.87	(1.54)	5.31
A	1.25	(0.33)	0.00	(0.22)	0.00	0.00	2.90	(2.73)	7.85
CRM	1.71	(0.45)	0.00	(0.42)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.27	(0.10)	0.00	(0.02)	0.00	0.00	2.34	(3.11)	7.38
MRK	1.29	0.43	0.31	0.78	1.00	(1.59)	2.93	(1.98)	8.74
XOM	1.25	0.32	0.20	1.60	1.14	(1.43)	2.68	(2.12)	6.83

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