SPDR DoubleLine Correlations

STOT Etf

USD 47.37 0.00 0.00%

The current 90-days correlation between SPDR DoubleLine Short and PIMCO Enhanced Short is 0.22 (i.e., Modest 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

Poor diversification

The correlation between SPDR DoubleLine Short and DJI is 0.78 (i.e., 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

0.95	BSV	Vanguard Short Term	Pair Corr
0.97	IGSB	iShares 1 5	Pair Corr
0.98	SPSB	SPDR Barclays Short	Pair Corr
0.97	ISTB	iShares Core 1	Pair Corr
0.98	SLQD	iShares 0 5	Pair Corr
0.86	GVI	iShares Intermediate	Pair Corr
0.98	LDUR	PIMCO Enhanced Low	Pair Corr
0.96	SUSB	iShares ESG 1	Pair Corr
0.91	LENS	Sarmaya Thematic ETF	Pair Corr
0.8	MAPP	Harbor ETF Trust	Pair Corr
0.86	WNTR	YieldMax MSTR Short	Pair Corr
0.79	JUNE	JUNE Symbol Change	Pair Corr
0.87	SNPD	DBX ETF Trust	Pair Corr
0.84	EVUS	iShares ESG Aware	Pair Corr
0.87	JNJ	Johnson Johnson	Pair Corr
0.95	MRK	Merck Company	Pair Corr
0.83	DD	Dupont De Nemours	Pair Corr
0.84	WMT	Walmart Common Stock Sell-off Trend	Pair Corr
0.79	XOM	Exxon Mobil Corp Earnings Call This Week	Pair Corr
0.75	CAT	Caterpillar Earnings Call This Week	Pair Corr

Moving against SPDR Etf

0.65	SWIN	Alps Symbol Change	Pair Corr
0.4	PRME	Prime Medicine Common Downward Rally	Pair Corr
0.86	HPQ	HP Inc	Pair Corr
0.83	MSFT	Microsoft Earnings Call This Week	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.56	0.27	-0.24	0.15	-0.12	0.53	-0.07	-0.28	-0.32	META
MSFT	0.56		0.78	-0.55	0.52	0.25	0.35	-0.25	-0.84	-0.74	MSFT
UBER	0.27	0.78		-0.47	0.42	0.45	0.01	-0.39	-0.8	-0.51	UBER
F	-0.24	-0.55	-0.47		-0.64	-0.13	0.07	0.59	0.68	0.62	F
T	0.15	0.52	0.42	-0.64		0.55	-0.19	-0.41	-0.49	-0.64	T
A	-0.12	0.25	0.45	-0.13	0.55		-0.32	-0.22	-0.25	-0.37	A
CRM	0.53	0.35	0.01	0.07	-0.19	-0.32		0.54	-0.09	-0.33	CRM
JPM	-0.07	-0.25	-0.39	0.59	-0.41	-0.22	0.54		0.48	0.17	JPM
MRK	-0.28	-0.84	-0.8	0.68	-0.49	-0.25	-0.09	0.48		0.74	MRK
XOM	-0.32	-0.74	-0.51	0.62	-0.64	-0.37	-0.33	0.17	0.74		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

UBER	+ 0.78	MSFT
XOM	+ 0.74	MRK
MRK	+ 0.68	F
XOM	+ 0.62	F
JPM	+ 0.59	F
MSFT	+ 0.56	META

High negative correlations

MRK	- 0.84	MSFT
MRK	- 0.8	UBER
XOM	- 0.74	MSFT
XOM	- 0.64	T
T	- 0.64	F
F	- 0.55	MSFT

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	1.42	(0.21)	0.00	(0.14)	0.00	0.00	3.16	(2.67)	13.02
MSFT	1.04	(0.18)	0.00	(0.50)	0.00	0.00	1.78	(2.50)	4.90
UBER	1.45	(0.24)	0.00	(0.24)	0.00	0.00	2.60	(3.82)	10.23
F	1.50	0.11	0.10	0.14	1.32	(1.86)	3.69	(2.35)	16.30
T	0.87	(0.16)	0.00	(0.39)	0.00	0.00	1.53	(1.85)	4.30
A	1.21	(0.17)	0.00	(0.06)	0.00	0.00	2.90	(2.58)	7.85
CRM	1.51	(0.23)	0.00	(0.13)	0.00	0.00	3.22	(3.10)	12.37
JPM	1.13	(0.11)	0.00	(0.01)	0.00	0.00	2.00	(3.11)	7.38
MRK	1.24	0.31	0.21	0.48	1.09	(1.53)	3.59	(1.98)	8.09
XOM	1.07	0.28	0.18	4.20	0.95	(1.22)	2.38	(1.51)	5.82

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