SPDR MSCI Correlations

STWX Etf

CHF 215.80 1.75 0.80%

The current 90-days correlation between SPDR MSCI Europe and SPDR MSCI Europe is 0.35 (i.e., Weak diversification). The correlation of SPDR MSCI 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 MSCI Correlation With Market

Poor diversification

The correlation between SPDR MSCI Europe and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR MSCI Europe and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to SPDR MSCI could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace SPDR MSCI when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back SPDR MSCI - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling SPDR MSCI Europe to buy it.

Moving together with SPDR Etf

0.86	IUHC	iShares SP 500	Pair Corr
0.95	LYHLT	Multi Units Luxembourg	Pair Corr
0.89	LYHLTW	Lyxor MSCI World	Pair Corr
0.87	XLVS	Invesco Health Care	Pair Corr
0.9	DOCT	LG Healthcare Breakt	Pair Corr
0.73	JPNJPA	UBSFund Solutions MSCI	Pair Corr
0.62	CSNKY	iShares VII PLC	Pair Corr
0.72	CSSPX	iShares Core SP	Pair Corr
0.72	LYJPN	Lyxor Japan UCITS	Pair Corr
0.7	EIMI	iShares Core MSCI	Pair Corr
0.72	IUSA	iShares SP 500	Pair Corr
0.81	MSE	Amundi EURO STOXX	Pair Corr
0.84	XMEX	Xtrackers MSCI Mexico	Pair Corr
0.87	STYC	PIMCO Short Term	Pair Corr
0.81	XESC	Xtrackers Euro Stoxx	Pair Corr
0.68	DMFC	iShares Edge MSCI	Pair Corr
0.73	VAPU	Vanguard FTSE Developed	Pair Corr
0.86	XMCJ	Xtrackers MSCI Japan	Pair Corr
0.68	DRVE	Global X Autonomous	Pair Corr
0.79	HYLC	iShares Global High	Pair Corr
0.91	IT25	iShares V PLC	Pair Corr
0.88	XEOU	Xtrackers MSCI Europe	Pair Corr
0.93	SMICHA	UBS ETF SMI	Pair Corr
0.82	EMUM	iShares MSCI EMU	Pair Corr
0.89	GDX	VanEck Gold Miners	Pair Corr

Related Correlations Analysis

	EVAL	SXLU	STPX	EMAS	GLAC	SXLF	TBIL	STNX	SMCX
EVAL		-0.75	0.94	0.61	-0.8	0.68	0.97	0.28	0.89	EVAL
SXLU	-0.75		-0.56	-0.21	0.84	-0.76	-0.74	0.18	-0.58	SXLU
STPX	0.94	-0.56		0.79	-0.65	0.5	0.93	0.42	0.95	STPX
EMAS	0.61	-0.21	0.79		-0.29	0.18	0.59	0.46	0.82	EMAS
GLAC	-0.8	0.84	-0.65	-0.29		-0.57	-0.83	-0.13	-0.58	GLAC
SXLF	0.68	-0.76	0.5	0.18	-0.57		0.6	-0.3	0.6	SXLF
TBIL	0.97	-0.74	0.93	0.59	-0.83	0.6		0.28	0.86	TBIL
STNX	0.28	0.18	0.42	0.46	-0.13	-0.3	0.28		0.23	STNX
SMCX	0.89	-0.58	0.95	0.82	-0.58	0.6	0.86	0.23		SMCX
	EVAL	SXLU	STPX	EMAS	GLAC	SXLF	TBIL	STNX	SMCX

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

TBIL	+ 0.97	EVAL
SMCX	+ 0.95	STPX
STPX	+ 0.94	EVAL
TBIL	+ 0.93	STPX
SMCX	+ 0.89	EVAL
SMCX	+ 0.86	TBIL

High negative correlations

TBIL	- 0.83	GLAC
GLAC	- 0.8	EVAL
SXLF	- 0.76	SXLU
SXLU	- 0.75	EVAL
TBIL	- 0.74	SXLU
GLAC	- 0.65	STPX

SPDR MSCI Constituents Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR MSCI 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 MSCI'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
EVAL	0.50	0.20	0.22	0.82	0.21	(0.64)	1.61	(0.78)	3.56
SXLU	0.63	(0.05)	0.00	0.36	0.00	0.00	1.17	(1.31)	3.07
STPX	0.64	0.18	0.15	0.49	0.55	(0.79)	1.55	(1.37)	3.31
EMAS	0.87	0.06	0.01	0.22	1.09	(0.90)	1.64	(1.88)	5.97
GLAC	0.13	(0.03)	0.00	(1.43)	0.00	0.00	0.18	(0.25)	0.80
SXLF	0.64	0.01	(0.06)	(0.03)	0.81	(0.63)	1.24	(1.29)	4.28
TBIL	0.02	0.00	(1.68)	0.00	0.00	(0.04)	0.06	(0.03)	0.20
STNX	0.85	0.12	0.06	3.19	0.98	(0.96)	1.84	(1.60)	5.62
SMCX	0.60	0.06	0.02	0.23	0.76	(0.64)	1.27	(1.35)	3.82

Be your own money manager

Our tools can tell you how much better you can do entering a position in SPDR MSCI without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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