SSGA SPDR Correlations

SWRD Etf  EUR 38.76  0.16  0.41%   
The current 90-days correlation between SSGA SPDR ETFS and SPDR Dow Jones is 0.56 (i.e., Very weak diversification). The correlation of SSGA SPDR 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.

SSGA SPDR Correlation With Market

Average diversification

The correlation between SSGA SPDR ETFS and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SSGA SPDR ETFS and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to SSGA SPDR could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace SSGA SPDR 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 SSGA SPDR - 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 SSGA SPDR ETFS to buy it.

Moving together with SSGA Etf

  1.0VUSA Vanguard SP 500PairCorr
  0.98DIA SPDR Dow JonesPairCorr
  1.0IUSA iShares SP 500PairCorr
  1.0VWRL Vanguard FTSE AllPairCorr
  0.78CYBU iShares China CNYPairCorr
  1.0IWRD iShares MSCI WorldPairCorr
  0.97SXLF SSgA SPDR ETFsPairCorr
  0.93WITS iShares MSCI WorldPairCorr
  0.61CITY Ishares IV PLCPairCorr
  0.61CT2B iShares Smart CityPairCorr
  1.0CSPX iShares Core SPPairCorr

Moving against SSGA Etf

  0.8CNYB iShares China CNYPairCorr

Related Correlations Analysis

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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   
JPMCRM
CRMT
JPMT
CRMMETA
MRKA
JPMF
  
High negative correlations   
MRKJPM
MRKCRM
MRKT
TUBER
XOMMSFT
CRMUBER

SSGA SPDR Competition Risk-Adjusted Indicators

There is a big difference between SSGA Etf performing well and SSGA SPDR 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 SSGA SPDR'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.17  0.27  0.15  0.67  1.17 
 3.22 
 8.02 
MSFT  0.84  0.03 (0.01) 0.16  1.47 
 1.83 
 8.14 
UBER  1.84 (0.29) 0.00 (0.14) 0.00 
 2.69 
 20.41 
F  1.39 (0.13)(0.04) 0.01  2.12 
 2.53 
 11.21 
T  0.98  0.12  0.03  0.67  1.05 
 2.36 
 6.74 
A  1.22 (0.01)(0.05) 0.08  1.47 
 2.71 
 9.02 
CRM  1.47  0.42  0.30  0.41  1.03 
 3.59 
 13.87 
JPM  1.01  0.06  0.12  0.14  0.92 
 1.73 
 15.87 
MRK  0.95 (0.21) 0.00 (0.78) 0.00 
 2.00 
 5.18 
XOM  0.90  0.01 (0.05) 0.14  1.16 
 1.83 
 6.06 

Be your own money manager

Our tools can tell you how much better you can do entering a position in SSGA SPDR 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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