SPDR SP Correlations

USDV Etf

62.69 1.01 1.64%

The current 90-days correlation between SPDR SP Dividend and Leverage Shares 3x is 0.22 (i.e., Modest diversification). The correlation of SPDR SP 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 SP Correlation With Market

Weak diversification

The correlation between SPDR SP Dividend and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP Dividend and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to SPDR SP 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 SP 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 SP - 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 SP Dividend to buy it.

Moving together with SPDR Etf

0.69	3CON	Leverage Shares 3x	Pair Corr
0.83	3PLT	Leverage Shares 3x	Pair Corr
0.76	3ARE	Leverage Shares 3x	Pair Corr
0.83	SGBP	WisdomTree Short GBP	Pair Corr
0.71	NVD3	Leverage Shares 3x	Pair Corr
0.73	3NVD	Leverage Shares 3x	Pair Corr
0.74	NVD2	Leverage Shares 2x	Pair Corr
0.67	QQQ5	Leverage Shares 5x	Pair Corr
0.72	5QQQ	Leverage Shares 5x	Pair Corr

Related Correlations Analysis

	3PLT	3ULS	3LSI	3PYE	FANE	INFU	3FNE	3SPE	FTNE	NVD2
3PLT		-0.69	0.11	0.85	0.91	0.79	0.87	-0.82	0.95	0.75	3PLT
3ULS	-0.69		-0.54	-0.88	-0.85	-0.86	-0.87	0.79	-0.79	-0.82	3ULS
3LSI	0.11	-0.54		0.42	0.43	0.54	0.45	-0.35	0.31	0.51	3LSI
3PYE	0.85	-0.88	0.42		0.93	0.89	0.91	-0.78	0.91	0.81	3PYE
FANE	0.91	-0.85	0.43	0.93		0.94	0.99	-0.87	0.98	0.89	FANE
INFU	0.79	-0.86	0.54	0.89	0.94		0.93	-0.77	0.87	0.9	INFU
3FNE	0.87	-0.87	0.45	0.91	0.99	0.93		-0.86	0.96	0.87	3FNE
3SPE	-0.82	0.79	-0.35	-0.78	-0.87	-0.77	-0.86		-0.88	-0.69	3SPE
FTNE	0.95	-0.79	0.31	0.91	0.98	0.87	0.96	-0.88		0.81	FTNE
NVD2	0.75	-0.82	0.51	0.81	0.89	0.9	0.87	-0.69	0.81		NVD2
	3PLT	3ULS	3LSI	3PYE	FANE	INFU	3FNE	3SPE	FTNE	NVD2

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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

3FNE	+ 0.99	FANE
FTNE	+ 0.98	FANE
FTNE	+ 0.96	3FNE
FTNE	+ 0.95	3PLT
INFU	+ 0.94	FANE
FANE	+ 0.93	3PYE

High negative correlations

FTNE	- 0.88	3SPE
3PYE	- 0.88	3ULS
3SPE	- 0.87	FANE
3FNE	- 0.87	3ULS
3SPE	- 0.86	3FNE
INFU	- 0.86	3ULS

SPDR SP Constituents Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR SP 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 SP'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
3PLT	8.87	2.65	0.43	0.49	6.35	(11.21)	20.13	(10.82)	76.95
3ULS	1.76	0.02	0.00	0.09	0.00	0.00	3.75	(4.09)	13.06
3LSI	4.21	0.26	0.02	(0.53)	5.77	(3.98)	9.27	(9.50)	25.70
3PYE	4.12	0.61	0.14	0.33	4.84	(4.41)	9.54	(9.11)	28.97
FANE	0.80	0.16	0.11	0.46	0.65	(0.89)	2.60	(1.38)	5.21
INFU	0.16	0.03	(0.29)	0.34	0.00	(0.18)	0.41	(0.34)	1.09
3FNE	2.57	0.33	0.10	0.45	2.64	(2.80)	7.06	(5.45)	18.67
3SPE	4.28	(0.10)	0.00	0.13	0.00	0.00	7.61	(7.90)	34.93
FTNE	0.99	0.24	0.20	0.47	0.66	(1.22)	2.86	(1.37)	6.52
NVD2	4.13	0.19	0.06	0.19	5.33	(4.10)	8.22	(7.48)	26.09

Be your own money manager

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