SPDR FactSet Correlations

Etfs . USA . 
Etf . SPDR FactSet Innovative
XITK Etf  USD 180.69  3.29  1.85%   
The current 90-days correlation between SPDR FactSet Innovative and XWEB is 0.03 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR FactSet moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR FactSet Innovative moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR FactSet Correlation With Market

Poor diversification

The correlation between SPDR FactSet Innovative and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR FactSet Innovative and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in SPDR FactSet Innovative. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with SPDR Etf

  0.93VGT Vanguard InformationPairCorr
  0.87XLK Technology Select SectorPairCorr
  0.92IYW iShares Technology ETFPairCorr
  0.63SMH VanEck Semiconductor ETFPairCorr
  0.92CIBR First Trust NASDAQPairCorr
  0.93FTEC Fidelity MSCI InformationPairCorr
  0.98IGV iShares Expanded Tech Low VolatilityPairCorr
  0.97FDN First Trust DowPairCorr
  0.93IGM iShares Expanded TechPairCorr
  0.81DIG ProShares Ultra OilPairCorr
  0.71MLPR ETRACS Quarterly PayPairCorr
  0.79USD ProShares Ultra SemiPairCorr
  0.65SGG Barclays CapitalPairCorr
  0.85YCS ProShares UltraShort YenPairCorr
  0.85TBT ProShares UltraShortPairCorr
  0.93ATMP Barclays ETN Select Low VolatilityPairCorr
  0.81AMZA InfraCap MLP ETFPairCorr
  0.92AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.92BAC Bank of America Fiscal Year End 10th of January 2025 PairCorr
  0.68HD Home DepotPairCorr
  0.87WMT Walmart Aggressive PushPairCorr
  0.64XOM Exxon Mobil Corp Sell-off TrendPairCorr
  0.71CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr
  0.87DIS Walt DisneyPairCorr
  0.68T ATT Inc Aggressive PushPairCorr

Moving against SPDR Etf

  0.52NRGU Bank Of MontrealPairCorr
  0.85MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr
  0.83KO Coca Cola Aggressive PushPairCorr
  0.76PFE Pfizer Inc Aggressive PushPairCorr
  0.68BA Boeing Fiscal Year End 29th of January 2025 PairCorr
  0.4PG Procter GamblePairCorr

Related Correlations Analysis

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SPDR FactSet Constituents Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR FactSet 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 FactSet'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.

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