SPDR SP Correlations

XME Etf

USD 60.08 0.35 0.59%

The current 90-days correlation between SPDR SP Metals and SPDR SP Retail is 0.4 (i.e., Very weak 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.

SPDR SP Correlation With Market

Modest diversification

The correlation between SPDR SP Metals and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP Metals 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 SP Metals. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with SPDR Etf

0.67	EV	Mast Global Battery	Pair Corr
0.92	XLB	Materials Select Sector	Pair Corr
0.95	VAW	Vanguard Materials Index	Pair Corr
0.93	PHO	Invesco Water Resources	Pair Corr
0.77	MOO	VanEck Agribusiness ETF	Pair Corr
0.93	FXZ	First Trust Materials	Pair Corr
0.91	FIW	First Trust Water	Pair Corr
0.83	URNM	Sprott Uranium Miners	Pair Corr
0.93	IYM	iShares Basic Materials	Pair Corr
0.85	INTC	Intel	Pair Corr
0.84	TRV	The Travelers Companies	Pair Corr
0.65	CVX	Chevron Corp Earnings Call Tomorrow	Pair Corr
0.76	CAT	Caterpillar Earnings Call This Week	Pair Corr
0.91	AA	Alcoa Corp	Pair Corr

Moving against SPDR Etf

0.72	FBGX	UBS	Pair Corr
0.7	FNGO	MicroSectors FANG Index	Pair Corr
0.66	FNGS	MicroSectors FANG ETN	Pair Corr
0.62	FNGU	MicroSectors FANG Index	Pair Corr
0.35	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.86	BA	Boeing	Pair Corr

Related Correlations Analysis

	XLB	XOP	XRT	XHB	SLX
XLB		0.32	-0.17	0.94	0.93	XLB
XOP	0.32		0.17	0.4	0.38	XOP
XRT	-0.17	0.17		0.13	0.03	XRT
XHB	0.94	0.4	0.13		0.94	XHB
SLX	0.93	0.38	0.03	0.94		SLX
	XLB	XOP	XRT	XHB	SLX

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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

XHB	+ 0.94	XLB
SLX	+ 0.94	XHB
SLX	+ 0.93	XLB
XHB	+ 0.4	XOP
SLX	+ 0.38	XOP
XOP	+ 0.32	XLB

High negative correlations

XRT

- 0.17

XLB

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
XLB	0.71	(0.14)	0.00	(0.33)	0.00	0.00	1.25	(1.32)	4.22
XOP	1.10	0.05	(0.01)	0.32	1.35	(1.05)	1.90	(2.27)	8.60
XRT	0.83	0.07	0.03	0.27	0.84	(0.93)	1.80	(1.53)	6.61
XHB	1.05	(0.17)	0.00	(0.17)	0.00	0.00	2.28	(2.11)	8.76
SLX	1.10	(0.10)	0.00	(0.16)	0.00	0.00	1.79	(2.52)	11.16

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