SPDR SP Correlations

XSW Etf

USD 155.57 7.32 4.94%

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

Very good diversification

The correlation between SPDR SP Software and DJI is -0.26 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP Software and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with SPDR Etf

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in SPDR SP Software. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with SPDR Etf

0.68	VGT	Vanguard Information	Pair Corr
0.68	IYW	iShares Technology ETF	Pair Corr
0.89	CIBR	First Trust NASDAQ	Pair Corr
0.67	FTEC	Fidelity MSCI Information	Pair Corr
0.96	IGV	iShares Expanded Tech	Pair Corr
0.91	FDN	First Trust Dow	Pair Corr
0.63	IGM	iShares Expanded Tech	Pair Corr
0.67	BULZ	MicroSectors Solactive	Pair Corr
0.75	FNGO	MicroSectors FANG Index	Pair Corr
0.75	GBTC	Grayscale Bitcoin Trust	Pair Corr

Moving against SPDR Etf

0.65	RDIV	Invesco SP Ultra	Pair Corr
0.43	SOXX	iShares Semiconductor ETF	Pair Corr
0.41	GGLL	Direxion Daily GOOGL Downward Rally	Pair Corr
0.4	NUGT	Direxion Daily Gold	Pair Corr
0.38	SMH	VanEck Semiconductor ETF	Pair Corr
0.37	JNUG	Direxion Daily Junior	Pair Corr
0.89	KO	Coca Cola Aggressive Push	Pair Corr
0.82	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.82	VZ	Verizon Communications Aggressive Push	Pair Corr
0.8	CVX	Chevron Corp	Pair Corr
0.76	JNJ	Johnson Johnson	Pair Corr
0.66	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.64	T	ATT Inc Aggressive Push	Pair Corr
0.56	CSCO	Cisco Systems Earnings Call This Week	Pair Corr
0.56	DD	Dupont De Nemours Earnings Call Tomorrow	Pair Corr
0.53	INTC	Intel Aggressive Push	Pair Corr
0.52	BINC	BlackRock ETF Trust	Pair Corr
0.5	MCD	McDonalds Earnings Call This Week	Pair Corr
0.4	HD	Home Depot	Pair Corr
0.39	AHYB	American Century ETF	Pair Corr
0.38	BA	Boeing	Pair Corr

Related Correlations Analysis

	NBCT	BRRAY	MSTSX	ABHYX	LBHIX	RRTLX	XTWO	KNF	KLKNF	GBEN
NBCT		0.66	0.56	0.63	0.53	0.64	0.64	0.18	0.68	0.0	NBCT
BRRAY	0.66		0.82	0.89	0.68	0.86	0.74	0.35	0.77	0.0	BRRAY
MSTSX	0.56	0.82		0.68	0.81	0.99	0.85	0.32	0.86	0.0	MSTSX
ABHYX	0.63	0.89	0.68		0.57	0.72	0.64	0.36	0.56	0.0	ABHYX
LBHIX	0.53	0.68	0.81	0.57		0.85	0.85	0.56	0.82	0.0	LBHIX
RRTLX	0.64	0.86	0.99	0.72	0.85		0.87	0.36	0.88	0.0	RRTLX
XTWO	0.64	0.74	0.85	0.64	0.85	0.87		0.45	0.85	0.0	XTWO
KNF	0.18	0.35	0.32	0.36	0.56	0.36	0.45		0.34	0.0	KNF
KLKNF	0.68	0.77	0.86	0.56	0.82	0.88	0.85	0.34		0.0	KLKNF
GBEN	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		GBEN
	NBCT	BRRAY	MSTSX	ABHYX	LBHIX	RRTLX	XTWO	KNF	KLKNF	GBEN

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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

RRTLX	+ 0.99	MSTSX
ABHYX	+ 0.89	BRRAY
KLKNF	+ 0.88	RRTLX
XTWO	+ 0.87	RRTLX
RRTLX	+ 0.86	BRRAY
KLKNF	+ 0.86	MSTSX

High negative correlations

GBEN	- 0.0	KLKNF
GBEN	- 0.0	KNF
GBEN	- 0.0	XTWO
GBEN	- 0.0	RRTLX
GBEN	- 0.0	LBHIX
GBEN	- 0.0	ABHYX

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
NBCT	0.74	0.18	0.13	0.88	0.60	(0.91)	1.46	(1.37)	3.82
BRRAY	5.76	2.10	0.18	1.11	3.11	(29.13)	17.76	(10.94)	120.98
MSTSX	0.67	0.14	0.16	0.26	0.34	(0.82)	1.45	(1.01)	12.28
ABHYX	0.08	0.00	(0.29)	0.37	0.00	(0.17)	0.23	(0.12)	0.92
LBHIX	0.13	0.03	(0.32)	0.35	0.00	(0.24)	0.24	(0.18)	2.20
RRTLX	0.28	0.04	(0.03)	0.19	0.08	(0.35)	0.58	(0.49)	3.30
XTWO	0.05	0.01	(1.27)	(1.55)	0.00	(0.06)	0.12	(0.08)	0.27
KNF	2.18	0.29	0.14	0.24	2.21	(2.60)	5.34	(3.57)	16.62
KLKNF	2.40	1.31	0.00	(2.06)	0.00	0.00	3.58	0.00	56.35
GBEN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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