SPDR SP Correlations

XSW Etf

USD 194.96 5.04 2.65%

The current 90-days correlation between SPDR SP Software and SPDR SP Health is 0.73 (i.e., Poor 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

Very poor diversification

The correlation between SPDR SP Software and DJI is 0.83 (i.e., Very poor 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.

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 state.

Moving together with SPDR Etf

0.88	VGT	Vanguard Information	Pair Corr
0.8	XLK	Technology Select Sector	Pair Corr
0.87	IYW	iShares Technology ETF	Pair Corr
0.87	CIBR	First Trust NASDAQ	Pair Corr
0.88	FTEC	Fidelity MSCI Information	Pair Corr
0.99	IGV	iShares Expanded Tech Low Volatility	Pair Corr
0.96	FDN	First Trust Dow	Pair Corr
0.88	IGM	iShares Expanded Tech	Pair Corr
0.77	DIG	ProShares Ultra Oil	Pair Corr
0.7	MLPR	ETRACS Quarterly Pay	Pair Corr
0.72	USD	ProShares Ultra Semi	Pair Corr
0.7	SGG	Barclays Capital	Pair Corr
0.87	YCS	ProShares UltraShort Yen	Pair Corr
0.86	TBT	ProShares UltraShort	Pair Corr
0.94	ATMP	Barclays ETN Select Low Volatility	Pair Corr
0.8	AMZA	InfraCap MLP ETF	Pair Corr
0.9	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.96	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.89	WMT	Walmart Aggressive Push	Pair Corr
0.64	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.88	DIS	Walt Disney	Pair Corr
0.7	T	ATT Inc Aggressive Push	Pair Corr

Moving against SPDR Etf

0.48	NRGU	Bank Of Montreal	Pair Corr
0.89	KO	Coca Cola Aggressive Push	Pair Corr
0.89	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.82	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.69	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.41	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	XHE	XWEB	XHS	PSJ	XITK
XHE		0.23	0.44	0.18	0.5	XHE
XWEB	0.23		-0.54	0.99	0.9	XWEB
XHS	0.44	-0.54		-0.57	-0.29	XHS
PSJ	0.18	0.99	-0.57		0.88	PSJ
XITK	0.5	0.9	-0.29	0.88		XITK
	XHE	XWEB	XHS	PSJ	XITK

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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

PSJ	+ 0.99	XWEB
XITK	+ 0.9	XWEB
XITK	+ 0.88	PSJ
XITK	+ 0.5	XHE
XHS	+ 0.44	XHE
XWEB	+ 0.23	XHE

High negative correlations

PSJ	- 0.57	XHS
XHS	- 0.54	XWEB
XITK	- 0.29	XHS

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
XHE	0.79	(0.04)	(0.04)	0.08	0.97	(0.81)	1.35	(1.68)	4.71
XWEB	1.45	0.25	0.07	(1.38)	1.43	(1.59)	2.79	(2.56)	7.25
XHS	0.88	(0.15)	0.00	(0.02)	0.00	0.00	1.78	(1.71)	5.95
PSJ	0.84	0.14	0.00	(0.93)	0.87	(0.92)	1.97	(1.46)	4.69
XITK	1.01	0.13	0.13	0.22	1.00	(1.13)	2.30	(2.00)	6.34

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