SPDR SP Correlations

XSW Etf

USD 180.73 2.37 1.29%

The current 90-days correlation between SPDR SP Software and Invesco SP 500 is 0.72 (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

Poor diversification

The correlation between SPDR SP Software and DJI is 0.6 (i.e., 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.

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 population.

Moving together with SPDR Etf

0.68	VGT	Vanguard Information	Pair Corr
0.61	IYW	iShares Technology ETF	Pair Corr
0.8	CIBR	First Trust NASDAQ	Pair Corr
0.67	FTEC	Fidelity MSCI Information	Pair Corr
0.91	IGV	iShares Expanded Tech	Pair Corr
0.92	FDN	First Trust Dow	Pair Corr
0.76	BULZ	MicroSectors Solactive	Pair Corr
0.73	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.7	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.81	FBL	GraniteShares 15x Long	Pair Corr
0.79	DAPP	VanEck Digital Trans	Pair Corr
0.65	HD	Home Depot	Pair Corr
0.69	MSFT	Microsoft	Pair Corr

Moving against SPDR Etf

0.58	KO	Coca Cola Sell-off Trend	Pair Corr
0.56	JNJ	Johnson Johnson Earnings Call This Week	Pair Corr
0.54	CSCO	Cisco Systems Sell-off Trend	Pair Corr
0.52	MRK	Merck Company	Pair Corr
0.5	PFE	Pfizer Inc	Pair Corr
0.48	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.31	CAT	Caterpillar Sell-off Trend	Pair Corr

Related Correlations Analysis

	SPHB	XVV	DWX	QDEF	RSPA	CSM	FCTE	BALI	BKDV	IEO
SPHB		0.8	0.81	0.88	0.93	0.92	0.5	0.91	0.92	0.15	SPHB
XVV	0.8		0.57	0.7	0.71	0.74	0.56	0.75	0.66	-0.02	XVV
DWX	0.81	0.57		0.88	0.91	0.85	0.4	0.85	0.94	0.21	DWX
QDEF	0.88	0.7	0.88		0.93	0.94	0.34	0.95	0.93	0.34	QDEF
RSPA	0.93	0.71	0.91	0.93		0.89	0.57	0.89	0.97	0.2	RSPA
CSM	0.92	0.74	0.85	0.94	0.89		0.24	0.98	0.9	0.24	CSM
FCTE	0.5	0.56	0.4	0.34	0.57	0.24		0.29	0.46	-0.19	FCTE
BALI	0.91	0.75	0.85	0.95	0.89	0.98	0.29		0.91	0.29	BALI
BKDV	0.92	0.66	0.94	0.93	0.97	0.9	0.46	0.91		0.29	BKDV
IEO	0.15	-0.02	0.21	0.34	0.2	0.24	-0.19	0.29	0.29		IEO
	SPHB	XVV	DWX	QDEF	RSPA	CSM	FCTE	BALI	BKDV	IEO

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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

BALI	+ 0.98	CSM
BKDV	+ 0.97	RSPA
BALI	+ 0.95	QDEF
BKDV	+ 0.94	DWX
CSM	+ 0.94	QDEF
RSPA	+ 0.93	SPHB

High negative correlations

IEO	- 0.19	FCTE
IEO	- 0.02	XVV

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
SPHB	1.05	0.03	0.05	0.11	1.30	(1.07)	1.91	(2.33)	5.06
XVV	0.54	(0.03)	(0.07)	0.05	0.69	(0.51)	1.04	(1.11)	3.57
DWX	0.38	0.05	(0.02)	0.21	0.40	(0.39)	0.73	(0.77)	2.63
QDEF	0.42	0.00	(0.06)	0.09	0.39	(0.47)	1.02	(0.79)	2.31
RSPA	0.46	0.00	(0.05)	0.09	0.50	(0.46)	0.99	(0.95)	2.90
CSM	0.57	(0.01)	(0.02)	0.08	0.68	(0.56)	1.11	(1.19)	3.46
FCTE	0.60	(0.02)	(0.06)	0.05	0.83	(0.59)	1.41	(1.19)	3.30
BALI	0.42	0.01	(0.05)	0.10	0.43	(0.44)	0.91	(0.86)	2.37
BKDV	0.57	0.04	0.05	0.14	0.51	(0.67)	1.32	(1.11)	2.82
IEO	1.18	0.05	(0.01)	0.26	1.42	(1.17)	2.31	(2.02)	7.00

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