SPDR SP Correlations

XSW Etf

USD 157.88 16.23 11.46%

The current 90-days correlation between SPDR SP Software and SPDR SP Health is 0.15 (i.e., Average 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

Significant diversification

The correlation between SPDR SP Software and DJI is 0.08 (i.e., Significant 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

0.8	VGT	Vanguard Information	Pair Corr
0.8	XLK	Technology Select Sector	Pair Corr
0.81	IYW	iShares Technology ETF	Pair Corr
0.77	SMH	VanEck Semiconductor ETF	Pair Corr
0.75	SOXX	iShares Semiconductor ETF	Pair Corr
0.7	CIBR	First Trust NASDAQ	Pair Corr
0.8	FTEC	Fidelity MSCI Information	Pair Corr
0.84	IGV	iShares Expanded Tech Sell-off Trend	Pair Corr
0.83	FDN	First Trust Dow	Pair Corr
0.82	IGM	iShares Expanded Tech	Pair Corr
0.94	ARKC	ARK 21Shares Active	Pair Corr

Moving against SPDR Etf

0.75	EUAD	Select STOXX Europe	Pair Corr
0.71	UYLD	Angel Oak UltraShort	Pair Corr
0.7	XHLF	Bondbloxx ETF Trust	Pair Corr
0.59	TLT	iShares 20 Year	Pair Corr
0.5	SHNY	Microsectors Gold	Pair Corr
0.49	GDXJ	VanEck Junior Gold	Pair Corr
0.43	BABX	GraniteShares 175x Long	Pair Corr
0.37	RODM	Hartford Multifactor	Pair Corr
0.34	EZU	iShares MSCI Eurozone	Pair Corr
0.32	MCHS	Matthews China Discovery	Pair Corr
0.82	EVSD	Eaton Vance Short	Pair Corr
0.81	SDS	ProShares UltraShort Aggressive Push	Pair Corr
0.72	SDFI	AB Active ETFs,	Pair Corr
0.69	MMKT	Texas Capital Funds	Pair Corr
0.69	IBDR	iShares iBonds Dec	Pair Corr
0.68	BSCS	Invesco BulletShares 2028	Pair Corr
0.6	SJCP	SanJac Alpha Core	Pair Corr
0.6	UVXY	ProShares Ultra VIX Trending	Pair Corr

Related Correlations Analysis

	XHE	XWEB	XHS	PSJ	XITK
XHE		0.0	0.61	0.0	0.95	XHE
XWEB	0.0		0.0	0.0	0.0	XWEB
XHS	0.61	0.0		0.0	0.62	XHS
PSJ	0.0	0.0	0.0		0.0	PSJ
XITK	0.95	0.0	0.62	0.0		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

XITK	+ 0.95	XHE
XITK	+ 0.62	XHS
XHS	+ 0.61	XHE
XWEB	+ 0.0	XHE
PSJ	+ 0.0	XHE
XHS	+ 0.0	XWEB

High negative correlations

XITK	- 0.0	PSJ
PSJ	- 0.0	XHS
XITK	- 0.0	XWEB
PSJ	- 0.0	XWEB
XHS	- 0.0	XWEB
PSJ	- 0.0	XHE

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	1.22	(0.23)	0.00	(9.67)	0.00	0.00	1.83	(3.17)	7.25
XWEB	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
XHS	0.93	0.05	0.08	0.54	1.37	(0.85)	1.87	(1.97)	6.32
PSJ	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
XITK	1.65	(0.18)	0.00	(3.04)	0.00	0.00	2.52	(3.39)	9.73

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