SPDR SP Correlations

XTL Etf

USD 157.54 1.08 0.69%

The current 90-days correlation between SPDR SP Telecom and SPDR SP Pharmaceuticals is 0.43 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR SP moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR SP Telecom moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR SP Correlation With Market

Poor diversification

The correlation between SPDR SP Telecom and DJI is 0.65 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP Telecom 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 Telecom. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with SPDR Etf

0.68	XLC	Communication Services	Pair Corr
0.68	VOX	Vanguard Communication	Pair Corr
0.69	FCOM	Fidelity MSCI Commun	Pair Corr
0.84	IYZ	IShares Telecommunicatio	Pair Corr
0.61	IXP	iShares Global Comm	Pair Corr
0.74	VTI	Vanguard Total Stock	Pair Corr
0.9	VBK	Vanguard Small Cap	Pair Corr

Moving against SPDR Etf

0.37	NFLX	Netflix	Pair Corr
0.42	VZ	Verizon Communications	Pair Corr

Related Correlations Analysis

	XPH	XTN	XHE	XES	SHDG	AUGW	MSTB	TJUL	XMAR	ADPV
XPH		0.82	0.96	0.73	0.74	0.8	-0.04	0.73	0.91	0.06	XPH
XTN	0.82		0.82	0.62	0.8	0.87	0.19	0.81	0.88	0.44	XTN
XHE	0.96	0.82		0.75	0.76	0.81	0.0	0.75	0.9	0.08	XHE
XES	0.73	0.62	0.75		0.78	0.74	0.33	0.65	0.78	-0.05	XES
SHDG	0.74	0.8	0.76	0.78		0.97	0.6	0.94	0.9	0.41	SHDG
AUGW	0.8	0.87	0.81	0.74	0.97		0.47	0.96	0.96	0.41	AUGW
MSTB	-0.04	0.19	0.0	0.33	0.6	0.47		0.51	0.26	0.48	MSTB
TJUL	0.73	0.81	0.75	0.65	0.94	0.96	0.51		0.91	0.46	TJUL
XMAR	0.91	0.88	0.9	0.78	0.9	0.96	0.26	0.91		0.22	XMAR
ADPV	0.06	0.44	0.08	-0.05	0.41	0.41	0.48	0.46	0.22		ADPV
	XPH	XTN	XHE	XES	SHDG	AUGW	MSTB	TJUL	XMAR	ADPV

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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

AUGW	+ 0.97	SHDG
XHE	+ 0.96	XPH
TJUL	+ 0.96	AUGW
XMAR	+ 0.96	AUGW
TJUL	+ 0.94	SHDG
XMAR	+ 0.91	XPH

High negative correlations

ADPV	- 0.05	XES
MSTB	- 0.04	XPH
MSTB	- 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
XPH	1.07	0.17	0.15	0.26	0.83	(1.27)	2.41	(1.87)	5.79
XTN	1.13	0.08	0.07	0.11	1.19	(1.22)	2.72	(2.00)	5.25
XHE	0.90	0.10	0.11	0.15	0.79	(1.12)	2.41	(1.20)	6.02
XES	1.48	0.18	0.09	0.19	1.96	(1.47)	3.61	(3.57)	10.85
SHDG	0.43	(0.01)	(0.04)	0.05	0.60	(0.43)	0.81	(1.11)	2.48
AUGW	0.21	0.00	(0.12)	0.07	0.23	(0.23)	0.47	(0.53)	1.22
MSTB	0.52	(0.04)	(0.05)	0.00	0.90	(0.45)	0.95	(1.27)	3.38
TJUL	0.12	0.00	(0.27)	0.05	0.08	(0.13)	0.27	(0.27)	0.68
XMAR	0.11	0.01	(0.21)	0.12	0.00	(0.12)	0.28	(0.25)	0.61
ADPV	1.49	(0.04)	0.00	0.03	1.83	(1.61)	2.99	(2.78)	9.09

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