SPDR SP Correlations

GII Etf

USD 70.65 0.22 0.31%

The current 90-days correlation between SPDR SP Global and iShares Global Financials is 0.55 (i.e., Very weak 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.

SPDR SP Correlation With Market

Very good diversification

The correlation between SPDR SP Global and DJI is -0.3 (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 Global and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with SPDR Etf

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in SPDR SP Global. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with SPDR Etf

0.67	PAVE	Global X Infrastructure	Pair Corr
1.0	IGF	iShares Global Infra	Pair Corr
0.93	NFRA	FlexShares STOXX Global	Pair Corr
0.8	IFRA	iShares Infrastructure	Pair Corr
0.87	TOLZ	ProShares DJ Brookfield	Pair Corr
0.78	SIMS	SPDR SP Kensho	Pair Corr
0.78	XKII	SPDR Kensho Intelligent	Pair Corr
0.74	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.69	INTC	Intel	Pair Corr
0.74	JNJ	Johnson Johnson	Pair Corr

Moving against SPDR Etf

0.58	VIXY	ProShares VIX Short	Pair Corr
0.75	DIS	Walt Disney	Pair Corr
0.54	BA	Boeing	Pair Corr
0.47	PG	Procter Gamble Earnings Call This Week	Pair Corr
0.31	T	ATT Inc Earnings Call This Week	Pair Corr

Related Correlations Analysis

	IXG	KCE	ARGT	ONEV	BKMC	JHSC	IGE	NUDM	IYM	JHEM
IXG		0.39	-0.67	0.55	0.87	0.9	0.82	0.77	0.84	0.68	IXG
KCE	0.39		0.24	0.05	0.18	0.21	-0.04	-0.17	0.19	-0.24	KCE
ARGT	-0.67	0.24		-0.59	-0.83	-0.76	-0.87	-0.8	-0.71	-0.88	ARGT
ONEV	0.55	0.05	-0.59		0.64	0.63	0.57	0.44	0.63	0.42	ONEV
BKMC	0.87	0.18	-0.83	0.64		0.97	0.9	0.81	0.9	0.82	BKMC
JHSC	0.9	0.21	-0.76	0.63	0.97		0.87	0.83	0.91	0.78	JHSC
IGE	0.82	-0.04	-0.87	0.57	0.9	0.87		0.82	0.79	0.88	IGE
NUDM	0.77	-0.17	-0.8	0.44	0.81	0.83	0.82		0.79	0.92	NUDM
IYM	0.84	0.19	-0.71	0.63	0.9	0.91	0.79	0.79		0.73	IYM
JHEM	0.68	-0.24	-0.88	0.42	0.82	0.78	0.88	0.92	0.73		JHEM
	IXG	KCE	ARGT	ONEV	BKMC	JHSC	IGE	NUDM	IYM	JHEM

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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

JHSC	+ 0.97	BKMC
JHEM	+ 0.92	NUDM
IYM	+ 0.91	JHSC
JHSC	+ 0.9	IXG
IGE	+ 0.9	BKMC
IYM	+ 0.9	BKMC

High negative correlations

JHEM	- 0.88	ARGT
IGE	- 0.87	ARGT
BKMC	- 0.83	ARGT
NUDM	- 0.8	ARGT
JHSC	- 0.76	ARGT
IYM	- 0.71	ARGT

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
IXG	0.54	0.03	(0.05)	(0.09)	0.61	(0.68)	1.19	(1.14)	3.35
KCE	0.81	(0.03)	0.00	0.18	0.00	0.00	1.99	(1.80)	5.77
ARGT	1.73	(0.14)	0.00	0.53	0.00	0.00	3.36	(3.45)	13.67
ONEV	0.58	0.03	(0.01)	0.31	0.54	(0.70)	1.60	(0.88)	3.60
BKMC	0.66	0.06	0.00	(0.22)	0.69	(0.83)	1.74	(1.22)	5.32
JHSC	0.77	0.07	0.01	(0.25)	0.81	(0.93)	2.15	(1.39)	6.42
IGE	0.61	0.11	0.07	(1.88)	0.71	(0.63)	1.22	(1.30)	4.25
NUDM	0.61	0.12	0.10	(0.65)	0.54	(0.73)	1.30	(0.99)	3.92
IYM	0.71	0.02	(0.04)	(0.10)	0.90	(0.77)	1.51	(1.56)	4.10
JHEM	0.62	0.13	0.09	(0.56)	0.70	(0.72)	1.45	(0.84)	4.99

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