SPDR SSgA Correlations

INKM Etf

USD 33.17 0.04 0.12%

The current 90-days correlation between SPDR SSgA Income and First Trust Multi Asset is 0.78 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR SSgA moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR SSgA Income moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR SSgA Correlation With Market

Poor diversification

The correlation between SPDR SSgA Income and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SSgA Income 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 SSgA Income. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in inflation.

Moving together with SPDR Etf

0.75	AOM	iShares Core Moderate	Pair Corr
0.74	GDMA	Alpha Architect Gdsdn	Pair Corr
0.71	FCEF	First Trust Income	Pair Corr
0.68	EAOM	iShares ESG Aware	Pair Corr
0.91	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.77	AMPD	Tidal ETF Services	Pair Corr
0.94	PMBS	PIMCO Mortgage Backed	Pair Corr
0.86	ITWO	Proshares Russell 2000	Pair Corr
0.95	ICOW	Pacer Developed Markets	Pair Corr
0.96	FMAY	First Trust Exchange	Pair Corr
0.76	HEQQ	JPMorgan Nasdaq Hedged	Pair Corr
0.91	SDIV	Global X SuperDividend	Pair Corr
0.8	EFAV	iShares MSCI EAFE	Pair Corr
0.94	AVSC	American Century ETF	Pair Corr
0.63	GABF	Gabelli Financial	Pair Corr
0.97	WDIV	SPDR SP Global	Pair Corr
0.83	DUSL	Direxion Daily Indus	Pair Corr
0.86	MCDS	JPMorgan Fundamental Data	Pair Corr
0.69	IQM	Franklin Templeton ETF	Pair Corr
0.93	QQQ	Invesco QQQ Trust	Pair Corr
0.96	FNDF	Schwab Fundamental	Pair Corr
0.95	JPME	JPMorgan Diversified	Pair Corr
0.75	QQWZ	Pacer Cash Z	Pair Corr
0.69	BKCG	BNY Mellon ETF	Pair Corr
0.93	USXF	iShares ESG Advanced	Pair Corr
0.67	IDE	Voya Infrastructure	Pair Corr
0.65	IBHL	iShares iBonds 2032	Pair Corr
0.97	JPIN	JPMorgan Diversified	Pair Corr

Moving against SPDR Etf

0.33

HCOM

Hartford Funds

Pair Corr

Related Correlations Analysis

	MDIV	MFUL	DRAI	DRSK	DSCF	DUKQ	DUKX	MPRO	MRSK
MDIV		0.92	0.77	0.85	0.89	0.94	0.91	0.92	0.93	MDIV
MFUL	0.92		0.9	0.93	0.95	0.99	0.95	0.97	0.99	MFUL
DRAI	0.77	0.9		0.86	0.8	0.92	0.83	0.86	0.87	DRAI
DRSK	0.85	0.93	0.86		0.94	0.93	0.92	0.95	0.92	DRSK
DSCF	0.89	0.95	0.8	0.94		0.94	0.96	0.98	0.95	DSCF
DUKQ	0.94	0.99	0.92	0.93	0.94		0.96	0.97	0.99	DUKQ
DUKX	0.91	0.95	0.83	0.92	0.96	0.96		0.97	0.96	DUKX
MPRO	0.92	0.97	0.86	0.95	0.98	0.97	0.97		0.97	MPRO
MRSK	0.93	0.99	0.87	0.92	0.95	0.99	0.96	0.97		MRSK
	MDIV	MFUL	DRAI	DRSK	DSCF	DUKQ	DUKX	MPRO	MRSK

SPDR SSgA Constituents Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR SSgA 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 SSgA'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
MDIV	0.36	0.01	(0.12)	0.12	0.26	(0.42)	0.88	(0.63)	1.97
MFUL	0.13	0.02	(0.46)	0.19	0.00	(0.17)	0.37	(0.19)	0.65
DRAI	0.74	0.04	0.04	0.14	0.90	(0.81)	1.79	(1.59)	5.52
DRSK	0.41	0.01	(0.11)	0.13	0.43	(0.46)	0.95	(0.66)	3.43
DSCF	0.22	0.02	(0.19)	0.19	0.00	(0.25)	0.48	(0.47)	1.25
DUKQ	0.50	0.03	0.03	0.14	0.38	(0.58)	1.15	(0.84)	2.60
DUKX	0.50	0.02	(0.01)	0.14	0.49	(0.52)	1.15	(1.03)	3.05
MPRO	0.28	0.01	(0.16)	0.13	0.13	(0.33)	0.64	(0.47)	1.62
MRSK	0.36	0.04	(0.03)	0.19	0.15	(0.44)	0.91	(0.58)	2.12

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