SPDR Bloomberg Correlations

JNK Etf

USD 97.15 0.00 0.00%

The current 90-days correlation between SPDR Bloomberg High and First Trust Value is 0.53 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR Bloomberg moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR Bloomberg High moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR Bloomberg Correlation With Market

Poor diversification

The correlation between SPDR Bloomberg High and DJI is 0.72 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Bloomberg High 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 Bloomberg High. 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

1.0	HYG	iShares iBoxx High Sell-off Trend	Pair Corr
0.99	USHY	iShares Broad USD	Pair Corr
0.99	SHYG	iShares 0 5 Sell-off Trend	Pair Corr
0.99	HYLB	Xtrackers USD High	Pair Corr
0.99	SJNK	SPDR Bloomberg Short Sell-off Trend	Pair Corr
0.95	ANGL	VanEck Fallen Angel	Pair Corr
0.9	FALN	iShares Fallen Angels	Pair Corr
0.84	HYLS	First Trust Tactical	Pair Corr
0.83	HYDW	Xtrackers Low Beta	Pair Corr
0.76	VTI	Vanguard Total Stock	Pair Corr
0.73	SPY	SPDR SP 500	Pair Corr
0.73	IVV	iShares Core SP	Pair Corr
0.75	TOT	Advisor Managed Port	Pair Corr
0.83	VTV	Vanguard Value Index	Pair Corr
0.88	FELV	Fidelity Covington Trust	Pair Corr
0.67	FIAX	Nicholas Fixed Income	Pair Corr
0.73	SCHX	Schwab Large Cap	Pair Corr
0.73	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.71	BAC	Bank of America Aggressive Push	Pair Corr
0.69	AA	Alcoa Corp	Pair Corr

Moving against SPDR Etf

0.36

Procter Gamble

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.63	0.66	-0.72	0.69	-0.73	0.24	-0.05	-0.67	-0.65	META
MSFT	0.63		0.82	-0.41	0.2	-0.31	0.3	-0.12	-0.71	-0.56	MSFT
UBER	0.66	0.82		-0.57	0.45	-0.61	0.22	0.17	-0.81	-0.58	UBER
F	-0.72	-0.41	-0.57		-0.72	0.76	0.17	0.21	0.7	0.76	F
T	0.69	0.2	0.45	-0.72		-0.82	-0.28	0.06	-0.54	-0.48	T
A	-0.73	-0.31	-0.61	0.76	-0.82		-0.05	-0.19	0.73	0.44	A
CRM	0.24	0.3	0.22	0.17	-0.28	-0.05		0.16	-0.19	0.01	CRM
JPM	-0.05	-0.12	0.17	0.21	0.06	-0.19	0.16		-0.01	0.22	JPM
MRK	-0.67	-0.71	-0.81	0.7	-0.54	0.73	-0.19	-0.01		0.62	MRK
XOM	-0.65	-0.56	-0.58	0.76	-0.48	0.44	0.01	0.22	0.62		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

UBER	+ 0.82	MSFT
A	+ 0.76	F
XOM	+ 0.76	F
MRK	+ 0.73	A
MRK	+ 0.7	F
T	+ 0.69	META

High negative correlations

A	- 0.82	T
MRK	- 0.81	UBER
A	- 0.73	META
T	- 0.72	F
F	- 0.72	META
MRK	- 0.71	MSFT

SPDR Bloomberg Competition Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR Bloomberg 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 Bloomberg'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
META	1.38	(0.28)	0.00	(0.24)	0.00	0.00	2.26	(2.72)	13.52
MSFT	0.97	(0.11)	0.00	(0.11)	0.00	0.00	1.85	(2.50)	5.08
UBER	1.57	(0.21)	0.00	(0.16)	0.00	0.00	3.34	(4.99)	10.91
F	1.47	0.17	0.11	0.19	1.67	(1.66)	3.38	(2.35)	16.30
T	0.94	(0.28)	0.00	(0.94)	0.00	0.00	1.61	(2.18)	5.75
A	1.30	0.08	0.06	0.14	1.33	(1.42)	2.34	(2.23)	11.03
CRM	1.57	0.03	0.02	0.10	1.98	(1.60)	3.66	(2.72)	9.91
JPM	0.98	(0.01)	0.00	0.06	1.44	(0.93)	2.00	(1.91)	7.02
MRK	1.41	0.22	0.15	0.32	1.18	(1.81)	4.84	(2.60)	11.45
XOM	0.91	0.09	0.03	0.63	0.90	(0.96)	1.96	(1.41)	4.63

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