SPDR SP Correlations

NANR Etf

USD 67.04 0.89 1.35%

The current 90-days correlation between SPDR SP North and Sprott Active Metals is 0.72 (i.e., Poor 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

Very weak diversification

The correlation between SPDR SP North and DJI is 0.44 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP North and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with SPDR Etf

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in SPDR SP North. 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

0.62

XME

SPDR SP Metals

Pair Corr

Moving against SPDR Etf

0.44	HPQ	HP Inc	Pair Corr
0.52	PG	Procter Gamble Sell-off Trend	Pair Corr
0.42	BA	Boeing	Pair Corr
0.31	CVX	Chevron Corp	Pair Corr

Related Correlations Analysis

	METL	DUST	NRES	NUGT	WOOD	FMAT	FMTL	CUT
METL		0.04	-0.1	0.16	0.03	0.27	0.27	0.08	METL
DUST	0.04		-0.82	-0.9	0.73	0.42	0.26	0.76	DUST
NRES	-0.1	-0.82		0.67	-0.59	-0.41	-0.33	-0.6	NRES
NUGT	0.16	-0.9	0.67		-0.47	-0.07	0.01	-0.52	NUGT
WOOD	0.03	0.73	-0.59	-0.47		0.84	0.59	0.98	WOOD
FMAT	0.27	0.42	-0.41	-0.07	0.84		0.75	0.84	FMAT
FMTL	0.27	0.26	-0.33	0.01	0.59	0.75		0.56	FMTL
CUT	0.08	0.76	-0.6	-0.52	0.98	0.84	0.56		CUT
	METL	DUST	NRES	NUGT	WOOD	FMAT	FMTL	CUT

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

CUT	+ 0.98	WOOD
FMAT	+ 0.84	WOOD
CUT	+ 0.84	FMAT
CUT	+ 0.76	DUST
FMTL	+ 0.75	FMAT
WOOD	+ 0.73	DUST

High negative correlations

NUGT	- 0.9	DUST
NRES	- 0.82	DUST
CUT	- 0.6	NRES
WOOD	- 0.59	NRES
CUT	- 0.52	NUGT
WOOD	- 0.47	NUGT

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
METL	1.92	0.25	0.09	0.24	2.59	(1.99)	4.32	(4.93)	13.76
DUST	4.10	(0.86)	0.00	0.58	0.00	0.00	8.67	(9.52)	30.31
NRES	0.80	0.09	0.06	0.24	0.86	(0.88)	1.86	(1.74)	7.54
NUGT	4.07	0.86	0.14	0.57	5.63	(4.17)	9.61	(8.79)	29.19
WOOD	0.76	(0.16)	0.00	(0.13)	0.00	0.00	1.49	(1.54)	4.21
FMAT	0.79	(0.10)	0.00	(0.03)	0.00	0.00	1.64	(1.55)	4.01
FMTL	1.49	0.52	0.30	1.12	1.14	(1.78)	3.51	(2.46)	5.97
CUT	0.73	(0.15)	0.00	(0.15)	0.00	0.00	1.41	(1.77)	3.78

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