SPDR SSGA Correlations

Etfs . USA . 
Etf . SPDR SSGA Small
SMLV Etf  USD 143.23  1.20  0.84%   
The current 90-days correlation between SPDR SSGA Small and 6 Meridian Low is 0.61 (i.e., Poor diversification). The correlation of SPDR SSGA 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 SSGA Correlation With Market

Almost no diversification

The correlation between SPDR SSGA Small and DJI is 0.91 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SSGA Small and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with SPDR Etf
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in SPDR SSGA Small. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with SPDR Etf

  0.98VBR Vanguard Small CapPairCorr
  0.98IWN iShares Russell 2000PairCorr
  0.99DFAT Dimensional TargetedPairCorr
  0.99IJS iShares SP SmallPairCorr
  0.99SLYV SPDR SP 600PairCorr
  0.99AVUV Avantis Small CapPairCorr
  0.99DES WisdomTree SmallCapPairCorr
  0.98MDYV SPDR SP 400PairCorr
  0.93CALF Pacer Small CapPairCorr
  0.98REGL ProShares SP MidCapPairCorr
  0.81JNUG Direxion Daily JuniorPairCorr
  0.75GDXU MicroSectors Gold Miners Upward RallyPairCorr
  0.82NUGT Direxion Daily GoldPairCorr
  0.85GDMN WisdomTree Efficient Gold Low VolatilityPairCorr
  0.61GGLL Direxion Daily GOOGLPairCorr
  0.86DGP DB Gold DoublePairCorr
  0.83DOGG First Trust ExchangePairCorr
  0.83EMES Harbor ETF TrustPairCorr
  0.85NBCE Neuberger Berman ETFPairCorr
  0.9CHPS Xtrackers SemiconductorPairCorr
  0.88PCEM Litman Gregory FundsPairCorr
  0.95GENW Spinnaker ETF SeriesPairCorr
  0.93LVHI Franklin InternationalPairCorr
  0.96JEPI JPMorgan Equity PremiumPairCorr
  0.85NCPB Nuveen Core PlusPairCorr
  0.91XFIX Fm Investments Symbol ChangePairCorr
  0.87XYLD Global X SPPairCorr
  0.93CCNR CoreCommodity NaturalPairCorr
  0.91IRTR iShares TrustPairCorr
  0.96ESML iShares ESG AwarePairCorr
  0.89QLV FlexShares Quality LowPairCorr
  0.86XAUG FT Cboe VestPairCorr
  0.94UDI USCF ETF TrustPairCorr
  0.83LSEQ Harbor ETF TrustPairCorr
  0.89UMAY Innovator ETFs TrustPairCorr

Related Correlations Analysis


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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FDEV  0.54  0.15  0.18  0.34  0.41 
(0.61)
 1.41 
(1.06)
 3.26 
EWZS  1.41  0.12  0.05  0.21  2.18 
(1.40)
 2.72 
(3.02)
 10.91 
AVXC  0.67  0.20  0.21  0.41  0.44 
(0.76)
 1.91 
(1.05)
 3.74 
EPU  1.46  0.43  0.18  0.44  1.84 
(1.56)
 3.02 
(3.23)
 9.47 
FNK  0.75  0.13  0.17  0.20  0.52 
(0.98)
 2.35 
(1.20)
 4.13 
QVMS  0.83  0.08  0.09  0.13  0.73 
(1.03)
 2.54 
(1.80)
 5.01 
HEEM  0.66  0.15  0.19  0.35  0.39 
(0.83)
 1.82 
(1.07)
 4.35 
XES  1.59  0.39  0.20  0.38  1.61 
(1.75)
 3.70 
(3.31)
 9.80 
GVLU  0.67  0.11  0.14  0.19  0.49 
(0.76)
 1.77 
(1.02)
 4.13 
SIXL  0.46  0.09  0.08  0.30  0.40 
(0.53)
 1.11 
(0.69)
 3.41 

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