SPDR SSGA Correlations

XLSR Etf

USD 61.62 0.65 1.07%

The current 90-days correlation between SPDR SSGA Sector and Invesco CEF Income is 0.79 (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

Poor diversification

The correlation between SPDR SSGA Sector and DJI is 0.73 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SSGA Sector and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with SPDR Etf

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in SPDR SSGA Sector. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in real.

Moving together with SPDR Etf

0.89	VTI	Vanguard Total Stock	Pair Corr
0.91	SPY	SPDR SP 500	Pair Corr
0.91	IVV	iShares Core SP	Pair Corr
0.86	VIG	Vanguard Dividend	Pair Corr
0.77	VV	Vanguard Large Cap	Pair Corr
0.7	RSP	Invesco SP 500	Pair Corr
0.89	IWB	iShares Russell 1000	Pair Corr
0.91	ESGU	iShares ESG Aware	Pair Corr
0.86	DFAC	Dimensional Core Equity	Pair Corr
0.71	SPLG	SSgA Symbol Change	Pair Corr
0.73	CPST	Calamos ETF Trust	Pair Corr
0.78	ITDD	iShares Trust	Pair Corr
0.64	RYLG	Global X Russell	Pair Corr
0.83	SPUT	Innovator ETFs Trust	Pair Corr
0.68	DDX	Defined Duration Symbol Change	Pair Corr
0.73	JPIE	JP Morgan Exchange Sell-off Trend	Pair Corr
0.73	SKOR	FlexShares Credit	Pair Corr
0.62	MKTN	Federated Hermes ETF	Pair Corr
0.69	FUSI	American Century ETF	Pair Corr
0.7	SMH	VanEck Semiconductor ETF	Pair Corr
0.8	GQI	Natixis ETF Trust	Pair Corr
0.66	FIVA	Fidelity International	Pair Corr
0.65	VGSH	Vanguard Short Term	Pair Corr
0.7	VT	Vanguard Total World	Pair Corr
0.77	GAPR	First Trust Exchange	Pair Corr
0.72	PBDC	Putnam ETF Trust	Pair Corr
0.7	SGVT	Schwab Strategic Trust	Pair Corr
0.79	HDUS	Lattice Strategies Trust	Pair Corr
0.77	SCYB	Schwab Strategic Trust Sell-off Trend	Pair Corr

Moving against SPDR Etf

0.68	MPAY	Exchange Traded Concepts	Pair Corr
0.33	ELON	Battleshares TSLA	Pair Corr

Related Correlations Analysis

	PCEF	PFEB	BUYW	PAPR	HF	DUSA	DFAW	PSI	PNQI	OUSA
PCEF		0.88	0.82	0.83	0.89	0.81	0.92	0.91	0.16	0.79	PCEF
PFEB	0.88		0.96	0.97	0.84	0.97	0.98	0.88	-0.11	0.95	PFEB
BUYW	0.82	0.96		0.95	0.78	0.95	0.94	0.84	-0.21	0.92	BUYW
PAPR	0.83	0.97	0.95		0.78	0.95	0.95	0.87	-0.2	0.92	PAPR
HF	0.89	0.84	0.78	0.78		0.79	0.91	0.86	0.16	0.81	HF
DUSA	0.81	0.97	0.95	0.95	0.79		0.94	0.83	-0.13	0.96	DUSA
DFAW	0.92	0.98	0.94	0.95	0.91	0.94		0.93	-0.04	0.93	DFAW
PSI	0.91	0.88	0.84	0.87	0.86	0.83	0.93		-0.07	0.79	PSI
PNQI	0.16	-0.11	-0.21	-0.2	0.16	-0.13	-0.04	-0.07		-0.17	PNQI
OUSA	0.79	0.95	0.92	0.92	0.81	0.96	0.93	0.79	-0.17		OUSA
	PCEF	PFEB	BUYW	PAPR	HF	DUSA	DFAW	PSI	PNQI	OUSA

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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

DFAW	+ 0.98	PFEB
PAPR	+ 0.97	PFEB
DUSA	+ 0.97	PFEB
BUYW	+ 0.96	PFEB
OUSA	+ 0.96	DUSA
OUSA	+ 0.95	PFEB

High negative correlations

PNQI	- 0.21	BUYW
PNQI	- 0.2	PAPR
OUSA	- 0.17	PNQI
PNQI	- 0.13	DUSA
PNQI	- 0.11	PFEB
PNQI	- 0.07	PSI

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
PCEF	0.37	(0.01)	(0.09)	0.05	0.43	(0.40)	0.82	(0.87)	1.96
PFEB	0.20	0.02	(0.09)	0.12	0.18	(0.21)	0.51	(0.52)	1.26
BUYW	0.25	0.01	(0.14)	0.13	0.21	(0.29)	0.50	(0.50)	1.34
PAPR	0.13	0.02	(0.21)	0.49	0.00	(0.15)	0.31	(0.26)	0.81
HF	0.22	(0.02)	(0.19)	0.01	0.28	(0.22)	0.43	(0.57)	1.28
DUSA	0.66	0.05	0.05	0.12	0.69	(0.68)	1.59	(1.25)	3.21
DFAW	0.51	0.02	0.01	0.09	0.60	(0.53)	1.07	(1.28)	2.59
PSI	1.74	0.23	0.12	0.19	1.96	(1.88)	3.58	(4.33)	9.78
PNQI	0.78	(0.17)	0.00	(0.11)	0.00	0.00	1.63	(2.07)	4.74
OUSA	0.47	0.00	(0.04)	0.06	0.49	(0.50)	1.00	(0.75)	2.53

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