SPDR Dow Correlations

DIA Etf

MXN 8,758 54.00 0.62%

The current 90-days correlation between SPDR Dow Jones and Vanguard Index Funds is -0.12 (i.e., Good diversification). The correlation of SPDR Dow 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 Dow Correlation With Market

Significant diversification

The correlation between SPDR Dow Jones and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Dow Jones and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to SPDR Dow could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace SPDR Dow when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back SPDR Dow - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling SPDR Dow Jones to buy it.

Moving together with SPDR Etf

0.89	VTI	Vanguard Index Funds	Pair Corr
0.88	VOO	Vanguard Index Funds	Pair Corr
0.89	SPY	SPDR SP 500	Pair Corr
0.89	IVV	iShares Trust	Pair Corr
0.84	QQQ	Invesco QQQ Trust	Pair Corr
0.86	IAT	iShares Regional Banks	Pair Corr
0.8	XLK	Select Sector	Pair Corr
0.88	IJR	iShares Core SP	Pair Corr
0.82	XOP	SPDR Series Trust	Pair Corr
0.78	XSD	SPDR Series Trust	Pair Corr
0.83	VGSH	Vanguard Scottsdale Funds	Pair Corr
0.85	XRT	SPDR Series Trust	Pair Corr
0.84	VCR	Vanguard World	Pair Corr
0.9	IYE	iShares Trust	Pair Corr
0.85	VGT	Vanguard World	Pair Corr

Moving against SPDR Etf

0.33

EEM

iShares MSCI Emerging

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.79	-0.54	-0.45	0.45	0.29	0.56	0.26	-0.13	-0.53	META
MSFT	0.79		-0.65	-0.37	0.56	0.05	0.63	0.39	-0.23	-0.75	MSFT
UBER	-0.54	-0.65		0.47	-0.72	0.18	-0.78	-0.55	0.61	0.75	UBER
F	-0.45	-0.37	0.47		0.01	-0.23	-0.06	0.28	-0.08	0.69	F
T	0.45	0.56	-0.72	0.01		-0.3	0.87	0.83	-0.68	-0.44	T
A	0.29	0.05	0.18	-0.23	-0.3		-0.31	-0.51	0.71	0.09	A
CRM	0.56	0.63	-0.78	-0.06	0.87	-0.31		0.87	-0.77	-0.5	CRM
JPM	0.26	0.39	-0.55	0.28	0.83	-0.51	0.87		-0.83	-0.27	JPM
MRK	-0.13	-0.23	0.61	-0.08	-0.68	0.71	-0.77	-0.83		0.29	MRK
XOM	-0.53	-0.75	0.75	0.69	-0.44	0.09	-0.5	-0.27	0.29		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

CRM	+ 0.87	T
JPM	+ 0.87	CRM
JPM	+ 0.83	T
MSFT	+ 0.79	META
XOM	+ 0.75	UBER
MRK	+ 0.71	A

High negative correlations

MRK	- 0.83	JPM
CRM	- 0.78	UBER
MRK	- 0.77	CRM
XOM	- 0.75	MSFT
T	- 0.72	UBER
MRK	- 0.68	T

SPDR Dow Competition Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR Dow 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 Dow'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	1.21	0.08	0.04	0.42	1.41	(1.37)	2.62	(3.15)	7.43
MSFT	0.87	0.00	(0.02)	0.02	1.65	(0.78)	1.78	(2.23)	8.14
UBER	1.65	(0.33)	0.00	(1.73)	0.00	0.00	2.53	(5.35)	20.41
F	1.39	(0.03)	0.00	(0.12)	0.00	0.00	2.53	(2.81)	11.21
T	0.95	0.10	0.07	0.39	1.13	(0.98)	1.93	(1.99)	7.95
A	1.19	(0.04)	0.00	(0.12)	0.00	0.00	2.71	(2.42)	9.02
CRM	1.46	0.33	0.19	20.66	1.34	(1.66)	3.18	(2.88)	14.80
JPM	1.06	0.23	0.16	(3.32)	1.11	(1.26)	1.99	(1.44)	15.87
MRK	0.97	(0.21)	0.00	(0.97)	0.00	0.00	1.72	(2.17)	5.17
XOM	0.84	(0.11)	0.00	(0.64)	0.00	0.00	1.83	(2.14)	6.06

Be your own money manager

Our tools can tell you how much better you can do entering a position in SPDR Dow without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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