SPDR SP Correlations

GII Etf

USD 61.47 0.45 0.73%

The current 90-days correlation between SPDR SP Global and iShares Dividend and is 0.67 (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.

SPDR SP Correlation With Market

Good diversification

The correlation between SPDR SP Global and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP Global and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in SPDR SP Global. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with SPDR Etf

1.0	IGF	iShares Global Infra	Pair Corr
0.63	NFRA	FlexShares STOXX Global	Pair Corr
0.76	TOLZ	ProShares DJ Brookfield	Pair Corr
0.65	GDXU	MicroSectors Gold Miners	Pair Corr
0.63	JNUG	Direxion Daily Junior	Pair Corr
0.63	SHNY	Microsectors Gold	Pair Corr
0.72	GE	GE Aerospace	Pair Corr
0.71	MMM	3M Company	Pair Corr

Moving against SPDR Etf

0.75	WTID	UBS ETRACS	Pair Corr
0.55	MRK	Merck Company	Pair Corr

Related Correlations Analysis

	DIVB	MCSE	MDCP	EV	GK	MJ	XT	METV	DMAT
DIVB		0.9	0.04	0.34	0.08	-0.24	0.78	0.48	0.27	DIVB
MCSE	0.9		-0.14	0.43	-0.18	-0.46	0.67	0.28	0.52	MCSE
MDCP	0.04	-0.14		-0.11	0.76	0.63	0.33	0.58	-0.1	MDCP
EV	0.34	0.43	-0.11		0.01	-0.18	0.38	0.17	0.58	EV
GK	0.08	-0.18	0.76	0.01		0.86	0.54	0.81	-0.37	GK
MJ	-0.24	-0.46	0.63	-0.18	0.86		0.29	0.67	-0.47	MJ
XT	0.78	0.67	0.33	0.38	0.54	0.29		0.86	0.15	XT
METV	0.48	0.28	0.58	0.17	0.81	0.67	0.86		-0.18	METV
DMAT	0.27	0.52	-0.1	0.58	-0.37	-0.47	0.15	-0.18		DMAT
	DIVB	MCSE	MDCP	EV	GK	MJ	XT	METV	DMAT

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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

MCSE	+ 0.9	DIVB
MJ	+ 0.86	GK
METV	+ 0.86	XT
METV	+ 0.81	GK
XT	+ 0.78	DIVB
GK	+ 0.76	MDCP

High negative correlations

DMAT	- 0.47	MJ
MJ	- 0.46	MCSE
DMAT	- 0.37	GK
MJ	- 0.24	DIVB
DMAT	- 0.18	METV
MJ	- 0.18	EV

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
DIVB	0.65	(0.01)	0.07	0.12	0.89	(0.65)	1.15	(1.40)	3.13
MCSE	0.88	0.00	0.08	(0.08)	1.16	(0.93)	2.52	(1.73)	6.39
MDCP	0.76	(0.14)	0.00	1.23	0.00	0.00	1.38	(1.44)	3.50
EV	0.87	(0.01)	0.00	(0.10)	0.00	0.00	1.69	(1.67)	4.29
GK	1.10	(0.11)	0.00	(0.18)	0.00	0.00	1.76	(3.06)	5.95
MJ	1.89	(0.48)	0.00	(21.96)	0.00	0.00	4.39	(4.18)	10.81
XT	0.86	(0.05)	0.00	0.23	0.00	0.00	1.44	(2.02)	5.19
METV	1.23	(0.14)	0.00	0.85	0.00	0.00	2.29	(2.58)	7.88
DMAT	1.08	0.04	0.07	0.81	1.39	(1.17)	1.90	(1.78)	6.28

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