SPDR Gold Correlations

GLDM Etf

USD 59.54 0.29 0.48%

The current 90-days correlation between SPDR Gold MiniShares and MicroSectors Gold 3X is -0.98 (i.e., Pay attention - limited upside). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR Gold moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR Gold MiniShares moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR Gold Correlation With Market

Good diversification

The correlation between SPDR Gold MiniShares and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Gold MiniShares 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 Gold MiniShares. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with SPDR Etf

1.0	GLD	SPDR Gold Shares	Pair Corr
1.0	IAU	iShares Gold Trust	Pair Corr
0.96	SLV	iShares Silver Trust Potential Growth	Pair Corr
1.0	SGOL	abrdn Physical Gold	Pair Corr
1.0	GLTR	abrdn Physical Precious	Pair Corr
0.96	SIVR	abrdn Physical Silver Potential Growth	Pair Corr
1.0	IAUM	iShares Gold Trust	Pair Corr
0.7	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.9	T	ATT Inc Earnings Call Today	Pair Corr
0.67	TRV	The Travelers Companies	Pair Corr
0.7	MCD	McDonalds	Pair Corr
0.76	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.84	MMM	3M Company	Pair Corr
0.89	JNJ	Johnson Johnson	Pair Corr
0.79	VZ	Verizon Communications	Pair Corr
0.84	IBM	International Business	Pair Corr
0.87	GE	GE Aerospace	Pair Corr

Moving against SPDR Etf

0.71	NAIL	Direxion Daily Homeb Downward Rally	Pair Corr
0.67	USD	ProShares Ultra Semi	Pair Corr
0.65	TECL	Direxion Daily Technology	Pair Corr
0.62	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.53	FNGO	MicroSectors FANG Index	Pair Corr
0.52	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.44	SPXL	Direxion Daily SP500 Sell-off Trend	Pair Corr
0.44	UPRO	ProShares UltraPro SP500	Pair Corr
0.32	USO	United States Oil	Pair Corr
0.69	MRK	Merck Company	Pair Corr
0.64	AA	Alcoa Corp	Pair Corr
0.6	CAT	Caterpillar	Pair Corr
0.52	HPQ	HP Inc	Pair Corr
0.43	AXP	American Express Sell-off Trend	Pair Corr

Related Correlations Analysis

	DULL	FGDL	BAR	DGP	DGZ	DZZ	GLD	GLL	IAU
DULL		-1.0	-1.0	-1.0	0.93	-0.15	-1.0	1.0	-1.0	DULL
FGDL	-1.0		1.0	1.0	-0.93	0.15	1.0	-1.0	1.0	FGDL
BAR	-1.0	1.0		1.0	-0.93	0.17	1.0	-1.0	1.0	BAR
DGP	-1.0	1.0	1.0		-0.93	0.15	1.0	-1.0	1.0	DGP
DGZ	0.93	-0.93	-0.93	-0.93		-0.29	-0.93	0.93	-0.93	DGZ
DZZ	-0.15	0.15	0.17	0.15	-0.29		0.17	-0.13	0.17	DZZ
GLD	-1.0	1.0	1.0	1.0	-0.93	0.17		-1.0	1.0	GLD
GLL	1.0	-1.0	-1.0	-1.0	0.93	-0.13	-1.0		-1.0	GLL
IAU	-1.0	1.0	1.0	1.0	-0.93	0.17	1.0	-1.0		IAU
	DULL	FGDL	BAR	DGP	DGZ	DZZ	GLD	GLL	IAU

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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

GLL	+ 1.0	DULL
BAR	+ 1.0	FGDL
DGP	+ 1.0	FGDL
GLD	+ 1.0	FGDL
IAU	+ 1.0	FGDL
DGP	+ 1.0	BAR

High negative correlations

IAU	- 1.0	GLL
GLL	- 1.0	GLD
GLL	- 1.0	DGP
GLL	- 1.0	BAR
GLL	- 1.0	FGDL
IAU	- 1.0	DULL

SPDR Gold Constituents Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR Gold 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 Gold'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
DULL	1.94	(0.58)	0.00	(8.64)	0.00	0.00	4.12	(4.53)	11.28
FGDL	0.68	0.19	0.33	(4.17)	0.55	(0.80)	1.65	(1.32)	3.67
BAR	0.64	0.19	0.31	(6.69)	0.52	(0.68)	1.50	(1.27)	3.12
DGP	1.34	0.36	0.25	(7.42)	1.34	(1.45)	3.23	(2.46)	7.65
DGZ	1.29	(0.11)	0.00	4.62	0.00	0.00	2.85	(2.66)	7.58
DZZ	3.09	0.18	0.04	0.09	3.80	(3.40)	7.10	(5.26)	21.32
GLD	0.65	0.19	0.30	(9.19)	0.54	(0.69)	1.55	(1.32)	3.22
GLL	1.42	(0.36)	0.00	(4.50)	0.00	0.00	2.76	(3.34)	8.16
IAU	0.65	0.19	0.30	(8.92)	0.56	(0.69)	1.49	(1.28)	3.21

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