SPDR SP Correlations

HAIL Etf

USD 27.82 0.63 2.32%

The current 90-days correlation between SPDR SP Kensho and Strategy Shares is 0.26 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR SP moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR SP Kensho moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR SP Correlation With Market

Very weak diversification

The correlation between SPDR SP Kensho and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP Kensho 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 Kensho. 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

0.87	VGT	Vanguard Information	Pair Corr
0.87	XLK	Technology Select Sector	Pair Corr
0.87	IYW	iShares Technology ETF	Pair Corr
0.85	SMH	VanEck Semiconductor ETF	Pair Corr
0.85	SOXX	iShares Semiconductor ETF	Pair Corr
0.87	FTEC	Fidelity MSCI Information	Pair Corr
0.75	IGV	iShares Expanded Tech Low Volatility	Pair Corr
0.64	FDN	First Trust Dow	Pair Corr
0.83	IGM	iShares Expanded Tech	Pair Corr
0.83	USD	ProShares Ultra Semi	Pair Corr
0.78	FNGO	MicroSectors FANG Index	Pair Corr
0.65	GBTC	Grayscale Bitcoin Trust Sell-off Trend	Pair Corr
0.76	FNGS	MicroSectors FANG ETN	Pair Corr

Moving against SPDR Etf

0.82	PSQ	ProShares Short QQQ Sell-off Trend	Pair Corr
0.79	TWM	ProShares UltraShort	Pair Corr
0.49	EFNL	iShares MSCI Finland	Pair Corr
0.48	BKAG	BNY Mellon Core	Pair Corr
0.48	BNDC	FlexShares Core Select	Pair Corr
0.48	JCPB	JPMorgan Core Plus	Pair Corr
0.47	FLDB	Fidelity Low Duration	Pair Corr
0.45	GSEU	Goldman Sachs ActiveBeta	Pair Corr
0.44	AVIG	Avantis Core Fixed	Pair Corr
0.43	APCB	Trust For Professional	Pair Corr
0.38	DDWM	WisdomTree Dynamic	Pair Corr
0.56	AVSF	American Century ETF	Pair Corr
0.56	CGUI	Capital Group Fixed	Pair Corr
0.55	USTB	VictoryShares USAA Core	Pair Corr
0.49	AIVI	WisdomTree International	Pair Corr
0.49	SPAQ	Horizon Kinetics SPAC	Pair Corr
0.49	MNA	IQ Merger Arbitrage	Pair Corr

Related Correlations Analysis

	DHSB	MBOX	MCHI	DIPS	DISO	DIVB	DIVS	DIVZ	MCSE
DHSB		-0.11	-0.03	0.11	0.0	-0.09	-0.06	-0.12	-0.15	DHSB
MBOX	-0.11		0.23	-0.27	0.45	0.92	0.57	0.75	0.78	MBOX
MCHI	-0.03	0.23		0.37	-0.37	0.52	0.85	0.77	0.7	MCHI
DIPS	0.11	-0.27	0.37		-0.44	-0.04	0.3	0.12	0.1	DIPS
DISO	0.0	0.45	-0.37	-0.44		0.33	-0.12	-0.01	0.03	DISO
DIVB	-0.09	0.92	0.52	-0.04	0.33		0.76	0.91	0.9	DIVB
DIVS	-0.06	0.57	0.85	0.3	-0.12	0.76		0.9	0.89	DIVS
DIVZ	-0.12	0.75	0.77	0.12	-0.01	0.91	0.9		0.94	DIVZ
MCSE	-0.15	0.78	0.7	0.1	0.03	0.9	0.89	0.94		MCSE
	DHSB	MBOX	MCHI	DIPS	DISO	DIVB	DIVS	DIVZ	MCSE

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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	+ 0.94	DIVZ
DIVB	+ 0.92	MBOX
DIVZ	+ 0.91	DIVB
MCSE	+ 0.9	DIVB
DIVZ	+ 0.9	DIVS
MCSE	+ 0.89	DIVS

High negative correlations

DISO	- 0.44	DIPS
DISO	- 0.37	MCHI
DIPS	- 0.27	MBOX
MCSE	- 0.15	DHSB
DIVS	- 0.12	DISO
DIVZ	- 0.12	DHSB

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
DHSB	0.34	(0.09)	0.00	(0.49)	0.00	0.00	0.49	(0.69)	1.22
MBOX	0.68	0.00	0.00	(0.10)	0.00	0.00	1.03	(1.40)	3.45
MCHI	1.48	0.35	0.25	0.95	1.51	(1.71)	2.87	(2.72)	12.27
DIPS	2.22	0.03	0.09	(0.13)	2.78	(2.31)	5.35	(4.43)	23.78
DISO	0.90	(0.14)	0.00	(0.33)	0.00	0.00	1.47	(2.12)	6.61
DIVB	0.64	0.02	0.00	(0.09)	0.00	0.00	1.11	(1.39)	3.13
DIVS	0.61	0.06	0.14	0.01	0.78	(0.63)	1.17	(1.32)	3.19
DIVZ	0.59	0.06	0.15	0.01	0.76	(0.62)	1.13	(1.22)	3.60
MCSE	0.86	0.10	0.10	0.02	1.16	(0.91)	2.52	(1.73)	6.39

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