SPDR SSgA Correlations

INKM Etf

USD 32.37 0.10 0.31%

The current 90-days correlation between SPDR SSgA Income and First Trust Multi Asset is 0.7 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR SSgA moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR SSgA Income moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR SSgA Correlation With Market

Modest diversification

The correlation between SPDR SSgA Income and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SSgA Income 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 SSgA Income. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with SPDR Etf

0.61	AOR	iShares Core Growth	Pair Corr
0.68	MPRO	Northern Lights	Pair Corr
0.67	SNPD	DBX ETF Trust	Pair Corr

Moving against SPDR Etf

0.31

PRME

Prime Medicine, Common

Pair Corr

Related Correlations Analysis

	MDIV	MFUL	DRAI	DRSK	DSCF	DUKQ	MPAY	MPRO	DWAT
MDIV		0.9	0.32	-0.04	-0.13	0.83	0.76	-0.07	0.74	MDIV
MFUL	0.9		0.38	-0.14	-0.26	0.94	0.88	-0.21	0.8	MFUL
DRAI	0.32	0.38		0.44	0.11	0.39	0.63	0.02	0.56	DRAI
DRSK	-0.04	-0.14	0.44		0.8	-0.26	0.06	0.61	-0.21	DRSK
DSCF	-0.13	-0.26	0.11	0.8		-0.49	-0.18	0.86	-0.56	DSCF
DUKQ	0.83	0.94	0.39	-0.26	-0.49		0.88	-0.47	0.9	DUKQ
MPAY	0.76	0.88	0.63	0.06	-0.18	0.88		-0.18	0.82	MPAY
MPRO	-0.07	-0.21	0.02	0.61	0.86	-0.47	-0.18		-0.5	MPRO
DWAT	0.74	0.8	0.56	-0.21	-0.56	0.9	0.82	-0.5		DWAT
	MDIV	MFUL	DRAI	DRSK	DSCF	DUKQ	MPAY	MPRO	DWAT

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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

DUKQ	+ 0.94	MFUL
MFUL	+ 0.9	MDIV
DWAT	+ 0.9	DUKQ
MPAY	+ 0.88	MFUL
MPAY	+ 0.88	DUKQ
MPRO	+ 0.86	DSCF

High negative correlations

DWAT	- 0.56	DSCF
DWAT	- 0.5	MPRO
DUKQ	- 0.49	DSCF
MPRO	- 0.47	DUKQ
DUKQ	- 0.26	DRSK
DSCF	- 0.26	MFUL

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
MDIV	0.33	0.03	(0.17)	0.39	0.34	(0.36)	0.73	(0.72)	1.77
MFUL	0.16	0.00	(0.48)	0.11	0.00	(0.19)	0.32	(0.27)	0.97
DRAI	0.69	0.06	(0.05)	(2.55)	0.95	(0.71)	1.38	(1.73)	5.57
DRSK	0.31	(0.01)	(0.25)	0.01	0.40	(0.33)	0.64	(0.68)	1.93
DSCF	0.27	(0.03)	0.00	(0.42)	0.00	0.00	0.56	(0.51)	1.48
DUKQ	0.53	0.07	0.08	0.19	0.35	(0.61)	1.11	(0.88)	4.44
MPAY	0.44	0.06	(0.01)	0.24	0.38	(0.50)	1.12	(0.86)	2.73
MPRO	0.33	(0.05)	0.00	(0.19)	0.00	0.00	0.61	(0.68)	1.49
DWAT	0.54	0.11	0.00	6.87	0.46	(0.65)	1.04	(0.86)	5.24

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