SPDR Bloomberg Correlations

JNK Etf

USD 95.76 0.10 0.10%

The current 90-days correlation between SPDR Bloomberg High and iShares iBoxx High is 0.99 (i.e., No risk reduction). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR Bloomberg moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR Bloomberg High moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR Bloomberg Correlation With Market

Very weak diversification

The correlation between SPDR Bloomberg High and DJI is 0.59 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Bloomberg High 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 Bloomberg High. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with SPDR Etf

0.99	HYG	iShares iBoxx High	Pair Corr
0.99	USHY	iShares Broad USD	Pair Corr
0.99	SHYG	iShares 0 5	Pair Corr
0.99	HYLB	Xtrackers USD High	Pair Corr
1.0	SJNK	SPDR Bloomberg Short	Pair Corr
0.89	ANGL	VanEck Fallen Angel	Pair Corr
0.94	FALN	iShares Fallen Angels	Pair Corr
0.95	HYLS	First Trust Tactical	Pair Corr
0.93	HYDW	Xtrackers Low Beta	Pair Corr
0.66	BABX	GraniteShares 175x Long	Pair Corr
0.67	GDXU	MicroSectors Gold Miners	Pair Corr
0.63	XPP	ProShares Ultra FTSE	Pair Corr
0.64	JNUG	Direxion Daily Junior	Pair Corr
0.86	MMM	3M Company	Pair Corr
0.68	CVX	Chevron Corp	Pair Corr
0.66	KO	Coca Cola	Pair Corr
0.73	JNJ	Johnson Johnson	Pair Corr
0.87	CSCO	Cisco Systems	Pair Corr

Moving against SPDR Etf

0.53	WTID	UBS ETRACS	Pair Corr
0.69	MRK	Merck Company	Pair Corr
0.47	MSFT	Microsoft	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.04	0.59	-0.54	0.32	0.42	0.26	0.9	-0.75	-0.01	META
MSFT	-0.04		-0.62	0.09	-0.79	0.69	0.89	0.1	0.44	-0.52	MSFT
UBER	0.59	-0.62		-0.35	0.8	-0.25	-0.53	0.53	-0.85	0.54	UBER
F	-0.54	0.09	-0.35		-0.05	-0.04	-0.08	-0.39	0.56	0.31	F
T	0.32	-0.79	0.8	-0.05		-0.57	-0.71	0.17	-0.65	0.58	T
A	0.42	0.69	-0.25	-0.04	-0.57		0.79	0.62	0.1	-0.3	A
CRM	0.26	0.89	-0.53	-0.08	-0.71	0.79		0.33	0.24	-0.58	CRM
JPM	0.9	0.1	0.53	-0.39	0.17	0.62	0.33		-0.63	0.07	JPM
MRK	-0.75	0.44	-0.85	0.56	-0.65	0.1	0.24	-0.63		-0.31	MRK
XOM	-0.01	-0.52	0.54	0.31	0.58	-0.3	-0.58	0.07	-0.31		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

JPM	+ 0.9	META
CRM	+ 0.89	MSFT
T	+ 0.8	UBER
CRM	+ 0.79	A
A	+ 0.69	MSFT
JPM	+ 0.62	A

High negative correlations

MRK	- 0.85	UBER
T	- 0.79	MSFT
MRK	- 0.75	META
CRM	- 0.71	T
MRK	- 0.65	T
MRK	- 0.63	JPM

SPDR Bloomberg Competition Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR Bloomberg 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 Bloomberg'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	1.59	0.02	0.00	(0.05)	0.00	0.00	2.57	(3.73)	8.90
MSFT	1.12	(0.15)	0.00	(0.28)	0.00	0.00	2.58	(2.14)	10.31
UBER	1.88	0.41	0.19	0.74	2.06	(2.04)	4.72	(3.13)	12.75
F	1.47	0.07	0.03	0.00	2.22	(1.39)	2.71	(2.89)	10.14
T	1.04	0.26	0.16	0.40	1.61	(1.11)	1.90	(1.75)	11.66
A	1.15	(0.15)	0.00	(0.23)	0.00	0.00	2.92	(2.59)	9.03
CRM	1.38	(0.27)	0.00	(0.31)	0.00	0.00	2.72	(3.81)	8.88
JPM	1.10	0.09	0.05	0.02	1.74	(1.04)	1.99	(3.35)	6.85
MRK	1.17	(0.11)	0.00	1.52	0.00	0.00	2.07	(1.80)	11.58
XOM	1.06	0.11	0.10	0.17	1.39	(1.08)	2.55	(2.36)	5.89

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