SPDR SP Correlations

NANR Etf

USD 55.76 0.00 0.00%

The current 90-days correlation between SPDR SP North and SPDR SP Global is 0.93 (i.e., Almost no 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. If the correlation is 0, the equities are not correlated; they are entirely random.

SPDR SP Correlation With Market

Very weak diversification

The correlation between SPDR SP North and DJI is 0.52 (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 North and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in SPDR SP North. 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

0.79	XLB	Materials Select Sector	Pair Corr
0.75	VAW	Vanguard Materials Index	Pair Corr
0.7	XME	SPDR SP Metals	Pair Corr
0.74	MOO	VanEck Agribusiness ETF	Pair Corr
0.65	FXZ	First Trust Materials	Pair Corr
0.86	IYM	iShares Basic Materials	Pair Corr
0.76	VTV	Vanguard Value Index	Pair Corr
0.66	GE	GE Aerospace	Pair Corr
0.85	CVX	Chevron Corp	Pair Corr

Moving against SPDR Etf

0.53

MRK

Merck Company

Pair Corr

Related Correlations Analysis

	GNR	GUNR	ONEY	QEFA	DFIGX
GNR		0.97	0.57	0.7	0.43	GNR
GUNR	0.97		0.57	0.68	0.44	GUNR
ONEY	0.57	0.57		0.15	0.0	ONEY
QEFA	0.7	0.68	0.15		0.89	QEFA
DFIGX	0.43	0.44	0.0	0.89		DFIGX
	GNR	GUNR	ONEY	QEFA	DFIGX

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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

GUNR	+ 0.97	GNR
DFIGX	+ 0.89	QEFA
QEFA	+ 0.7	GNR
QEFA	+ 0.68	GUNR
ONEY	+ 0.57	GNR
ONEY	+ 0.57	GUNR

High negative correlations

DFIGX

- 0.0

ONEY

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
GNR	0.74	0.08	0.11	0.06	0.95	(0.79)	1.50	(1.51)	3.84
GUNR	0.67	0.06	0.10	0.04	0.91	(0.68)	1.48	(1.49)	3.12
ONEY	0.66	0.00	0.00	(0.08)	0.00	0.00	1.25	(1.11)	3.13
QEFA	0.66	0.14	0.22	0.22	0.68	(0.75)	1.52	(1.18)	4.31
DFIGX	0.25	0.00	0.25	(0.10)	0.25	(0.29)	0.55	(0.46)	1.39

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