SPDR SSgA Correlations

RLY Etf

USD 28.43 0.11 0.39%

The current 90-days correlation between SPDR SSgA Multi and SPDR SSgA Global is 0.71 (i.e., Poor diversification). The correlation of SPDR SSgA 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 SSgA Correlation With Market

Very weak diversification

The correlation between SPDR SSgA Multi Asset 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 SSgA Multi Asset and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in SPDR SSgA Multi Asset. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with SPDR Etf

0.78	GAL	SPDR SSgA Global	Pair Corr
0.69	NTSI	WisdomTree International	Pair Corr
0.81	GAA	Cambria Global Asset Low Volatility	Pair Corr
0.71	GYLD	Arrow ETF Trust	Pair Corr
0.85	FCEF	First Trust Income	Pair Corr
0.66	IBM	International Business	Pair Corr
0.7	CSCO	Cisco Systems	Pair Corr
0.77	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr

Moving against SPDR Etf

0.65	MRK	Merck Company	Pair Corr
0.45	MSFT	Microsoft	Pair Corr
0.34	DIS	Walt Disney	Pair Corr

Related Correlations Analysis

	GAL	INKM	RAAX	QEFA	QEMM
GAL		0.95	0.78	0.81	0.78	GAL
INKM	0.95		0.8	0.86	0.58	INKM
RAAX	0.78	0.8		0.66	0.49	RAAX
QEFA	0.81	0.86	0.66		0.5	QEFA
QEMM	0.78	0.58	0.49	0.5		QEMM
	GAL	INKM	RAAX	QEFA	QEMM

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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
GAL	0.42	0.03	0.12	0.01	0.55	(0.43)	0.85	(0.83)	2.42
INKM	0.32	0.03	0.17	0.02	0.39	(0.34)	0.76	(0.56)	1.55
RAAX	0.59	0.08	0.13	0.17	0.81	(0.56)	1.08	(1.26)	4.25
QEFA	0.66	0.14	0.22	0.22	0.68	(0.75)	1.52	(1.18)	4.31
QEMM	0.63	0.01	0.00	(0.04)	0.00	0.00	1.27	(1.61)	4.06

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