SPDR SP Correlations

ROKT Etf

USD 58.45 0.00 0.00%

The current 90-days correlation between SPDR SP Kensho and Invesco DWA Utilities is 0.42 (i.e., Very weak 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

Poor diversification

The correlation between SPDR SP Kensho and DJI is 0.73 (i.e., Poor 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 Your Equity Center 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 industry.

Moving together with SPDR Etf

0.89	XLI	Industrial Select Sector	Pair Corr
0.9	DRVN	Driven Brands Holdings	Pair Corr
0.93	VIS	Vanguard Industrials	Pair Corr
0.89	JETS	US Global Jets	Pair Corr
0.97	FXR	First Trust Industri	Pair Corr
0.81	PPA	Invesco Aerospace Defense	Pair Corr
0.95	IYJ	iShares Industrials ETF	Pair Corr
0.86	IYT	iShares Transportation	Pair Corr
0.92	FIDU	Fidelity MSCI Industrials	Pair Corr
0.94	UPRO	ProShares UltraPro SP500	Pair Corr
0.93	QTJA	Innovator ETFs Trust	Pair Corr
0.91	QTOC	Innovator ETFs Trust Low Volatility	Pair Corr
0.94	XTOC	Innovator ETFs Trust	Pair Corr
0.94	QTAP	Innovator Growth 100	Pair Corr
0.87	TSJA	TSJA	Pair Corr
0.94	XTJA	Innovator ETFs Trust	Pair Corr
0.88	DSJA	DSJA	Pair Corr
0.94	XDJA	Innovator ETFs Trust	Pair Corr
0.96	XTAP	Innovator Equity Acc	Pair Corr
0.91	WMT	Walmart Aggressive Push	Pair Corr
0.94	DIS	Walt Disney	Pair Corr
0.92	CSCO	Cisco Systems	Pair Corr
0.75	TRV	The Travelers Companies Sell-off Trend	Pair Corr
0.95	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.8	HD	Home Depot	Pair Corr
0.92	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.97	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.8	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.88	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr

Moving against SPDR Etf

0.83	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.78	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr

Related Correlations Analysis

	PUI	PBJ	SCRYY	MSTSX	LBHIX	VIASP	XTWO	SVII	70082LAB3	XTWY
PUI		0.51	0.64	0.39	0.56	0.6	-0.29	-0.18	0.53	-0.4	PUI
PBJ	0.51		0.53	0.51	0.75	0.48	0.35	-0.35	0.22	0.14	PBJ
SCRYY	0.64	0.53		0.32	0.58	0.8	-0.16	-0.45	0.54	-0.39	SCRYY
MSTSX	0.39	0.51	0.32		0.55	0.02	-0.01	0.12	0.15	-0.19	MSTSX
LBHIX	0.56	0.75	0.58	0.55		0.51	0.13	-0.17	0.4	-0.07	LBHIX
VIASP	0.6	0.48	0.8	0.02	0.51		-0.26	-0.26	0.72	-0.44	VIASP
XTWO	-0.29	0.35	-0.16	-0.01	0.13	-0.26		-0.54	-0.65	0.89	XTWO
SVII	-0.18	-0.35	-0.45	0.12	-0.17	-0.26	-0.54		0.27	-0.4	SVII
70082LAB3	0.53	0.22	0.54	0.15	0.4	0.72	-0.65	0.27		-0.75	70082LAB3
XTWY	-0.4	0.14	-0.39	-0.19	-0.07	-0.44	0.89	-0.4	-0.75		XTWY
	PUI	PBJ	SCRYY	MSTSX	LBHIX	VIASP	XTWO	SVII	70082LAB3	XTWY

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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

XTWY	+ 0.89	XTWO
VIASP	+ 0.8	SCRYY
LBHIX	+ 0.75	PBJ
70082LAB3	+ 0.72	VIASP
SCRYY	+ 0.64	PUI
VIASP	+ 0.6	PUI

High negative correlations

XTWY	- 0.75	70082LAB3
70082LAB3	- 0.65	XTWO
SVII	- 0.54	XTWO
SVII	- 0.45	SCRYY
XTWY	- 0.44	VIASP
XTWY	- 0.4	SVII

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
PUI	0.73	0.02	(0.04)	0.13	0.82	(0.81)	1.82	(1.56)	4.35
PBJ	0.53	0.00	(0.07)	0.09	0.54	(0.59)	1.18	(0.96)	2.45
SCRYY	1.79	0.16	0.05	0.46	1.69	(2.78)	5.61	(3.30)	12.99
MSTSX	0.45	(0.01)	(0.09)	0.07	0.43	(0.58)	1.21	(0.84)	2.80
LBHIX	0.10	0.00	(0.35)	0.14	0.00	(0.25)	0.24	(0.24)	0.71
VIASP	0.74	0.12	0.02	(2.24)	1.08	(0.82)	2.28	(1.20)	7.18
XTWO	0.08	(0.01)	0.00	2.01	0.00	0.00	0.12	(0.12)	0.53
SVII	0.18	(0.04)	(0.13)	(0.02)	0.39	(0.28)	0.44	(0.53)	4.77
70082LAB3	0.66	0.09	(0.01)	(0.58)	0.95	(0.79)	1.75	(0.78)	6.86
XTWY	0.79	(0.17)	0.00	3.30	0.00	0.00	1.33	(1.70)	5.49

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