SPDR SP Correlations

Etfs . USA . 
Etf . SPDR SP World
SPDW Etf  USD 37.51  0.26  0.69%   
The current 90-days correlation between SPDR SP World and SPDR Portfolio Emerging is 0.77 (i.e., Poor 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 World and DJI is 0.6 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP World and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in SPDR SP World. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with SPDR Etf

  1.0VEA Vanguard FTSE DevelopedPairCorr
  1.0IEFA iShares Core MSCIPairCorr
  1.0VEU Vanguard FTSE AllPairCorr
  1.0EFA iShares MSCI EAFEPairCorr
  0.99IXUS iShares Core MSCIPairCorr
  1.0IDEV iShares Core MSCIPairCorr
  1.0ESGD iShares ESG AwarePairCorr
  1.0JIRE JP Morgan ExchangePairCorr
  0.99DFAX Dimensional WorldPairCorr
  0.92BABX GraniteShares 175x LongPairCorr
  0.93XPP ProShares Ultra FTSE Downward RallyPairCorr
  0.91GDXU MicroSectors Gold MinersPairCorr
  0.9JNUG Direxion Daily JuniorPairCorr
  0.94SHNY Microsectors GoldPairCorr
  0.67INTC IntelPairCorr
  0.73TRV The Travelers CompaniesPairCorr
  0.8MMM 3M CompanyPairCorr
  0.81GE GE AerospacePairCorr
  0.85IBM International BusinessPairCorr
  0.93T ATT Inc Earnings Call This WeekPairCorr
  0.77MCD McDonaldsPairCorr
  0.68CVX Chevron CorpPairCorr
  0.61PG Procter GamblePairCorr

Moving against SPDR Etf

  0.41WTID UBS ETRACSPairCorr
  0.39AXP American ExpressPairCorr
  0.68MSFT MicrosoftPairCorr
  0.67MRK Merck CompanyPairCorr
  0.63AA Alcoa CorpPairCorr
  0.44DIS Walt DisneyPairCorr
  0.33BAC Bank of America Aggressive PushPairCorr

Related Correlations Analysis

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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   
SPMD
+ 0.98
SPSM
SPMD
+ 0.93
SPTM
SPSM
+ 0.91
SPTM
SPAB
+ 0.69
SPEM
  
High negative correlations   
SPAB
- 0.61
SPSM
SPAB
- 0.55
SPMD
SPAB
- 0.43
SPTM
SPSM
- 0.29
SPEM
SPMD
- 0.25
SPEM
SPTM
- 0.06
SPEM

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.

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