SPDR SP Correlations

XES Etf

USD 85.24 2.27 2.59%

The current 90-days correlation between SPDR SP Oil and SPDR SP Metals is 0.71 (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

Modest diversification

The correlation between SPDR SP Oil and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP Oil and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in SPDR SP Oil. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with SPDR Etf

0.85	XLE	Energy Select Sector	Pair Corr
0.9	VDE	Vanguard Energy Index	Pair Corr
0.94	XOP	SPDR SP Oil	Pair Corr
0.98	OIH	VanEck Oil Services	Pair Corr
0.89	IYE	iShares Energy ETF	Pair Corr
0.76	IXC	iShares Global Energy	Pair Corr
0.95	FXN	First Trust Energy	Pair Corr
0.9	FENY	Fidelity MSCI Energy	Pair Corr
0.92	FTXN	First Trust Nasdaq	Pair Corr
0.91	IEO	iShares Oil Gas	Pair Corr
0.73	BAC	Bank of America	Pair Corr

Moving against SPDR Etf

0.82	WTID	UBS ETRACS	Pair Corr
0.38	PFE	Pfizer Inc Earnings Call This Week	Pair Corr
0.31	BA	Boeing Earnings Call This Week	Pair Corr

Related Correlations Analysis

	IEZ	PXJ	XOP	IEO	XME
IEZ		0.96	0.95	0.93	0.5	IEZ
PXJ	0.96		0.95	0.91	0.43	PXJ
XOP	0.95	0.95		0.98	0.46	XOP
IEO	0.93	0.91	0.98		0.59	IEO
XME	0.5	0.43	0.46	0.59		XME
	IEZ	PXJ	XOP	IEO	XME

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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
IEZ	1.24	0.07	0.04	0.15	1.46	(1.34)	2.25	(2.75)	13.05
PXJ	1.29	0.02	0.00	0.06	1.40	(1.46)	2.04	(2.10)	12.24
XOP	1.08	0.09	0.05	0.42	1.26	(1.06)	1.90	(2.27)	8.60
IEO	1.00	0.07	0.04	0.28	1.25	(1.00)	1.72	(2.50)	7.99
XME	1.14	(0.13)	0.00	(0.20)	0.00	0.00	2.06	(2.43)	11.87

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