SPDR SP Correlations

XHS Etf

USD 96.34 0.58 0.61%

The current 90-days correlation between SPDR SP Health and SPDR SP Health is 0.74 (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 Health and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP Health 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 Health. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with SPDR Etf

0.65	XLV	Health Care Select	Pair Corr
0.68	VHT	Vanguard Health Care	Pair Corr
0.68	IBB	iShares Biotechnology ETF Sell-off Trend	Pair Corr
0.64	XBI	SPDR SP Biotech	Pair Corr
0.64	IHI	iShares Medical Devices	Pair Corr
0.64	IYH	iShares Healthcare ETF	Pair Corr
0.68	FHLC	Fidelity MSCI Health	Pair Corr
0.64	ARKG	ARK Genomic Revolution	Pair Corr
0.78	IHF	iShares Healthcare	Pair Corr
0.62	DUKH	Ocean Park High	Pair Corr
0.71	HUM	Humana Inc Earnings Call This Week	Pair Corr

Moving against SPDR Etf

0.35	FNGS	MicroSectors FANG ETN	Pair Corr
0.33	XONE	Bondbloxx Bloomberg One	Pair Corr
0.31	TFLO	iShares Treasury Floating	Pair Corr
0.34	IVES	Amplify ETF Trust Symbol Change	Pair Corr
0.31	XDEC	First Trust Exchange	Pair Corr

Related Correlations Analysis

	XHE	XSW	XTL	XPH	XTN
XHE		0.67	0.72	0.1	0.87	XHE
XSW	0.67		0.95	-0.39	0.76	XSW
XTL	0.72	0.95		-0.26	0.77	XTL
XPH	0.1	-0.39	-0.26		0.09	XPH
XTN	0.87	0.76	0.77	0.09		XTN
	XHE	XSW	XTL	XPH	XTN

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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

XTL	+ 0.95	XSW
XTN	+ 0.87	XHE
XTN	+ 0.77	XTL
XTN	+ 0.76	XSW
XTL	+ 0.72	XHE
XSW	+ 0.67	XHE

High negative correlations

XPH	- 0.39	XSW
XPH	- 0.26	XTL

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
XHE	0.82	0.07	0.05	0.23	1.08	(0.79)	1.64	(1.68)	5.50
XSW	1.25	0.20	0.13	0.48	1.26	(1.42)	2.86	(2.13)	10.70
XTL	0.87	0.09	0.07	0.17	0.98	(0.90)	2.04	(1.81)	5.33
XPH	0.89	(0.07)	0.00	(0.22)	0.00	0.00	1.80	(1.79)	4.88
XTN	0.97	0.11	0.10	0.36	0.88	(1.19)	2.22	(1.45)	9.90

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