SPDR FactSet Correlations

XITK Etf

USD 179.00 2.43 1.34%

A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR FactSet moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR FactSet Innovative moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR FactSet Correlation With Market

Weak diversification

The correlation between SPDR FactSet Innovative and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR FactSet Innovative 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 FactSet Innovative. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with SPDR Etf

0.86	CIBR	First Trust NASDAQ	Pair Corr
0.88	FDN	First Trust Dow	Pair Corr
0.8	IGM	iShares Expanded Tech	Pair Corr
0.87	ARKW	ARK Next Generation	Pair Corr
0.84	BST	BlackRock Science Tech	Pair Corr
0.73	GE	GE Aerospace	Pair Corr
0.77	JPM	JPMorgan Chase	Pair Corr
0.71	MMM	3M Company	Pair Corr
0.87	WMT	Walmart	Pair Corr
0.69	AXP	American Express	Pair Corr
0.64	T	ATT Inc Aggressive Push	Pair Corr
0.71	CSCO	Cisco Systems	Pair Corr

Related Correlations Analysis

	XWEB	XSW	XNTK	XHE	PSJ
XWEB		0.0	0.0	0.0	0.0	XWEB
XSW	0.0		0.37	0.34	0.0	XSW
XNTK	0.0	0.37		0.32	0.0	XNTK
XHE	0.0	0.34	0.32		0.0	XHE
PSJ	0.0	0.0	0.0	0.0		PSJ
	XWEB	XSW	XNTK	XHE	PSJ

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

XNTK	+ 0.37	XSW
XHE	+ 0.34	XSW
XHE	+ 0.32	XNTK
XSW	+ 0.0	XWEB
XNTK	+ 0.0	XWEB
XHE	+ 0.0	XWEB

High negative correlations

PSJ	- 0.0	XHE
PSJ	- 0.0	XNTK
PSJ	- 0.0	XSW
PSJ	- 0.0	XWEB
XHE	- 0.0	XWEB
XNTK	- 0.0	XWEB

SPDR FactSet Constituents Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR FactSet 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 FactSet'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
XWEB	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
XSW	1.21	(0.03)	0.00	(0.03)	0.00	0.00	2.65	(2.17)	7.87
XNTK	1.12	0.05	0.03	0.09	1.41	(1.18)	2.27	(2.50)	6.36
XHE	0.80	0.01	0.01	0.03	1.10	(0.76)	1.40	(1.63)	4.69
PSJ	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC