SPDR Morgan Correlations

XNTK Etf

USD 209.46 4.61 2.15%

The current 90-days correlation between SPDR Morgan Stanley and iShares Expanded Tech is 0.95 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR Morgan moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR Morgan Stanley moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR Morgan Correlation With Market

Weak diversification

The correlation between SPDR Morgan Stanley and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Morgan Stanley 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 Morgan Stanley. 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

0.62	XLK	Technology Select Sector	Pair Corr
0.68	IYW	iShares Technology ETF	Pair Corr
0.93	CIBR	First Trust NASDAQ	Pair Corr
0.84	FDN	First Trust Dow	Pair Corr
0.88	IGM	iShares Expanded Tech	Pair Corr
0.86	ARKW	ARK Next Generation	Pair Corr
0.92	BST	BlackRock Science Tech	Pair Corr
0.72	GE	GE Aerospace	Pair Corr
0.75	JPM	JPMorgan Chase	Pair Corr
0.68	MMM	3M Company	Pair Corr
0.81	WMT	Walmart	Pair Corr
0.66	KO	Coca Cola Aggressive Push	Pair Corr
0.75	T	ATT Inc Aggressive Push	Pair Corr
0.83	CSCO	Cisco Systems	Pair Corr

Related Correlations Analysis

	XITK	XSW	XWEB	XHE	IGM
XITK		0.56	0.0	0.62	0.8	XITK
XSW	0.56		0.0	0.34	0.58	XSW
XWEB	0.0	0.0		0.0	0.0	XWEB
XHE	0.62	0.34	0.0		0.32	XHE
IGM	0.8	0.58	0.0	0.32		IGM
	XITK	XSW	XWEB	XHE	IGM

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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

IGM	+ 0.8	XITK
XHE	+ 0.62	XITK
IGM	+ 0.58	XSW
XSW	+ 0.56	XITK
XHE	+ 0.34	XSW
IGM	+ 0.32	XHE

High negative correlations

IGM	- 0.0	XWEB
XHE	- 0.0	XWEB
XWEB	- 0.0	XSW
XWEB	- 0.0	XITK

SPDR Morgan Constituents Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR Morgan 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 Morgan'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
XITK	1.20	0.09	0.05	0.12	1.44	(1.23)	2.24	(1.88)	6.87
XSW	1.21	(0.03)	0.00	(0.03)	0.00	0.00	2.65	(2.17)	7.87
XWEB	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
XHE	0.80	0.01	0.01	0.03	1.10	(0.76)	1.40	(1.63)	4.69
IGM	1.01	0.03	0.02	0.05	1.42	(0.96)	2.00	(1.92)	6.56

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