SPDR SP Correlations

XOP Etf

USD 136.67 1.09 0.80%

The current 90-days correlation between SPDR SP Oil and Energy Select Sector is 0.91 (i.e., Almost no 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

Average diversification

The correlation between SPDR SP Oil and DJI is 0.17 (i.e., Average 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 persons.

Moving together with SPDR Etf

0.94	XLE	Energy Select Sector Aggressive Push	Pair Corr
0.96	VDE	Vanguard Energy Index	Pair Corr
0.95	OIH	VanEck Oil Services	Pair Corr
0.96	IYE	iShares Energy ETF	Pair Corr
0.94	IXC	iShares Global Energy	Pair Corr
0.99	FXN	First Trust Energy	Pair Corr
0.96	FENY	Fidelity MSCI Energy	Pair Corr
0.98	FTXN	First Trust Nasdaq	Pair Corr
0.98	IEO	iShares Oil Gas	Pair Corr
0.72	HUM	Humana Inc	Pair Corr
0.66	BAC	Bank of America	Pair Corr
0.9	CVX	Chevron Corp	Pair Corr

Moving against SPDR Etf

0.43

WINN

Harbor Long Term

Pair Corr

Related Correlations Analysis

	OIH	XME	XLE	XRT	XES
OIH		0.72	0.95	-0.06	0.97	OIH
XME	0.72		0.8	0.26	0.57	XME
XLE	0.95	0.8		-0.13	0.86	XLE
XRT	-0.06	0.26	-0.13		-0.05	XRT
XES	0.97	0.57	0.86	-0.05		XES
	OIH	XME	XLE	XRT	XES

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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

XES	+ 0.97	OIH
XLE	+ 0.95	OIH
XES	+ 0.86	XLE
XLE	+ 0.8	XME
XME	+ 0.72	OIH
XES	+ 0.57	XME

High negative correlations

XRT	- 0.13	XLE
XRT	- 0.06	OIH
XES	- 0.05	XRT

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
OIH	1.16	(0.06)	0.00	(0.10)	0.00	0.00	2.24	(2.88)	6.04
XME	1.13	(0.19)	0.00	(0.22)	0.00	0.00	2.06	(2.52)	5.86
XLE	0.89	(0.05)	0.00	(0.12)	0.00	0.00	1.48	(2.41)	4.90
XRT	0.85	0.01	0.01	0.02	1.04	(0.93)	1.67	(1.76)	6.61
XES	1.32	(0.06)	0.00	(0.10)	0.00	0.00	2.93	(2.96)	7.44

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