SPDR SP Correlations

XTL Etf

USD 103.37 0.52 0.50%

The current 90-days correlation between SPDR SP Telecom and SPDR SP Health is 0.07 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR SP moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR SP Telecom moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR SP Correlation With Market

Good diversification

The correlation between SPDR SP Telecom and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP Telecom 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 Telecom. 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

0.66	XLC	Communication Services	Pair Corr
0.79	VOX	Vanguard Communication	Pair Corr
0.79	FCOM	Fidelity MSCI Commun	Pair Corr
0.89	SPIN	Spine Injury Solutions	Pair Corr
0.79	TINY	ProShares Nanotechnology	Pair Corr
0.68	BAC	Bank of America Aggressive Push	Pair Corr
0.73	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.74	AXP	American Express	Pair Corr

Moving against SPDR Etf

0.5	TRV	The Travelers Companies	Pair Corr
0.46	VZ	Verizon Communications	Pair Corr
0.43	MRK	Merck Company	Pair Corr

Related Correlations Analysis

	XHS	XSW	XHE	XTN	XWEB
XHS		0.24	0.45	0.19	0.0	XHS
XSW	0.24		0.87	0.9	0.0	XSW
XHE	0.45	0.87		0.93	0.0	XHE
XTN	0.19	0.9	0.93		0.0	XTN
XWEB	0.0	0.0	0.0	0.0		XWEB
	XHS	XSW	XHE	XTN	XWEB

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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

XTN	+ 0.93	XHE
XTN	+ 0.9	XSW
XHE	+ 0.87	XSW
XHE	+ 0.45	XHS
XSW	+ 0.24	XHS
XTN	+ 0.19	XHS

High negative correlations

XWEB	- 0.0	XTN
XWEB	- 0.0	XHE
XWEB	- 0.0	XSW
XWEB	- 0.0	XHS

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
XHS	0.89	0.17	0.13	0.13	1.21	(0.84)	2.18	(1.97)	6.32
XSW	1.27	(0.14)	0.00	(0.20)	0.00	0.00	2.51	(3.08)	7.35
XHE	0.94	(0.11)	0.00	2.77	0.00	0.00	1.40	(1.88)	5.28
XTN	1.02	(0.25)	0.00	(2.39)	0.00	0.00	1.66	(2.31)	5.66
XWEB	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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