SPDR Nuveen Correlations

HYMB Etf

USD 26.16 0.05 0.19%

The current 90-days correlation between SPDR Nuveen Bloomberg and VanEck High Yield is 0.92 (i.e., Almost no diversification). The correlation of SPDR Nuveen 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.

SPDR Nuveen Correlation With Market

Very good diversification

The correlation between SPDR Nuveen Bloomberg and DJI is -0.28 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Nuveen Bloomberg and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in SPDR Nuveen Bloomberg. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with SPDR Etf

0.95	HYD	VanEck High Yield	Pair Corr
0.88	FMHI	First Trust Municipal	Pair Corr
0.9	FLMI	Franklin Liberty Int	Pair Corr
0.92	HYMU	BlackRock High Yield	Pair Corr

Related Correlations Analysis

	HYD	SHYD	SHM	TFI	PZA
HYD		0.45	0.83	0.82	0.95	HYD
SHYD	0.45		0.07	-0.03	0.26	SHYD
SHM	0.83	0.07		0.96	0.9	SHM
TFI	0.82	-0.03	0.96		0.93	TFI
PZA	0.95	0.26	0.9	0.93		PZA
	HYD	SHYD	SHM	TFI	PZA

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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

TFI	+ 0.96	SHM
PZA	+ 0.95	HYD
PZA	+ 0.93	TFI
PZA	+ 0.9	SHM
SHM	+ 0.83	HYD
TFI	+ 0.82	HYD

High negative correlations

TFI

- 0.03

SHYD

SPDR Nuveen Constituents Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR Nuveen 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 Nuveen'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
HYD	0.19	0.03	(0.26)	(0.13)	0.32	(0.18)	0.38	(0.44)	1.92
SHYD	0.19	0.02	(0.37)	(0.32)	0.20	(0.21)	0.49	(0.44)	1.11
SHM	0.08	0.00	(0.71)	0.16	0.14	(0.08)	0.19	(0.17)	0.73
TFI	0.19	0.02	(0.33)	(0.01)	0.31	(0.19)	0.42	(0.35)	1.85
PZA	0.24	0.03	(0.22)	(0.07)	0.39	(0.25)	0.55	(0.42)	2.44

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