SSgA SPDR Correlations

SSDRF Etf

USD 96.49 0.04 0.04%

The current 90-days correlation between SSgA SPDR ETFs and Vanguard Total Stock is 0.68 (i.e., Poor diversification). The correlation of SSgA SPDR 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.

SSgA SPDR Correlation With Market

Modest diversification

The correlation between SSgA SPDR ETFs and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SSgA SPDR ETFs and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in SSgA SPDR ETFs. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with SSgA Pink Sheet

0.87	VTI	Vanguard Total Stock	Pair Corr
0.84	SPY	SPDR SP 500 Aggressive Push	Pair Corr
0.84	IVV	iShares Core SP	Pair Corr
0.79	VTV	Vanguard Value Index	Pair Corr
0.98	VO	Vanguard Mid Cap	Pair Corr
0.98	VB	Vanguard Small Cap	Pair Corr
0.61	DSJA	DSJA	Pair Corr
0.76	ITDD	iShares Trust	Pair Corr
0.62	ARKQ	ARK Autonomous Technology Low Volatility	Pair Corr
0.85	NUMG	Nuveen ESG Mid	Pair Corr
0.81	GPIX	Goldman Sachs SP	Pair Corr
0.69	JANW	AIM ETF Products	Pair Corr
0.62	SABA	Saba Capital Income Symbol Change	Pair Corr
0.62	VIRS	Pacer Financial	Pair Corr
0.86	SNPE	Xtrackers SP 500	Pair Corr
0.86	IYZ	IShares Telecommunicatio	Pair Corr
0.63	QJUN	First Trust Exchange	Pair Corr
0.87	FFTY	Innovator IBD 50	Pair Corr
0.8	SHYL	Xtrackers Short Duration	Pair Corr
0.69	APRJ	Innovator Premium Income	Pair Corr
0.91	CPAI	Northern Lights	Pair Corr

Moving against SSgA Pink Sheet

0.54	VWO	Vanguard FTSE Emerging	Pair Corr
0.37	VEA	Vanguard FTSE Developed	Pair Corr
0.56	MCHI	iShares MSCI China	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.79	-0.54	-0.45	0.45	0.29	0.56	0.26	-0.13	-0.53	META
MSFT	0.79		-0.65	-0.37	0.56	0.05	0.63	0.39	-0.23	-0.75	MSFT
UBER	-0.54	-0.65		0.47	-0.72	0.18	-0.78	-0.55	0.61	0.75	UBER
F	-0.45	-0.37	0.47		0.01	-0.23	-0.06	0.28	-0.08	0.69	F
T	0.45	0.56	-0.72	0.01		-0.3	0.87	0.83	-0.68	-0.44	T
A	0.29	0.05	0.18	-0.23	-0.3		-0.31	-0.51	0.71	0.09	A
CRM	0.56	0.63	-0.78	-0.06	0.87	-0.31		0.87	-0.77	-0.5	CRM
JPM	0.26	0.39	-0.55	0.28	0.83	-0.51	0.87		-0.83	-0.27	JPM
MRK	-0.13	-0.23	0.61	-0.08	-0.68	0.71	-0.77	-0.83		0.29	MRK
XOM	-0.53	-0.75	0.75	0.69	-0.44	0.09	-0.5	-0.27	0.29		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

CRM	+ 0.87	T
JPM	+ 0.87	CRM
JPM	+ 0.83	T
MSFT	+ 0.79	META
XOM	+ 0.75	UBER
MRK	+ 0.71	A

High negative correlations

MRK	- 0.83	JPM
CRM	- 0.78	UBER
MRK	- 0.77	CRM
XOM	- 0.75	MSFT
T	- 0.72	UBER
MRK	- 0.68	T

SSgA SPDR Competition Risk-Adjusted Indicators

There is a big difference between SSgA Pink Sheet performing well and SSgA SPDR Company 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 SSgA SPDR'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
META	1.21	0.08	0.04	0.42	1.41	(1.37)	2.62	(3.15)	7.43
MSFT	0.87	0.00	(0.02)	0.02	1.65	(0.78)	1.78	(2.23)	8.14
UBER	1.65	(0.33)	0.00	(1.73)	0.00	0.00	2.53	(5.35)	20.41
F	1.39	(0.03)	0.00	(0.12)	0.00	0.00	2.53	(2.81)	11.21
T	0.95	0.10	0.07	0.39	1.13	(0.98)	1.93	(1.99)	7.95
A	1.19	(0.04)	0.00	(0.12)	0.00	0.00	2.71	(2.42)	9.02
CRM	1.46	0.33	0.19	20.66	1.34	(1.66)	3.18	(2.88)	14.80
JPM	1.06	0.23	0.16	(3.32)	1.11	(1.26)	1.99	(1.44)	15.87
MRK	0.97	(0.21)	0.00	(0.97)	0.00	0.00	1.72	(2.17)	5.17
XOM	0.84	(0.11)	0.00	(0.64)	0.00	0.00	1.83	(2.14)	6.06

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