SSgA SPDR Correlations

SXLP Etf  EUR 39.62  0.37  0.94%   
The current 90-days correlation between SSgA SPDR ETFs and iShares Core MSCI is 0.2 (i.e., Modest 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. If the correlation is 0, the equities are not correlated; they are entirely random.

SSgA SPDR Correlation With Market

Modest diversification

The correlation between SSgA SPDR ETFs and DJI is 0.22 (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.
  
The ability to find closely correlated positions to SSgA SPDR could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace SSgA SPDR when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back SSgA SPDR - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling SSgA SPDR ETFs to buy it.

Moving together with SSgA Etf

  0.91VUSA Vanguard SP 500PairCorr
  0.87DIA SPDR Dow JonesPairCorr
  0.91IUSA iShares SP 500PairCorr
  0.9VWRL Vanguard FTSE AllPairCorr
  0.86CYBU iShares China CNYPairCorr
  0.9IWRD iShares MSCI WorldPairCorr
  0.692MSF Leverage Shares 2xPairCorr
  0.63BATT Legal General UCITSPairCorr
  0.86WTCH SPDR MSCI WorldPairCorr
  0.91CSPX iShares Core SPPairCorr
  0.87CNDX iShares NASDAQ 100PairCorr
  0.94IPRV iShares Listed PrivatePairCorr
  0.88WCOD SPDR MSCI WorldPairCorr
  0.91SPYL SPDR SP 500PairCorr
  0.86VS0L VanEck Solana ETNPairCorr
  0.89VDOT VanEck Polkadot ETNPairCorr
  0.77V3RE Vanguard Funds PLCPairCorr

Moving against SSgA Etf

  0.55CNYB iShares China CNYPairCorr
  0.55BRIC iShares BRIC 50PairCorr
  0.38WHEA SPDR MSCI WorldPairCorr

Related Correlations Analysis

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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   
CRMT
JPMCRM
JPMT
MSFTMETA
XOMUBER
XOMF
  
High negative correlations   
MRKJPM
MRKCRM
CRMUBER
MRKT
TUBER
XOMMSFT

SSgA SPDR Competition Risk-Adjusted Indicators

There is a big difference between SSgA Etf performing well and SSgA SPDR 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 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.21  0.10  0.05  0.23  1.41 
 2.62 
 7.43 
MSFT  0.86  0.00 (0.01) 0.03  1.61 
 1.78 
 8.14 
UBER  1.72 (0.25) 0.00 (2.15) 0.00 
 2.67 
 20.41 
F  1.45 (0.15) 0.00 (0.07) 0.00 
 2.53 
 11.21 
T  0.95  0.10  0.06  0.42  1.12 
 1.93 
 7.95 
A  1.23 (0.05) 0.00 (0.07) 0.00 
 2.71 
 9.02 
CRM  1.49  0.40  0.22 (11.15) 1.31 
 3.18 
 14.80 
JPM  1.06  0.16  0.15  0.13  1.09 
 1.99 
 15.87 
MRK  0.98 (0.25) 0.00 (1.14) 0.00 
 1.72 
 5.17 
XOM  0.90 (0.12) 0.00 (0.76) 0.00 
 1.83 
 6.06 

Be your own money manager

Our tools can tell you how much better you can do entering a position in SSgA SPDR without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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