SSgA SPDR Correlations

SYBJ Etf  EUR 52.42  0.03  0.06%   
The current 90-days correlation between SSgA SPDR ETFs and UBS Fund Solutions is 0.12 (i.e., Average 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 0.21 (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

  0.66UIM5 UBS Fund SolutionsPairCorr
  0.72GQ9 SPDR Gold SharesPairCorr
  0.92VUSA Vanguard Funds PublicPairCorr
  0.92SXR8 iShares Core SPPairCorr
  0.97XBAK Xtrackers MSCI PakistanPairCorr
  0.77EXV1 iShares STOXX EuropePairCorr
  0.73TRDX Invesco Treasury BondPairCorr
  0.68DFEN VanEck Defense ETFPairCorr
  0.95T3KE HANetf ICAVPairCorr
  0.94V80A Vanguard Funds PLCPairCorr
  0.94XDWT Xtrackers MSCI WorldPairCorr
  0.83DBX4 Xtrackers MSCIPairCorr
  0.9VLUS BNP Paribas EasyPairCorr
  0.89C101 Lyxor Fed FundsPairCorr
  0.92VGWL Vanguard FTSE AllPairCorr
  0.9US9L WisdomTree SP 500PairCorr
  0.92OUFE Ossiam Irl IcavPairCorr
  0.86TRDS Invesco Us TreasuryPairCorr
  0.93DBPG Xtrackers SPPairCorr
  0.93VWCE Vanguard FTSE AllPairCorr
  0.91GERD LG Gerd KommerPairCorr
  0.93UBU9 UBS plcPairCorr
  0.79E908 Lyxor 1PairCorr
  0.72DBPE Xtrackers LevDAXPairCorr

Moving against SSgA Etf

  0.79DES2 LG DAX DailyPairCorr
  0.78LYQL LYXOR DAILY SHORTDAXPairCorr
  0.77DBPD Xtrackers ShortDAXPairCorr

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
XOMUBER
MRKA
MSFTMETA
  
High negative correlations   
MRKJPM
MRKCRM
CRMUBER
XOMMSFT
MRKT
TUBER

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  1.16  0.07  0.03  0.45  1.43 
 2.62 
 7.43 
MSFT  0.86 (0.01)(0.01) 0.00  1.62 
 1.78 
 8.14 
UBER  1.72 (0.26) 0.00 (0.27) 0.00 
 2.67 
 20.41 
F  1.44 (0.12) 0.00 (0.68) 0.00 
 2.53 
 11.21 
T  0.95  0.10  0.07  0.48  1.12 
 1.93 
 7.95 
A  1.24 (0.08) 0.00 (0.29) 0.00 
 2.71 
 9.02 
CRM  1.49  0.36  0.23  0.29  1.31 
 3.18 
 14.80 
JPM  1.04  0.20  0.14 (1.99) 1.08 
 1.99 
 15.87 
MRK  0.98 (0.25) 0.00 (0.99) 0.00 
 1.72 
 5.17 
XOM  0.90 (0.12) 0.00 (0.37) 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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