SPDR SSGA Correlations

MYCH Etf   24.97  0.01  0.04%   
The correlation of SPDR SSGA 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 SSGA Correlation With Market

Average diversification

The correlation between SPDR SSGA My2028 and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SSGA My2028 and DJI in the same portfolio, assuming nothing else is changed.
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in SPDR SSGA My2028. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with SPDR Etf

  0.95BSCP Invesco BulletShares 2025PairCorr
  0.95IBDQ iShares iBonds DecPairCorr
  0.98BSCQ Invesco BulletShares 2026PairCorr
  0.98IBDR iShares iBonds DecPairCorr
  1.0IBDS iShares iBonds DecPairCorr
  0.92DFEN Direxion Daily AerospacePairCorr
  0.65MSTY YieldMax MSTR OptionPairCorr
  0.67GRW TCW Compounders ETFPairCorr
  0.73MMM 3M Company Sell-off TrendPairCorr
  0.89BAC Bank of America Aggressive PushPairCorr
  0.86PFE Pfizer IncPairCorr
  0.75INTC Intel Earnings Call TodayPairCorr
  0.85CVX Chevron CorpPairCorr
  0.93JPM JPMorgan ChasePairCorr
  0.91CSCO Cisco SystemsPairCorr
  0.79AA Alcoa CorpPairCorr
  0.92CAT CaterpillarPairCorr
  0.88MSFT Microsoft Earnings Call This WeekPairCorr
  0.88IBM International BusinessPairCorr

Moving against SPDR Etf

  0.78WTID UBS ETRACSPairCorr
  0.77ARKC ARK 21Shares Active Low VolatilityPairCorr
  0.51PG Procter Gamble Earnings Call This WeekPairCorr
  0.5KO Coca ColaPairCorr
  0.35VZ Verizon Communications Aggressive PushPairCorr

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   
MSFTMETA
JPMMSFT
JPMMETA
AMETA
JPMF
FUBER
  
High negative correlations   
MRKCRM
XOMCRM

SPDR SSGA Competition Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR SSGA 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 SSGA'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  1.47  0.27  0.25  0.41  0.82 
 3.99 
 10.48 
MSFT  0.84  0.33  0.36  0.63  0.00 
 2.33 
 8.85 
UBER  1.60  0.05  0.05  0.25  1.44 
 4.19 
 10.87 
F  1.29  0.10  0.04  0.33  1.40 
 2.69 
 7.46 
T  1.00 (0.02)(0.12) 0.14  1.30 
 2.35 
 5.71 
A  1.53 (0.10) 0.02  0.14  1.77 
 2.82 
 14.01 
CRM  1.30 (0.17)(0.04) 0.09  1.64 
 2.95 
 9.31 
JPM  0.88  0.19  0.16  0.40  0.54 
 2.25 
 6.03 
MRK  1.40 (0.08)(0.04) 0.13  1.82 
 2.90 
 10.58 
XOM  1.10 (0.01)(0.10) 0.16  1.39 
 2.18 
 6.28