SPDR SSGA Correlations

MYCM Etf   24.62  0.06  0.24%   
The current 90-days correlation between SPDR SSGA My2033 and VanEck Vectors Moodys is 0.96 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR SSGA moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR SSGA My2033 moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR SSGA Correlation With Market

Very weak diversification

The correlation between SPDR SSGA My2033 and DJI is 0.46 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SSGA My2033 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 My2033. 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

  0.91BSCP Invesco BulletShares 2025PairCorr
  0.92IBDQ iShares iBonds DecPairCorr
  0.94BSCQ Invesco BulletShares 2026PairCorr
  0.95IBDR iShares iBonds Dec Sell-off TrendPairCorr
  0.98IBDS iShares iBonds DecPairCorr
  0.87PMBS PIMCO Mortgage BackedPairCorr
  0.89SIXD AIM ETF ProductsPairCorr
  0.86PFFL ETRACS 2xMonthly PayPairCorr
  0.9CEFD ETRACS Monthly PayPairCorr
  0.89EUSB iShares TrustPairCorr
  0.95VABS Virtus Newfleet ABSMBSPairCorr
  0.87BUFD FT Cboe VestPairCorr
  0.83CVX Chevron CorpPairCorr
  0.7MMM 3M CompanyPairCorr
  0.8GE GE AerospacePairCorr
  0.62XOM Exxon Mobil CorpPairCorr
  0.91JPM JPMorgan ChasePairCorr
  0.88BAC Bank of America Aggressive PushPairCorr
  0.77AA Alcoa CorpPairCorr
  0.89CSCO Cisco Systems Sell-off TrendPairCorr
  0.87CAT CaterpillarPairCorr
  0.83AXP American ExpressPairCorr
  0.88PFE Pfizer IncPairCorr
  0.77DD Dupont De Nemours Earnings Call This WeekPairCorr

Moving against SPDR Etf

  0.82VXX iPath Series B Potential GrowthPairCorr
  0.81VIXY ProShares VIX Short Sell-off TrendPairCorr
  0.62YCL ProShares Ultra YenPairCorr
  0.46KO Coca ColaPairCorr
  0.36VZ 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  0.31  0.27  0.41  0.82 
 3.99 
 10.48 
MSFT  0.86  0.33  0.38  0.59  0.00 
 2.33 
 8.85 
UBER  1.61  0.18  0.12  0.34  1.40 
 4.19 
 10.87 
F  1.30  0.17  0.08  0.40  1.40 
 2.69 
 7.46 
T  1.00 (0.02)(0.10) 0.10  1.30 
 2.35 
 5.71 
A  1.50 (0.07) 0.02  0.12  1.79 
 2.58 
 14.01 
CRM  1.30 (0.15)(0.04) 0.06  1.69 
 2.95 
 9.31 
JPM  0.87  0.22  0.18  0.42  0.58 
 2.25 
 6.03 
MRK  1.38  0.11 (0.06)(0.10) 1.96 
 2.88 
 10.58 
XOM  1.12  0.04 (0.06) 0.32  1.38 
 2.40 
 6.28