SPDR SP Correlations

NANR Etf

USD 59.11 0.53 0.90%

The current 90-days correlation between SPDR SP North and SPDR SP Global is 0.89 (i.e., Very poor diversification). The correlation of SPDR SP 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.

SPDR SP Correlation With Market

Average diversification

The correlation between SPDR SP North and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP North and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with SPDR Etf

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in SPDR SP North. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with SPDR Etf

0.92	XME	SPDR SP Metals	Pair Corr
0.86	PHO	Invesco Water Resources	Pair Corr
0.9	MOO	VanEck Agribusiness ETF	Pair Corr
0.93	FXZ	First Trust Materials	Pair Corr
0.85	FIW	First Trust Water	Pair Corr
0.92	URNM	Sprott Uranium Miners	Pair Corr
0.94	IYM	iShares Basic Materials	Pair Corr
0.9	DFEN	Direxion Daily Aerospace	Pair Corr
0.7	CVX	Chevron Corp	Pair Corr
0.63	IBM	International Business	Pair Corr

Moving against SPDR Etf

0.92	WTID	UBS ETRACS	Pair Corr
0.52	TRV	The Travelers Companies	Pair Corr
0.39	WMT	Walmart Sell-off Trend	Pair Corr
0.68	MCD	McDonalds	Pair Corr
0.38	VZ	Verizon Communications Aggressive Push	Pair Corr

Related Correlations Analysis

	GNR	GUNR	ONEY	QEFA	DFIGX
GNR		0.99	0.92	0.87	0.42	GNR
GUNR	0.99		0.89	0.88	0.45	GUNR
ONEY	0.92	0.89		0.84	0.35	ONEY
QEFA	0.87	0.88	0.84		0.36	QEFA
DFIGX	0.42	0.45	0.35	0.36		DFIGX
	GNR	GUNR	ONEY	QEFA	DFIGX

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SPDR SP Constituents Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR SP 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 SP'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
GNR	0.65	0.13	(0.06)	0.84	0.41	(0.78)	1.62	(0.89)	3.91
GUNR	0.56	0.13	(0.09)	1.38	0.37	(0.65)	1.45	(0.77)	3.05
ONEY	0.65	0.02	(0.07)	0.23	0.59	(0.72)	1.68	(1.14)	4.58
QEFA	0.54	0.07	(0.10)	0.43	0.49	(0.58)	1.21	(0.92)	3.07
DFIGX	0.23	0.00	(0.62)	0.36	0.24	(0.26)	0.37	(0.55)	1.10

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