SPDR SP Correlations

Etfs . Netherlands . 
Etf . SPDR SP 500
SPYL Etf   14.32  0.21  1.45%   
The current 90-days correlation between SPDR SP 500 and SPDR MSCI World is -0.08 (i.e., Good 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

Very weak diversification

The correlation between SPDR SP 500 and DJI is 0.53 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP 500 and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to SPDR SP could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace SPDR SP 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 SPDR SP - 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 SPDR SP 500 to buy it.

Moving together with SPDR Etf

  1.0VUSA Vanguard SP 500PairCorr
  0.95DIA SPDR Dow JonesPairCorr
  0.98EMIM iShares Core MSCIPairCorr
  1.0IUSA iShares SP 500PairCorr
  1.0VWRL Vanguard FTSE AllPairCorr
  0.61CYBU iShares China CNYPairCorr
  0.9IMEU iShares Core MSCIPairCorr
  1.0IWRD iShares MSCI WorldPairCorr
  0.97IEMM iShares MSCI EMPairCorr
  0.68GLDU Amundi Index SolutionsPairCorr
  0.94WIND SPDR MSCI WorldPairCorr
  0.95MODU iShares Moderate PorPairCorr
  0.62AGGE iShares Global AggregatePairCorr
  0.82SUOU iShares Corp BondPairCorr
  0.81IMBE iShares Mortgage BackedPairCorr
  0.98SXLK SSgA SPDR ETFsPairCorr
  0.87RTWO LG Russell 2000PairCorr
  0.9IMAE iShares Core MSCIPairCorr
  0.71ICHN iShares MSCI ChinaPairCorr
  0.89CT2B iShares Smart CityPairCorr
  0.97TSWE VanEck Sustainable WorldPairCorr
  0.81IBZL iShares MSCI BrazilPairCorr
  0.88UE25 UBSFund SolutionsPairCorr
  0.87SLXU iShares Core CorpPairCorr
  0.64IASP iShares Asia PropertyPairCorr
  0.7WMAT SPDR MSCI WorldPairCorr
  0.81EMPA iShares MSCI EMUPairCorr
  0.88VERX Vanguard FTSE DevelopedPairCorr
  0.77TGBT VanEck iBoxx EURPairCorr
  0.9IJPA iShares Core MSCIPairCorr
  0.98IWDE iShares MSCI WorldPairCorr
  0.94SJPE iShares Core MSCIPairCorr
  0.96MUSD iShares MSCI USAPairCorr

Related Correlations Analysis


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

A
+ 0.79
F
XOM
+ 0.76
JPM
T
+ 0.73
META
MRK
+ 0.7
A
JPM
+ 0.66
UBER
XOM
+ 0.63
F
  

High negative correlations

A
- 0.85
T
T
- 0.71
F
A
- 0.69
META
F
- 0.61
META
MRK
- 0.53
T
T
- 0.51
MSFT

SPDR SP Competition 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.28 (0.43) 0.00 (0.26) 0.00 
 0.00 
 2.12 
(2.67)
 14.49 
MSFT  0.76 (0.14) 0.00 (0.13) 0.00 
 0.00 
 1.77 
(1.98)
 5.08 
UBER  1.52 (0.01)(0.01) 0.07  1.95 
(1.55)
 3.62 
(3.30)
 9.09 
F  1.33  0.14  0.11  0.17  1.46 
(1.56)
 3.62 
(1.71)
 16.35 
T  0.98 (0.16) 0.00 (0.94) 0.00 
 0.00 
 1.84 
(2.32)
 6.47 
A  1.30  0.30  0.24  0.31  0.94 
(1.46)
 3.82 
(2.04)
 10.46 
CRM  1.64 (0.14) 0.00 (0.04) 0.00 
 0.00 
 3.59 
(3.61)
 8.74 
JPM  0.81  0.04  0.03  0.13  1.04 
(0.79)
 1.67 
(1.74)
 4.74 
MRK  1.17  0.08  0.04  0.19  1.16 
(1.38)
 1.80 
(2.36)
 11.45 
XOM  0.84  0.08  0.03  0.26  1.04 
(0.82)
 1.77 
(1.93)
 4.70 

SPDR SP Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with SPDR SP etf to make a market-neutral strategy. Peer analysis of SPDR SP could also be used in its relative valuation, which is a method of valuing SPDR SP by comparing valuation metrics with similar companies.
 Risk & Return  Correlation
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