SPDR SP Correlations

XTL Etf

USD 108.66 1.54 1.44%

The current 90-days correlation between SPDR SP Telecom and SPDR SP Health is 0.73 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SPDR SP moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SPDR SP Telecom moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SPDR SP Correlation With Market

Good diversification

The correlation between SPDR SP Telecom and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP Telecom and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with SPDR Etf

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in SPDR SP Telecom. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with SPDR Etf

0.96	XLC	Communication Services	Pair Corr
0.95	VOX	Vanguard Communication	Pair Corr
0.95	FCOM	Fidelity MSCI Commun	Pair Corr
0.92	IYZ	IShares Telecommunicatio	Pair Corr
0.75	ESPO	VanEck Video Gaming	Pair Corr
0.92	IXP	iShares Global Comm	Pair Corr
0.69	HERO	Global X Video	Pair Corr
0.95	SOCL	Global X Social	Pair Corr
0.89	GAMR	Amplify ETF Trust	Pair Corr
0.84	SIXD	AIM ETF Products	Pair Corr
0.61	PFFL	ETRACS 2xMonthly Pay	Pair Corr
0.92	CEFD	ETRACS Monthly Pay	Pair Corr
0.89	DJUL	FT Cboe Vest	Pair Corr
0.81	DMCY	Democracy International	Pair Corr
0.79	JIRE	JP Morgan Exchange	Pair Corr
0.83	WTMF	WisdomTree Managed	Pair Corr
0.85	VOLT	Tema Electrification ETF	Pair Corr
0.89	DFEV	Dimensional ETF Trust	Pair Corr
0.9	TOV	EA Series Trust	Pair Corr
0.86	PWRD	Perfect World Symbol Change	Pair Corr
0.83	CGIE	Capital Group Intern	Pair Corr
0.79	BTFD	Valkyrie Bitcoin Strategy	Pair Corr
0.93	AOHY	Angel Oak High	Pair Corr
0.81	IXUS	iShares Core MSCI	Pair Corr
0.88	FORH	Formidable ETF	Pair Corr
0.66	FLXR	TCW ETF Trust	Pair Corr
0.62	BLLD	JPMorgan	Pair Corr
0.88	SWAN	Amplify BlackSwan Growth	Pair Corr
0.9	BUFR	First Trust Cboe	Pair Corr
0.88	SOXX	iShares Semiconductor ETF	Pair Corr
0.88	EAOM	iShares ESG Aware	Pair Corr
0.82	NIKL	Sprott Nickel Miners	Pair Corr
0.88	XHYT	BondBloxx ETF Trust	Pair Corr
0.84	DCPE	DoubleLine Shiller CAPE	Pair Corr
0.84	FRNW	Fidelity Covington Trust	Pair Corr

Moving against SPDR Etf

0.87	VXX	iPath Series B Low Volatility	Pair Corr
0.87	VIXY	ProShares VIX Short Low Volatility	Pair Corr
0.38	YCL	ProShares Ultra Yen	Pair Corr

Related Correlations Analysis

	XHS	XSW	XHE	XTN	XWEB
XHS		0.64	0.72	0.68	0.0	XHS
XSW	0.64		0.76	0.93	0.0	XSW
XHE	0.72	0.76		0.88	0.0	XHE
XTN	0.68	0.93	0.88		0.0	XTN
XWEB	0.0	0.0	0.0	0.0		XWEB
	XHS	XSW	XHE	XTN	XWEB

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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

XTN	+ 0.93	XSW
XTN	+ 0.88	XHE
XHE	+ 0.76	XSW
XHE	+ 0.72	XHS
XTN	+ 0.68	XHS
XSW	+ 0.64	XHS

High negative correlations

XWEB	- 0.0	XTN
XWEB	- 0.0	XHE
XWEB	- 0.0	XSW
XWEB	- 0.0	XHS

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
XHS	0.94	0.02	0.00	(0.28)	1.27	(1.03)	1.88	(2.02)	9.02
XSW	1.70	0.16	0.06	(0.89)	2.00	(1.86)	3.24	(2.95)	15.67
XHE	1.38	(0.05)	0.00	0.26	0.00	0.00	2.90	(3.76)	11.52
XTN	1.79	0.07	0.02	(0.28)	2.45	(1.98)	3.43	(3.55)	18.31
XWEB	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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