SPDR Nuveen Correlations

MBND Etf

USD 27.48 0.07 0.26%

The current 90-days correlation between SPDR Nuveen Municipal and Morningstar Unconstrained Allocation is 0.48 (i.e., Very weak diversification). The correlation of SPDR Nuveen 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 Nuveen Correlation With Market

Weak diversification

The correlation between SPDR Nuveen Municipal and NYA is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Nuveen Municipal and NYA 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 Nuveen Municipal. 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

0.93	MUB	iShares National Muni	Pair Corr
0.97	VTEB	Vanguard Tax Exempt Sell-off Trend	Pair Corr
0.97	FMB	First Trust Managed	Pair Corr
0.77	ITM	VanEck Intermediate Muni	Pair Corr
0.87	MMIT	IQ MacKay Municipal	Pair Corr
0.93	HMOP	Hartford Municipal	Pair Corr
0.96	TAXF	American Century Div	Pair Corr
0.88	JMUB	JPMorgan Municipal	Pair Corr
0.67	MUST	Columbia Multi Sector	Pair Corr
0.78	MINO	PIMCO ETF Trust	Pair Corr
0.64	JNJ	Johnson Johnson Financial Report 18th of July 2024	Pair Corr
0.61	HD	Home Depot	Pair Corr

Moving against SPDR Etf

0.48	AAAU	Goldman Sachs Physical Low Volatility	Pair Corr
0.46	GE	GE Aerospace Financial Report 23rd of July 2024	Pair Corr
0.39	CVX	Chevron Corp Sell-off Trend	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.59	0.64	0.35	-0.09	0.02	0.29	-0.11	-0.33	-0.06	META
MSFT	0.59		0.17	0.03	0.42	0.29	0.02	0.38	0.07	-0.32	MSFT
UBER	0.64	0.17		0.5	-0.44	0.12	0.67	-0.36	-0.5	-0.19	UBER
F	0.35	0.03	0.5		-0.16	0.17	0.52	0.22	0.17	0.46	F
T	-0.09	0.42	-0.44	-0.16		-0.14	-0.57	0.71	0.46	-0.33	T
A	0.02	0.29	0.12	0.17	-0.14		0.71	0.33	0.0	0.06	A
CRM	0.29	0.02	0.67	0.52	-0.57	0.71		-0.13	-0.32	0.14	CRM
JPM	-0.11	0.38	-0.36	0.22	0.71	0.33	-0.13		0.48	0.03	JPM
MRK	-0.33	0.07	-0.5	0.17	0.46	0.0	-0.32	0.48		0.33	MRK
XOM	-0.06	-0.32	-0.19	0.46	-0.33	0.06	0.14	0.03	0.33		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

JPM	+ 0.71	T
CRM	+ 0.71	A
CRM	+ 0.67	UBER
UBER	+ 0.64	META
MSFT	+ 0.59	META
CRM	+ 0.52	F

High negative correlations

CRM	- 0.57	T
MRK	- 0.5	UBER
T	- 0.44	UBER
JPM	- 0.36	UBER
XOM	- 0.33	T
MRK	- 0.33	META

SPDR Nuveen Competition Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR Nuveen 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 Nuveen'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
META	1.36	0.03	0.02	0.03	2.31	(1.40)	2.98	(2.28)	13.78
MSFT	0.93	0.10	0.08	0.12	1.25	(0.95)	1.91	(2.07)	5.82
UBER	1.61	(0.13)	0.00	(0.13)	0.00	0.00	2.99	(2.95)	9.02
F	1.39	0.03	0.01	0.00	1.91	(1.45)	3.06	(3.59)	10.93
T	0.81	0.07	0.08	0.10	0.86	(0.88)	1.89	(1.37)	4.80
A	1.27	(0.16)	0.00	(0.13)	0.00	0.00	2.07	(2.20)	13.61
CRM	1.52	(0.38)	0.00	(0.33)	0.00	0.00	2.63	(2.96)	23.62
JPM	0.99	0.06	0.03	0.03	1.65	(1.01)	1.94	(1.78)	8.41
MRK	0.72	0.09	0.12	0.16	0.71	(0.83)	2.29	(1.22)	7.59
XOM	0.84	0.04	0.04	0.04	1.04	(0.88)	1.77	(1.89)	5.27

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC