SPDR SSgA Correlations
RLY Etf | USD 27.77 0.23 0.84% |
The correlation of SPDR SSgA 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 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 Multi Asset moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Good diversification
The correlation between SPDR SSgA Multi-Asset and NYA is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SSgA Multi-Asset and NYA in the same portfolio, assuming nothing else is changed.
SPDR |
The ability to find closely correlated positions to SPDR SSgA 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 SSgA 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 SSgA - 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 SSgA Multi Asset to buy it.
Moving together with SPDR Etf
0.63 | GAA | Cambria Global Asset Low Volatility | PairCorr |
0.66 | GYLD | Arrow Dow Jones | PairCorr |
0.89 | GMET | VanEck Vectors ETF | PairCorr |
0.65 | MEME | Roundhill Investments | PairCorr |
0.77 | HODL | VanEck Bitcoin Trust Low Volatility | PairCorr |
0.8 | AA | Alcoa Corp Fiscal Quarter End 31st of March 2024 | PairCorr |
Related Correlations Analysis
ARP | FORH | FIG | HDG | QAI | RLY | XRLX | HFND | RAAX | ||
ARP | 0.1 | 0.01 | 0.85 | 0.9 | 0.2 | 0.99 | 0.92 | 0.59 | ARP | |
FORH | 0.1 | 0.22 | 0.37 | 0.35 | 0.8 | 0.01 | 0.39 | 0.69 | FORH | |
FIG | 0.01 | 0.22 | 0.01 | 0.0 | 0.28 | -0.02 | 0.1 | 0.21 | FIG | |
HDG | 0.85 | 0.37 | 0.01 | 0.92 | 0.52 | 0.8 | 0.93 | 0.8 | HDG | |
QAI | 0.9 | 0.35 | 0.0 | 0.92 | 0.45 | 0.86 | 0.96 | 0.77 | QAI | |
RLY | 0.2 | 0.8 | 0.28 | 0.52 | 0.45 | 0.08 | 0.5 | 0.86 | RLY | |
XRLX | 0.99 | 0.01 | -0.02 | 0.8 | 0.86 | 0.08 | 0.88 | 0.48 | XRLX | |
HFND | 0.92 | 0.39 | 0.1 | 0.93 | 0.96 | 0.5 | 0.88 | 0.8 | HFND | |
RAAX | 0.59 | 0.69 | 0.21 | 0.8 | 0.77 | 0.86 | 0.48 | 0.8 | RAAX | |
ARP | FORH | FIG | HDG | QAI | RLY | XRLX | HFND | RAAX |
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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
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SPDR SSgA Constituents 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 Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
---|---|---|---|---|---|---|---|---|---|---|
ARP | 0.45 | 0.10 | (0.06) | (5.75) | 0.27 | 1.02 | 2.51 | |||
FORH | 0.73 | 0.10 | (0.05) | (0.37) | 0.84 | 1.69 | 4.25 | |||
FIG | 0.27 | (0.02) | 0.00 | (1.31) | 0.00 | 0.57 | 1.84 | |||
HDG | 0.24 | 0.04 | (0.28) | (0.25) | 0.27 | 0.52 | 2.03 | |||
QAI | 0.21 | (0.01) | (0.34) | 0.08 | 0.14 | 0.46 | 1.43 | |||
RLY | 0.42 | 0.03 | (0.15) | (0.60) | 0.60 | 0.84 | 2.75 | |||
XRLX | 0.41 | 0.09 | (0.07) | 56.80 | 0.26 | 0.90 | 2.60 | |||
HFND | 0.32 | 0.06 | (0.15) | 0.96 | 0.18 | 0.71 | 1.67 | |||
RAAX | 0.80 | 0.06 | (0.05) | 0.72 | 0.99 | 1.53 | 3.66 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in SPDR SSgA without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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Already Invested in SPDR SSgA Multi Asset?
The danger of trading SPDR SSgA Multi Asset is mainly related to its market volatility and ETF specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of SPDR SSgA is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than SPDR SSgA. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile SPDR SSgA Multi-Asset is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether SPDR SSgA Multi-Asset offers a strong return on investment in its stock, a comprehensive analysis is essential. The process typically begins with a thorough review of SPDR SSgA's financial statements, including income statements, balance sheets, and cash flow statements, to assess its financial health. Key financial ratios are used to gauge profitability, efficiency, and growth potential of Spdr Ssga Multi Asset Etf. Outlined below are crucial reports that will aid in making a well-informed decision on Spdr Ssga Multi Asset Etf: Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in SPDR SSgA Multi Asset. Also, note that the market value of any etf could be tightly coupled with the direction of predictive economic indicators such as signals in bureau of economic analysis. You can also try the Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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When running SPDR SSgA's price analysis, check to measure SPDR SSgA's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy SPDR SSgA is operating at the current time. Most of SPDR SSgA's value examination focuses on studying past and present price action to predict the probability of SPDR SSgA's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move SPDR SSgA's price. Additionally, you may evaluate how the addition of SPDR SSgA to your portfolios can decrease your overall portfolio volatility.
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The market value of SPDR SSgA Multi-Asset is measured differently than its book value, which is the value of SPDR that is recorded on the company's balance sheet. Investors also form their own opinion of SPDR SSgA's value that differs from its market value or its book value, called intrinsic value, which is SPDR SSgA's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because SPDR SSgA's market value can be influenced by many factors that don't directly affect SPDR SSgA's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between SPDR SSgA's value and its price as these two are different measures arrived at by different means. Investors typically determine if SPDR SSgA is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, SPDR SSgA's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.