SPDR SPASX Correlations

OZF Etf

26.59 0.01 0.04%

The current 90-days correlation between SPDR SPASX 200 and Betashares Asia Technology is 0.43 (i.e., Very weak diversification). The correlation of SPDR SPASX 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 SPASX Correlation With Market

Very weak diversification

The correlation between SPDR SPASX 200 and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SPASX 200 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to SPDR SPASX 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 SPASX 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 SPASX - 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 SPASX 200 to buy it.

Moving together with SPDR Etf

0.78

MOAT

VanEck Morningstar Wide

Pair Corr

Moving against SPDR Etf

0.41	MVR	VanEck Vectors Australian	Pair Corr
0.34	OZR	SPDR SPASX 200	Pair Corr

Related Correlations Analysis

	ASIA	CD3	A200	AAA	AASF	VBLD	VAS	E200
ASIA		0.33	0.26	-0.12	0.24	-0.52	0.28	0.07	ASIA
CD3	0.33		-0.57	-0.83	-0.46	-0.71	-0.56	-0.66	CD3
A200	0.26	-0.57		0.78	0.9	0.49	1.0	0.97	A200
AAA	-0.12	-0.83	0.78		0.74	0.83	0.77	0.81	AAA
AASF	0.24	-0.46	0.9	0.74		0.52	0.9	0.85	AASF
VBLD	-0.52	-0.71	0.49	0.83	0.52		0.48	0.59	VBLD
VAS	0.28	-0.56	1.0	0.77	0.9	0.48		0.97	VAS
E200	0.07	-0.66	0.97	0.81	0.85	0.59	0.97		E200
	ASIA	CD3	A200	AAA	AASF	VBLD	VAS	E200

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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

VAS	+ 1.0	A200
E200	+ 0.97	A200
E200	+ 0.97	VAS
AASF	+ 0.9	A200
VAS	+ 0.9	AASF
E200	+ 0.85	AASF

High negative correlations

AAA	- 0.83	CD3
VBLD	- 0.71	CD3
E200	- 0.66	CD3
A200	- 0.57	CD3
VAS	- 0.56	CD3
VBLD	- 0.52	ASIA

SPDR SPASX Constituents Risk-Adjusted Indicators

There is a big difference between SPDR Etf performing well and SPDR SPASX 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 SPASX'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
ASIA	1.35	0.03	(0.01)	0.17	1.92	(1.40)	2.94	(2.63)	9.46
CD3	1.29	(0.07)	0.00	(0.04)	0.00	0.00	2.94	(3.03)	9.01
A200	0.56	0.04	(0.02)	0.20	0.88	(0.54)	1.21	(1.26)	5.32
AAA	0.01	0.01	0.00	1.29	0.00	0.00	0.04	(0.02)	0.08
AASF	0.56	0.04	(0.03)	0.19	0.72	(0.65)	1.04	(0.81)	4.25
VBLD	0.56	0.19	0.06	(0.53)	0.58	(0.63)	1.62	(0.77)	6.12
VAS	0.54	0.04	(0.02)	0.20	0.93	(0.53)	1.23	(1.25)	5.43
E200	0.59	0.04	(0.02)	0.21	0.96	(0.61)	1.09	(1.16)	4.96

Be your own money manager

Our tools can tell you how much better you can do entering a position in SPDR SPASX 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.

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