SPDR S&P 500 ETF vs iShares Core FTSE 100 UCITS ETF

The price ratio is currently below its 50-day moving average, indicating ISF has been gaining relative ground recently. The ratio is extended at -6.1% from its 50-day average, suggesting the relative move may be overdue for a pullback. The 200-day z-score of -3.35 signals an extreme deviation — the current ratio is unusually far from its long-term norm. Ratio RSI at 29 is oversold, suggesting ISF's recent dominance could be nearing exhaustion.

Performance is mixed across timeframes, with no clear consistent leader between SPY and ISF. Watch for a breakout in relative momentum.

These two assets have a near-zero long-term correlation of 0.15. The shorter-term correlation has strengthened to 0.47, suggesting the assets are moving more in sync recently than their long-term pattern. Low correlation suggests these assets can provide meaningful diversification in a portfolio.

ISF has a stronger flow score (93/100 vs 50/100), indicating more consistent accumulation pressure. Both assets show net inflow via Chaikin Money Flow (ISF: 0.24, SPY: 0.10), though ISF leads on overall flow score. ISF is seeing above-average volume (1.5x), adding conviction to its flow signal.

ISF has significantly stronger trend momentum (95/100 vs 60/100), suggesting it is in a more favourable technical position. ISF carries a better risk profile (85/100 vs 71/100), with lower overall risk metrics. SPY is 1.3x more volatile than ISF on a 21-day basis (12.6% vs 9.9%), which means larger price swings in either direction.

SPY is currently losing ground against ISF, with the price ratio at 0.65 versus its 50-day average of 0.69. The 200-day z-score of -3.35 is historically extreme, suggesting ISF may be stretched relative to SPY. On a flow basis, ISF shows stronger capital accumulation (93 vs 50). ISF carries lower short-term volatility (+9.9% vs +12.6% 21-day), with max drawdowns of -16.2% and -12.7% respectively. With a 63-day correlation of 0.47, these assets show moderate co-movement — offering diversification value. Monitor the ratio trend and flow divergence for early signals of a shift in relative leadership.