In this paper we analyze the most used measures for the assessment of spectral similarity of reflectance and radiance signals. First of all we divide them in five groups on the basis of the type of errors they measure. We proceed analyzing their mathematical definition to identify unintended behaviors and types of errors they are blind to. Then exploiting the Munsell atlas we analyze the correlation between metrics in terms of both Pearson's Linear Correlation Coefficient (PLCC) and Spearman's Rank Order Correlation Coefficient (SROCC). Finally we analyze the behaviour of the selected metrics with respect to two different color properties: the Chroma and the Lightness computed in the CIE L* a* b* color space. The source code of the spectral measures considered is available at the following link: <ext-link ext-link-type="url" xlink:href="https://celuigi.github.io/spectral-similarity-metrics-comparison/">https://celuigi.github.io/spectral-similarity-metrics-comparison/</ext-link>.