Correlation Between Synchrony Swiss and SPDR Dow
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By analyzing existing cross correlation between Synchrony Swiss Real and SPDR Dow Jones, you can compare the effects of market volatilities on Synchrony Swiss and SPDR Dow and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Synchrony Swiss with a short position of SPDR Dow. Check out your portfolio center. Please also check ongoing floating volatility patterns of Synchrony Swiss and SPDR Dow.
Diversification Opportunities for Synchrony Swiss and SPDR Dow
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Synchrony and SPDR is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Synchrony Swiss Real and SPDR Dow Jones in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPDR Dow Jones and Synchrony Swiss is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Synchrony Swiss Real are associated (or correlated) with SPDR Dow. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPDR Dow Jones has no effect on the direction of Synchrony Swiss i.e., Synchrony Swiss and SPDR Dow go up and down completely randomly.
Pair Corralation between Synchrony Swiss and SPDR Dow
Assuming the 90 days trading horizon Synchrony Swiss Real is expected to generate 0.56 times more return on investment than SPDR Dow. However, Synchrony Swiss Real is 1.78 times less risky than SPDR Dow. It trades about 0.35 of its potential returns per unit of risk. SPDR Dow Jones is currently generating about -0.16 per unit of risk. If you would invest 11,878 in Synchrony Swiss Real on September 21, 2024 and sell it today you would earn a total of 447.00 from holding Synchrony Swiss Real or generate 3.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Synchrony Swiss Real vs. SPDR Dow Jones
Performance |
| Timeline |
| Synchrony Swiss Real |
| SPDR Dow Jones |
Synchrony Swiss and SPDR Dow Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Synchrony Swiss and SPDR Dow
The main advantage of trading using opposite Synchrony Swiss and SPDR Dow positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Synchrony Swiss position performs unexpectedly, SPDR Dow can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in SPDR Dow will offset losses from the drop in SPDR Dow's long position.| Synchrony Swiss vs. SPDR Dow Jones | Synchrony Swiss vs. Baloise Holding AG | Synchrony Swiss vs. Banque Cantonale du | Synchrony Swiss vs. 21Shares Polkadot ETP |
| SPDR Dow vs. Baloise Holding AG | SPDR Dow vs. 21Shares Polkadot ETP | SPDR Dow vs. UBS ETF MSCI | SPDR Dow vs. BB Biotech AG |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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