Correlation Between SPDR Series and 68235PAG3
Specify exactly 2 symbols:
By analyzing existing cross correlation between SPDR Series Trust and ONE GAS INC, you can compare the effects of market volatilities on SPDR Series and 68235PAG3 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 SPDR Series with a short position of 68235PAG3. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR Series and 68235PAG3.
Diversification Opportunities for SPDR Series and 68235PAG3
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between SPDR and 68235PAG3 is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Series Trust and ONE GAS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ONE GAS INC and SPDR Series 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 SPDR Series Trust are associated (or correlated) with 68235PAG3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ONE GAS INC has no effect on the direction of SPDR Series i.e., SPDR Series and 68235PAG3 go up and down completely randomly.
Pair Corralation between SPDR Series and 68235PAG3
Given the investment horizon of 90 days SPDR Series Trust is expected to generate 0.01 times more return on investment than 68235PAG3. However, SPDR Series Trust is 115.85 times less risky than 68235PAG3. It trades about 1.1 of its potential returns per unit of risk. ONE GAS INC is currently generating about -0.03 per unit of risk. If you would invest 9,760 in SPDR Series Trust on November 2, 2024 and sell it today you would earn a total of 189.00 from holding SPDR Series Trust or generate 1.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 33.01% |
| Values | Daily Returns |
SPDR Series Trust vs. ONE GAS INC
Performance |
| Timeline |
| SPDR Series Trust |
| ONE GAS INC |
SPDR Series and 68235PAG3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPDR Series and 68235PAG3
The main advantage of trading using opposite SPDR Series and 68235PAG3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPDR Series position performs unexpectedly, 68235PAG3 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 68235PAG3 will offset losses from the drop in 68235PAG3's long position.| SPDR Series vs. WisdomTree Floating Rate | SPDR Series vs. iShares 0 3 Month | SPDR Series vs. SPDR Bloomberg 1 3 | SPDR Series vs. iShares Treasury Floating |
| 68235PAG3 vs. Analog Devices | 68235PAG3 vs. ServiceNow | 68235PAG3 vs. Sable Offshore Corp | 68235PAG3 vs. Schweiter Technologies 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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |