Correlation Between SPDR Series and SEAGATE
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By analyzing existing cross correlation between SPDR Series Trust and SEAGATE HDD CAYMAN, you can compare the effects of market volatilities on SPDR Series and SEAGATE 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 SEAGATE. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR Series and SEAGATE.
Diversification Opportunities for SPDR Series and SEAGATE
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SPDR and SEAGATE is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Series Trust and SEAGATE HDD CAYMAN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SEAGATE HDD CAYMAN 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 SEAGATE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SEAGATE HDD CAYMAN has no effect on the direction of SPDR Series i.e., SPDR Series and SEAGATE go up and down completely randomly.
Pair Corralation between SPDR Series and SEAGATE
Given the investment horizon of 90 days SPDR Series Trust is expected to generate 0.02 times more return on investment than SEAGATE. However, SPDR Series Trust is 42.62 times less risky than SEAGATE. It trades about 0.95 of its potential returns per unit of risk. SEAGATE HDD CAYMAN is currently generating about 0.01 per unit of risk. If you would invest 9,023 in SPDR Series Trust on November 2, 2024 and sell it today you would earn a total of 926.00 from holding SPDR Series Trust or generate 10.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPDR Series Trust vs. SEAGATE HDD CAYMAN
Performance |
| Timeline |
| SPDR Series Trust |
| SEAGATE HDD CAYMAN |
SPDR Series and SEAGATE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPDR Series and SEAGATE
The main advantage of trading using opposite SPDR Series and SEAGATE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPDR Series position performs unexpectedly, SEAGATE 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 SEAGATE will offset losses from the drop in SEAGATE'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 |
| SEAGATE vs. Teleflex Incorporated | SEAGATE vs. LENSAR Inc | SEAGATE vs. Amgen Inc | SEAGATE vs. Exchange Bankshares |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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