Correlation Between SPDR Series and SPECTRA
Specify exactly 2 symbols:
By analyzing existing cross correlation between SPDR Series Trust and SPECTRA ENERGY PARTNERS, you can compare the effects of market volatilities on SPDR Series and SPECTRA 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 SPECTRA. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR Series and SPECTRA.
Diversification Opportunities for SPDR Series and SPECTRA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SPDR and SPECTRA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Series Trust and SPECTRA ENERGY PARTNERS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPECTRA ENERGY PARTNERS 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 SPECTRA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPECTRA ENERGY PARTNERS has no effect on the direction of SPDR Series i.e., SPDR Series and SPECTRA go up and down completely randomly.
Pair Corralation between SPDR Series and SPECTRA
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 | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
SPDR Series Trust vs. SPECTRA ENERGY PARTNERS
Performance |
| Timeline |
| SPDR Series Trust |
| SPECTRA ENERGY PARTNERS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
SPDR Series and SPECTRA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPDR Series and SPECTRA
The main advantage of trading using opposite SPDR Series and SPECTRA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPDR Series position performs unexpectedly, SPECTRA 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 SPECTRA will offset losses from the drop in SPECTRA'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 |
| SPECTRA vs. Proficient Auto Logistics, | SPECTRA vs. Griffon | SPECTRA vs. Summit Materials | SPECTRA vs. Hurco Companies |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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