Correlation Between SPDR Series and VERIZON
Specify exactly 2 symbols:
By analyzing existing cross correlation between SPDR Series Trust and VERIZON MUNICATIONS INC, you can compare the effects of market volatilities on SPDR Series and VERIZON 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 VERIZON. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR Series and VERIZON.
Diversification Opportunities for SPDR Series and VERIZON
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SPDR and VERIZON is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Series Trust and VERIZON MUNICATIONS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VERIZON MUNICATIONS 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 VERIZON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VERIZON MUNICATIONS INC has no effect on the direction of SPDR Series i.e., SPDR Series and VERIZON go up and down completely randomly.
Pair Corralation between SPDR Series and VERIZON
Given the investment horizon of 90 days SPDR Series Trust is expected to generate 0.02 times more return on investment than VERIZON. However, SPDR Series Trust is 41.27 times less risky than VERIZON. It trades about 1.23 of its potential returns per unit of risk. VERIZON MUNICATIONS INC is currently generating about 0.0 per unit of risk. If you would invest 9,915 in SPDR Series Trust on November 1, 2024 and sell it today you would earn a total of 34.00 from holding SPDR Series Trust or generate 0.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
SPDR Series Trust vs. VERIZON MUNICATIONS INC
Performance |
| Timeline |
| SPDR Series Trust |
| VERIZON MUNICATIONS INC |
SPDR Series and VERIZON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPDR Series and VERIZON
The main advantage of trading using opposite SPDR Series and VERIZON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPDR Series position performs unexpectedly, VERIZON 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 VERIZON will offset losses from the drop in VERIZON'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 |
| VERIZON vs. Apogee Therapeutics, Common | VERIZON vs. Chemours Co | VERIZON vs. Park Electrochemical | VERIZON vs. Arq Inc |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |