Correlation Between SPDR Refinitiv and WisdomTree Battery
Can any of the company-specific risk be diversified away by investing in both SPDR Refinitiv and WisdomTree Battery at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining SPDR Refinitiv and WisdomTree Battery into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SPDR Refinitiv Global and WisdomTree Battery Solutions, you can compare the effects of market volatilities on SPDR Refinitiv and WisdomTree Battery 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 Refinitiv with a short position of WisdomTree Battery. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR Refinitiv and WisdomTree Battery.
Diversification Opportunities for SPDR Refinitiv and WisdomTree Battery
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between SPDR and WisdomTree is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Refinitiv Global and WisdomTree Battery Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WisdomTree Battery and SPDR Refinitiv 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 Refinitiv Global are associated (or correlated) with WisdomTree Battery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WisdomTree Battery has no effect on the direction of SPDR Refinitiv i.e., SPDR Refinitiv and WisdomTree Battery go up and down completely randomly.
Pair Corralation between SPDR Refinitiv and WisdomTree Battery
Assuming the 90 days trading horizon SPDR Refinitiv is expected to generate 2.27 times less return on investment than WisdomTree Battery. But when comparing it to its historical volatility, SPDR Refinitiv Global is 2.71 times less risky than WisdomTree Battery. It trades about 0.09 of its potential returns per unit of risk. WisdomTree Battery Solutions is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 3,194 in WisdomTree Battery Solutions on October 24, 2025 and sell it today you would earn a total of 2,014 from holding WisdomTree Battery Solutions or generate 63.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPDR Refinitiv Global vs. WisdomTree Battery Solutions
Performance |
| Timeline |
| SPDR Refinitiv Global |
| WisdomTree Battery |
SPDR Refinitiv and WisdomTree Battery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPDR Refinitiv and WisdomTree Battery
The main advantage of trading using opposite SPDR Refinitiv and WisdomTree Battery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPDR Refinitiv position performs unexpectedly, WisdomTree Battery 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 WisdomTree Battery will offset losses from the drop in WisdomTree Battery's long position.| SPDR Refinitiv vs. iShares Euro Government | SPDR Refinitiv vs. Xtrackers II Global | SPDR Refinitiv vs. iShares Core CHF | SPDR Refinitiv vs. UBS ETF Gold |
| WisdomTree Battery vs. SPDR Refinitiv Global | WisdomTree Battery vs. VanEck Semiconductor UCITS | WisdomTree Battery vs. PIMCO Short Term High | WisdomTree Battery vs. iShares Euro Government |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |