Correlation Between SPDR Dow and Julius Baer
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By analyzing existing cross correlation between SPDR Dow Jones and Julius Baer Edelweiss, you can compare the effects of market volatilities on SPDR Dow and Julius Baer 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 Dow with a short position of Julius Baer. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR Dow and Julius Baer.
Diversification Opportunities for SPDR Dow and Julius Baer
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between SPDR and Julius is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Dow Jones and Julius Baer Edelweiss in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Julius Baer Edelweiss and SPDR Dow 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 Dow Jones are associated (or correlated) with Julius Baer. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Julius Baer Edelweiss has no effect on the direction of SPDR Dow i.e., SPDR Dow and Julius Baer go up and down completely randomly.
Pair Corralation between SPDR Dow and Julius Baer
Assuming the 90 days trading horizon SPDR Dow is expected to generate 1.63 times less return on investment than Julius Baer. In addition to that, SPDR Dow is 1.36 times more volatile than Julius Baer Edelweiss. It trades about 0.03 of its total potential returns per unit of risk. Julius Baer Edelweiss is currently generating about 0.07 per unit of volatility. If you would invest 13,210 in Julius Baer Edelweiss on December 11, 2024 and sell it today you would earn a total of 3,228 from holding Julius Baer Edelweiss or generate 24.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
SPDR Dow Jones vs. Julius Baer Edelweiss
Performance |
| Timeline |
| SPDR Dow Jones |
| Julius Baer Edelweiss |
SPDR Dow and Julius Baer Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPDR Dow and Julius Baer
The main advantage of trading using opposite SPDR Dow and Julius Baer positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPDR Dow position performs unexpectedly, Julius Baer 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 Julius Baer will offset losses from the drop in Julius Baer's long position.| SPDR Dow vs. SPDR MSCI Europe | SPDR Dow vs. SPDR SP Utilities | SPDR Dow vs. SPDR MSCI Europe | SPDR Dow vs. SPDR MSCI EM |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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