Correlation Between SPDR Gold and Amundi MSCI
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By analyzing existing cross correlation between SPDR Gold Shares and Amundi MSCI Europe, you can compare the effects of market volatilities on SPDR Gold and Amundi MSCI 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 Gold with a short position of Amundi MSCI. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR Gold and Amundi MSCI.
Diversification Opportunities for SPDR Gold and Amundi MSCI
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SPDR and Amundi is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Gold Shares and Amundi MSCI Europe in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amundi MSCI Europe and SPDR Gold 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 Gold Shares are associated (or correlated) with Amundi MSCI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amundi MSCI Europe has no effect on the direction of SPDR Gold i.e., SPDR Gold and Amundi MSCI go up and down completely randomly.
Pair Corralation between SPDR Gold and Amundi MSCI
Assuming the 90 days trading horizon SPDR Gold Shares is expected to under-perform the Amundi MSCI. In addition to that, SPDR Gold is 1.51 times more volatile than Amundi MSCI Europe. It trades about -0.01 of its total potential returns per unit of risk. Amundi MSCI Europe is currently generating about 0.0 per unit of volatility. If you would invest 7,902 in Amundi MSCI Europe on September 2, 2024 and sell it today you would lose (5.00) from holding Amundi MSCI Europe or give up 0.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPDR Gold Shares vs. Amundi MSCI Europe
Performance |
| Timeline |
| SPDR Gold Shares |
| Amundi MSCI Europe |
SPDR Gold and Amundi MSCI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPDR Gold and Amundi MSCI
The main advantage of trading using opposite SPDR Gold and Amundi MSCI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPDR Gold position performs unexpectedly, Amundi MSCI 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 Amundi MSCI will offset losses from the drop in Amundi MSCI's long position.| SPDR Gold vs. SPDR Barclays 10 | SPDR Gold vs. SPDR ICE BofA | SPDR Gold vs. SPDR SP Utilities | SPDR Gold vs. SPDR ICE BofA |
| Amundi MSCI vs. Amundi SP 500 | Amundi MSCI vs. Amundi Index Solutions | Amundi MSCI vs. Amundi Euro Stoxx | Amundi MSCI vs. Amundi Index Solutions |
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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