Correlation Between Intel and Spinnaker ETF
Can any of the company-specific risk be diversified away by investing in both Intel and Spinnaker ETF 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 Intel and Spinnaker ETF into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intel and Spinnaker ETF Series, you can compare the effects of market volatilities on Intel and Spinnaker ETF 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 Intel with a short position of Spinnaker ETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and Spinnaker ETF.
Diversification Opportunities for Intel and Spinnaker ETF
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Intel and Spinnaker is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Intel and Spinnaker ETF Series in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Spinnaker ETF Series and Intel 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 Intel are associated (or correlated) with Spinnaker ETF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Spinnaker ETF Series has no effect on the direction of Intel i.e., Intel and Spinnaker ETF go up and down completely randomly.
Pair Corralation between Intel and Spinnaker ETF
Given the investment horizon of 90 days Intel is expected to under-perform the Spinnaker ETF. But the stock apears to be less risky and, when comparing its historical volatility, Intel is 22.91 times less risky than Spinnaker ETF. The stock trades about -0.07 of its potential returns per unit of risk. The Spinnaker ETF Series is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 0.00 in Spinnaker ETF Series on September 1, 2024 and sell it today you would earn a total of 1,006 from holding Spinnaker ETF Series or generate 9.223372036854776E16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 87.77% |
| Values | Daily Returns |
Intel vs. Spinnaker ETF Series
Performance |
| Timeline |
| Intel |
| Spinnaker ETF Series |
Intel and Spinnaker ETF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and Spinnaker ETF
The main advantage of trading using opposite Intel and Spinnaker ETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, Spinnaker ETF 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 Spinnaker ETF will offset losses from the drop in Spinnaker ETF's long position.| Intel vs. NXP Semiconductors NV | Intel vs. GSI Technology | Intel vs. MaxLinear | Intel vs. Texas Instruments Incorporated |
| Spinnaker ETF vs. BlackRock High Yield | Spinnaker ETF vs. Hartford Short Duration | Spinnaker ETF vs. SSGA Active Trust | Spinnaker ETF vs. Aquagold International |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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