Correlation Between SSGA Active and FFHG
Can any of the company-specific risk be diversified away by investing in both SSGA Active and FFHG 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 SSGA Active and FFHG into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SSGA Active Trust and FFHG, you can compare the effects of market volatilities on SSGA Active and FFHG 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 SSGA Active with a short position of FFHG. Check out your portfolio center. Please also check ongoing floating volatility patterns of SSGA Active and FFHG.
Diversification Opportunities for SSGA Active and FFHG
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between SSGA and FFHG is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding SSGA Active Trust and FFHG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FFHG and SSGA Active 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 SSGA Active Trust are associated (or correlated) with FFHG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FFHG has no effect on the direction of SSGA Active i.e., SSGA Active and FFHG go up and down completely randomly.
Pair Corralation between SSGA Active and FFHG
If you would invest 2,953 in SSGA Active Trust on August 31, 2024 and sell it today you would earn a total of 41.00 from holding SSGA Active Trust or generate 1.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
SSGA Active Trust vs. FFHG
Performance |
| Timeline |
| SSGA Active Trust |
| FFHG |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
SSGA Active and FFHG Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SSGA Active and FFHG
The main advantage of trading using opposite SSGA Active and FFHG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SSGA Active position performs unexpectedly, FFHG 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 FFHG will offset losses from the drop in FFHG's long position.| SSGA Active vs. BlackRock Intermediate Muni | SSGA Active vs. SSGA Active Trust | SSGA Active vs. SPDR MarketAxess Investment | SSGA Active vs. SSGA Active Trust |
| FFHG vs. FT Vest Equity | FFHG vs. Zillow Group Class | FFHG vs. Northern Lights | FFHG vs. VanEck Vectors Moodys |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Global Correlations Find global opportunities by holding instruments from different markets |