Correlation Between Spire Global and IShares NASDAQ
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By analyzing existing cross correlation between Spire Global and iShares NASDAQ 100, you can compare the effects of market volatilities on Spire Global and IShares NASDAQ 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 Spire Global with a short position of IShares NASDAQ. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spire Global and IShares NASDAQ.
Diversification Opportunities for Spire Global and IShares NASDAQ
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Spire and IShares is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Spire Global and iShares NASDAQ 100 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iShares NASDAQ 100 and Spire Global 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 Spire Global are associated (or correlated) with IShares NASDAQ. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iShares NASDAQ 100 has no effect on the direction of Spire Global i.e., Spire Global and IShares NASDAQ go up and down completely randomly.
Pair Corralation between Spire Global and IShares NASDAQ
Given the investment horizon of 90 days Spire Global is expected to generate 4.29 times more return on investment than IShares NASDAQ. However, Spire Global is 4.29 times more volatile than iShares NASDAQ 100. It trades about 0.08 of its potential returns per unit of risk. iShares NASDAQ 100 is currently generating about 0.09 per unit of risk. If you would invest 1,114 in Spire Global on September 3, 2024 and sell it today you would earn a total of 520.00 from holding Spire Global or generate 46.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 75.34% |
| Values | Daily Returns |
Spire Global vs. iShares NASDAQ 100
Performance |
| Timeline |
| Spire Global |
| iShares NASDAQ 100 |
Spire Global and IShares NASDAQ Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spire Global and IShares NASDAQ
The main advantage of trading using opposite Spire Global and IShares NASDAQ positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spire Global position performs unexpectedly, IShares NASDAQ 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 IShares NASDAQ will offset losses from the drop in IShares NASDAQ's long position.| Spire Global vs. Lichen China Limited | Spire Global vs. Unifirst | Spire Global vs. First Advantage Corp | Spire Global vs. Performant Financial |
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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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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