Correlation Between SPDR SP and Hartford
Can any of the company-specific risk be diversified away by investing in both SPDR SP and Hartford 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 SPDR SP and Hartford into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SPDR SP 500 and Hartford, you can compare the effects of market volatilities on SPDR SP and Hartford 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 SP with a short position of Hartford. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR SP and Hartford.
Diversification Opportunities for SPDR SP and Hartford
Pay attention - limited upside
The 3 months correlation between SPDR and Hartford is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP 500 and Hartford in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hartford and SPDR SP 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 SP 500 are associated (or correlated) with Hartford. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hartford has no effect on the direction of SPDR SP i.e., SPDR SP and Hartford go up and down completely randomly.
Pair Corralation between SPDR SP and Hartford
If you would invest 55,039 in SPDR SP 500 on September 3, 2024 and sell it today you would earn a total of 5,216 from holding SPDR SP 500 or generate 9.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
SPDR SP 500 vs. Hartford
Performance |
| Timeline |
| SPDR SP 500 |
| Hartford |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
SPDR SP and Hartford Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPDR SP and Hartford
The main advantage of trading using opposite SPDR SP and Hartford positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPDR SP position performs unexpectedly, Hartford 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 Hartford will offset losses from the drop in Hartford's long position.| SPDR SP vs. SPDR Gold Shares | SPDR SP vs. Vanguard Real Estate | SPDR SP vs. Vanguard Total Stock | SPDR SP vs. Vanguard FTSE Emerging |
| Hartford vs. Vanguard Total Stock | Hartford vs. SPDR SP 500 | Hartford vs. Vanguard Total Bond | Hartford vs. Vanguard Value Index |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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