Correlation Between SPDR SP and TOTAL
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By analyzing existing cross correlation between SPDR SP 500 and TOTAL CAPITAL INTERNATIONAL, you can compare the effects of market volatilities on SPDR SP and TOTAL 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 TOTAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR SP and TOTAL.
Diversification Opportunities for SPDR SP and TOTAL
Very good diversification
The 3 months correlation between SPDR and TOTAL is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP 500 and TOTAL CAPITAL INTERNATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TOTAL CAPITAL INTERN 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 TOTAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TOTAL CAPITAL INTERN has no effect on the direction of SPDR SP i.e., SPDR SP and TOTAL go up and down completely randomly.
Pair Corralation between SPDR SP and TOTAL
Considering the 90-day investment horizon SPDR SP is expected to generate 1.83 times less return on investment than TOTAL. But when comparing it to its historical volatility, SPDR SP 500 is 1.91 times less risky than TOTAL. It trades about 0.14 of its potential returns per unit of risk. TOTAL CAPITAL INTERNATIONAL is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 7,323 in TOTAL CAPITAL INTERNATIONAL on August 27, 2024 and sell it today you would earn a total of 299.00 from holding TOTAL CAPITAL INTERNATIONAL or generate 4.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
SPDR SP 500 vs. TOTAL CAPITAL INTERNATIONAL
Performance |
| Timeline |
| SPDR SP 500 |
| TOTAL CAPITAL INTERN |
SPDR SP and TOTAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPDR SP and TOTAL
The main advantage of trading using opposite SPDR SP and TOTAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPDR SP position performs unexpectedly, TOTAL 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 TOTAL will offset losses from the drop in TOTAL's long position.| SPDR SP vs. FT Vest Equity | SPDR SP vs. Northern Lights | SPDR SP vs. Dimensional International High | SPDR SP vs. First Trust Exchange Traded |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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