Correlation Between SSgA SPDR and SSgA
Can any of the company-specific risk be diversified away by investing in both SSgA SPDR and SSgA 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 SPDR and SSgA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SSgA SPDR ETFs and SSgA, you can compare the effects of market volatilities on SSgA SPDR and SSgA 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 SPDR with a short position of SSgA. Check out your portfolio center. Please also check ongoing floating volatility patterns of SSgA SPDR and SSgA.
Diversification Opportunities for SSgA SPDR and SSgA
Pay attention - limited upside
The 3 months correlation between SSgA and SSgA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SSgA SPDR ETFs and SSgA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SSgA and SSgA SPDR 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 SPDR ETFs are associated (or correlated) with SSgA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SSgA has no effect on the direction of SSgA SPDR i.e., SSgA SPDR and SSgA go up and down completely randomly.
Pair Corralation between SSgA SPDR and SSgA
If you would invest 7,139 in SSgA SPDR ETFs on September 3, 2024 and sell it today you would earn a total of 820.00 from holding SSgA SPDR ETFs or generate 11.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
SSgA SPDR ETFs vs. SSgA
Performance |
| Timeline |
| SSgA SPDR ETFs |
| SSgA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
SSgA SPDR and SSgA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SSgA SPDR and SSgA
The main advantage of trading using opposite SSgA SPDR and SSgA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SSgA SPDR position performs unexpectedly, SSgA 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 SSgA will offset losses from the drop in SSgA's long position.| SSgA SPDR vs. Vanguard Total Stock | SSgA SPDR vs. SPDR SP 500 | SSgA SPDR vs. Vanguard Total Bond | SSgA SPDR 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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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