Correlation Between SPDR SP and SPDR ICE
Specify exactly 2 symbols:
By analyzing existing cross correlation between SPDR SP Utilities and SPDR ICE BofA, you can compare the effects of market volatilities on SPDR SP and SPDR ICE 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 SPDR ICE. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR SP and SPDR ICE.
Diversification Opportunities for SPDR SP and SPDR ICE
Good diversification
The 3 months correlation between SPDR and SPDR is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding SPDR SP Utilities and SPDR ICE BofA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPDR ICE BofA 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 Utilities are associated (or correlated) with SPDR ICE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPDR ICE BofA has no effect on the direction of SPDR SP i.e., SPDR SP and SPDR ICE go up and down completely randomly.
Pair Corralation between SPDR SP and SPDR ICE
Assuming the 90 days trading horizon SPDR SP Utilities is expected to generate 5.12 times more return on investment than SPDR ICE. However, SPDR SP is 5.12 times more volatile than SPDR ICE BofA. It trades about 0.54 of its potential returns per unit of risk. SPDR ICE BofA is currently generating about 0.1 per unit of risk. If you would invest 4,296 in SPDR SP Utilities on September 3, 2024 and sell it today you would earn a total of 474.00 from holding SPDR SP Utilities or generate 11.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPDR SP Utilities vs. SPDR ICE BofA
Performance |
| Timeline |
| SPDR SP Utilities |
| SPDR ICE BofA |
SPDR SP and SPDR ICE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPDR SP and SPDR ICE
The main advantage of trading using opposite SPDR SP and SPDR ICE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPDR SP position performs unexpectedly, SPDR ICE 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 SPDR ICE will offset losses from the drop in SPDR ICE's long position.| SPDR SP vs. UBS Fund Solutions | SPDR SP vs. Xtrackers II | SPDR SP vs. Xtrackers Nikkei 225 | SPDR SP vs. iShares VII PLC |
| SPDR ICE vs. SPDR Barclays 10 | SPDR ICE vs. SPDR SP Utilities | SPDR ICE vs. SPDR ICE BofA | SPDR ICE vs. SPDR Barclays 3 5 |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |