Correlation Between SPDR Barclays and ProShares
Can any of the company-specific risk be diversified away by investing in both SPDR Barclays and ProShares 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 Barclays and ProShares into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SPDR Barclays Intermediate and ProShares, you can compare the effects of market volatilities on SPDR Barclays and ProShares 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 Barclays with a short position of ProShares. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR Barclays and ProShares.
Diversification Opportunities for SPDR Barclays and ProShares
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SPDR and ProShares is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Barclays Intermediate and ProShares in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ProShares and SPDR Barclays 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 Barclays Intermediate are associated (or correlated) with ProShares. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ProShares has no effect on the direction of SPDR Barclays i.e., SPDR Barclays and ProShares go up and down completely randomly.
Pair Corralation between SPDR Barclays and ProShares
If you would invest 3,255 in SPDR Barclays Intermediate on December 29, 2023 and sell it today you would earn a total of 18.00 from holding SPDR Barclays Intermediate or generate 0.55% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
SPDR Barclays Intermediate vs. ProShares
Performance |
Timeline |
SPDR Barclays Interm |
ProShares |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
SPDR Barclays and ProShares Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with SPDR Barclays and ProShares
The main advantage of trading using opposite SPDR Barclays and ProShares positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPDR Barclays position performs unexpectedly, ProShares 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 ProShares will offset losses from the drop in ProShares' long position.SPDR Barclays vs. Barloworld Ltd ADR | SPDR Barclays vs. Morningstar Unconstrained Allocation | SPDR Barclays vs. High Yield Municipal Fund | SPDR Barclays vs. Via Renewables |
ProShares vs. WisdomTree International Quality | ProShares vs. VanEck Bitcoin Trust | ProShares vs. DBX ETF Trust | ProShares vs. Pfizer Inc |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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