Correlation Between StanCorp Financial and State Street
Can any of the company-specific risk be diversified away by investing in both StanCorp Financial and State Street 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 StanCorp Financial and State Street into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between StanCorp Financial Group and State Street Disciplined, you can compare the effects of market volatilities on StanCorp Financial and State Street 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 StanCorp Financial with a short position of State Street. Check out your portfolio center. Please also check ongoing floating volatility patterns of StanCorp Financial and State Street.
Diversification Opportunities for StanCorp Financial and State Street
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between StanCorp and State is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding StanCorp Financial Group and State Street Disciplined in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on State Street Disciplined and StanCorp Financial 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 StanCorp Financial Group are associated (or correlated) with State Street. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of State Street Disciplined has no effect on the direction of StanCorp Financial i.e., StanCorp Financial and State Street go up and down completely randomly.
Pair Corralation between StanCorp Financial and State Street
If you would invest (100.00) in State Street Disciplined on January 24, 2024 and sell it today you would earn a total of 100.00 from holding State Street Disciplined or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
StanCorp Financial Group vs. State Street Disciplined
Performance |
| Timeline |
| StanCorp Financial |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| State Street Disciplined |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
StanCorp Financial and State Street Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with StanCorp Financial and State Street
The main advantage of trading using opposite StanCorp Financial and State Street positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if StanCorp Financial position performs unexpectedly, State Street 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 State Street will offset losses from the drop in State Street's long position.| StanCorp Financial vs. Allient | StanCorp Financial vs. FARO Technologies | StanCorp Financial vs. Valneva SE ADR | StanCorp Financial vs. Arrow Electronics |
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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