Two Equities Correlation Analysis
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SSHAX
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This model provides you with a quick lookup of cross correlation between two equities. Please specify two instruments to run the correlation.
Diversification Opportunities for State Street and NYSE Composite
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between State and NYSE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding State Street Disciplined and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and State Street 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 State Street Disciplined are associated (or correlated) with NYSE Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE Composite has no effect on the direction of State Street i.e., State Street and NYSE Composite go up and down completely randomly.
Pair Corralation between State Street and NYSE Composite
If you would invest 1,556,656 in NYSE Composite on January 26, 2024 and sell it today you would earn a total of 219,152 from holding NYSE Composite or generate 14.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
State Street Disciplined vs. NYSE Composite
Performance |
| Timeline |
State Street and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
State Street Disciplined
Pair trading matchups for State Street
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with State Street and NYSE Composite
The main advantage of trading using opposite State Street and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if State Street position performs unexpectedly, NYSE Composite 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 NYSE Composite will offset losses from the drop in NYSE Composite's long position.| State Street vs. Fidelity Advisor Health | State Street vs. Delaware Healthcare Fund | State Street vs. Blackrock Health Sciences | State Street vs. Invesco Global Health |
| NYSE Composite vs. Nike Inc | NYSE Composite vs. Zoom Video Communications | NYSE Composite vs. Vera Bradley | NYSE Composite vs. Torm PLC Class |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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