Correlation Between Ssga High and International Business
Can any of the company-specific risk be diversified away by investing in both Ssga High and International Business 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 High and International Business into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ssga High Yield and International Business Machines, you can compare the effects of market volatilities on Ssga High and International Business 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 High with a short position of International Business. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ssga High and International Business.
Diversification Opportunities for Ssga High and International Business
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ssga and International is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ssga High Yield and International Business Machine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on International Business and Ssga High 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 High Yield are associated (or correlated) with International Business. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of International Business has no effect on the direction of Ssga High i.e., Ssga High and International Business go up and down completely randomly.
Pair Corralation between Ssga High and International Business
If you would invest 12,532 in International Business Machines on January 26, 2024 and sell it today you would earn a total of 5,878 from holding International Business Machines or generate 46.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Ssga High Yield vs. International Business Machine
Performance |
| Timeline |
| Ssga High Yield |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| International Business |
Ssga High and International Business Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ssga High and International Business
The main advantage of trading using opposite Ssga High and International Business positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ssga High position performs unexpectedly, International Business 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 International Business will offset losses from the drop in International Business' long position.| Ssga High vs. Hewitt Money Market | Ssga High vs. Hsbc Treasury Money | Ssga High vs. Matson Money Equity | Ssga High vs. Schwab Treasury Money |
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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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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