Two Equities Correlation Analysis
Specify exactly 2 symbols:
SSHKX
Add Two Equities
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 Ssga High and NYSE Composite
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ssga and NYSE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ssga High Yield and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite 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 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 Ssga High i.e., Ssga High and NYSE Composite go up and down completely randomly.
Pair Corralation between Ssga High and NYSE Composite
If you would invest (100.00) in Ssga High Yield on February 3, 2024 and sell it today you would earn a total of 100.00 from holding Ssga High Yield 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 |
Ssga High Yield vs. NYSE Composite
Performance |
| Timeline |
Ssga High and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
Ssga High Yield
Pair trading matchups for Ssga High
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with Ssga High and NYSE Composite
The main advantage of trading using opposite Ssga High and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ssga High 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.| Ssga High vs. Intal High Relative | Ssga High vs. Rbc Microcap Value | Ssga High vs. Jp Morgan Smartretirement | Ssga High vs. Rbb Fund |
| NYSE Composite vs. The Cheesecake Factory | NYSE Composite vs. Vector Group | NYSE Composite vs. Ecolab Inc | NYSE Composite vs. Dine Brands Global |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |