Correlation Analysis Between State Street and Invesco Oppenheimer

This module allows you to analyze existing cross correlation between State Street Emerging Markets E and Invesco Oppenheimer Developing. You can compare the effects of market volatilities on State Street and Invesco Oppenheimer 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 State Street with a short position of Invesco Oppenheimer. See also your portfolio center. Please also check ongoing floating volatility patterns of State Street and Invesco Oppenheimer.
Horizon     30 Days    Login   to change
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Comparative Performance

State Street Emerging  
1414

Risk-Adjusted Fund Performance

Compared to the overall equity markets, risk-adjusted returns on investments in State Street Emerging Markets E are ranked lower than 14 (%) of all funds and portfolios of funds over the last 30 days. Inspite fairly weak basic indicators, State Street may actually be approaching a critical reversion point that can send shares even higher in December 2019.
Invesco Oppenheimer  
1010

Risk-Adjusted Fund Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Invesco Oppenheimer Developing are ranked lower than 10 (%) of all funds and portfolios of funds over the last 30 days. Inspite fairly weak basic indicators, Invesco Oppenheimer may actually be approaching a critical reversion point that can send shares even higher in December 2019.

State Street and Invesco Oppenheimer Volatility Contrast

 Predicted Return Density 
      Returns 

State Street Emerging Markets   vs.  Invesco Oppenheimer Developing

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, State Street Emerging Markets E is expected to generate 0.87 times more return on investment than Invesco Oppenheimer. However, State Street Emerging Markets E is 1.15 times less risky than Invesco Oppenheimer. It trades about 0.21 of its potential returns per unit of risk. Invesco Oppenheimer Developing is currently generating about 0.16 per unit of risk. If you would invest  1,213  in State Street Emerging Markets E on October 23, 2019 and sell it today you would earn a total of  118.00  from holding State Street Emerging Markets E or generate 9.73% return on investment over 30 days.

Pair Corralation between State Street and Invesco Oppenheimer

0.94
Time Period3 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for State Street and Invesco Oppenheimer

State Street Emerging Markets  diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding State Street Emerging Markets and Invesco Oppenheimer Developing in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Invesco Oppenheimer 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 Emerging Markets E are associated (or correlated) with Invesco Oppenheimer. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Invesco Oppenheimer has no effect on the direction of State Street i.e. State Street and Invesco Oppenheimer go up and down completely randomly.
See also your portfolio center. Please also try Volatility Analysis module to get historical volatility and risk analysis based on latest market data.


 
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