Correlation Between Marcus and SPDR Russell

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Can any of the company-specific risk be diversified away by investing in both Marcus and SPDR Russell 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 Marcus and SPDR Russell into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Marcus and SPDR Russell 1000, you can compare the effects of market volatilities on Marcus and SPDR Russell 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 Marcus with a short position of SPDR Russell. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marcus and SPDR Russell.

Diversification Opportunities for Marcus and SPDR Russell

  Correlation Coefficient

Very weak diversification

The 3 months correlation between Marcus and SPDR Russell is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Marcus and SPDR Russell 1000 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPDR Russell 1000 and Marcus 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 Marcus are associated (or correlated) with SPDR Russell. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPDR Russell 1000 has no effect on the direction of Marcus i.e., Marcus and SPDR Russell go up and down completely randomly.

Pair Corralation between Marcus and SPDR Russell

Considering the 90-day investment horizon Marcus is expected to under-perform the SPDR Russell. In addition to that, Marcus is 1.65 times more volatile than SPDR Russell 1000. It trades about -0.02 of its total potential returns per unit of risk. SPDR Russell 1000 is currently generating about 0.0 per unit of volatility. If you would invest  9,253  in SPDR Russell 1000 on December 23, 2022 and sell it today you would lose (288.00)  from holding SPDR Russell 1000 or give up 3.11% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
ValuesDaily Returns

Marcus  vs.  SPDR Russell 1000

 Performance (%) 

Marcus Performance

7 of 100

Compared to the overall equity markets, risk-adjusted returns on investments in Marcus are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively unfluctuating fundamental indicators, Marcus may actually be approaching a critical reversion point that can send shares even higher in April 2023.
SPDR Russell 1000 

SPDR Russell Performance

0 of 100

Over the last 90 days SPDR Russell 1000 has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy technical and fundamental indicators, SPDR Russell is not utilizing all of its potentials. The latest stock price disarray, may contribute to short-term losses for the insiders.

Marcus and SPDR Russell Volatility Contrast

   Predicted Return Density   

Pair Trading with Marcus and SPDR Russell

The main advantage of trading using opposite Marcus and SPDR Russell positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marcus position performs unexpectedly, SPDR Russell 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 SPDR Russell will offset losses from the drop in SPDR Russell's long position.
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The idea behind Marcus and SPDR Russell 1000 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Money Managers module to screen money managers from public funds and ETFs managed around the world.

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