Correlation Between Unified Series and SPDR Russell

Can any of the company-specific risk be diversified away by investing in both Unified Series 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 Unified Series and SPDR Russell into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Unified Series Trust and SPDR Russell 1000, you can compare the effects of market volatilities on Unified Series 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 Unified Series with a short position of SPDR Russell. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unified Series and SPDR Russell.

Diversification Opportunities for Unified Series and SPDR Russell

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Correlation Coefficient

Unified Series SPDR Russell

Pay attention - limited upside

The 3 months correlation between Unified and SPDR Russell is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Unified Series Trust 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 Unified Series 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 Unified Series Trust 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 Unified Series i.e., Unified Series and SPDR Russell go up and down completely randomly.

Pair Corralation between Unified Series and SPDR Russell

If you would invest (100.00)  in Unified Series Trust on December 20, 2022 and sell it today you would earn a total of  100.00  from holding Unified Series Trust 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

Unified Series Trust  vs.  SPDR Russell 1000

Unified Series Trust

Unified Performance

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Over the last 90 days Unified Series Trust has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound essential indicators, Unified Series is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.

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 recent stock price disarray, may contribute to short-term losses for the insiders.

Pair Trading with Unified Series and SPDR Russell

The main advantage of trading using opposite Unified Series and SPDR Russell positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unified Series 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 Unified Series Trust 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.