Correlation Between SSGA Active and Whitford Asset

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

Diversification Opportunities for SSGA Active and Whitford Asset

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between SSGA and Whitford is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SSGA Active Trust and Whitford Asset Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Whitford Asset Management and SSGA Active 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 Active Trust are associated (or correlated) with Whitford Asset. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Whitford Asset Management has no effect on the direction of SSGA Active i.e., SSGA Active and Whitford Asset go up and down completely randomly.

Pair Corralation between SSGA Active and Whitford Asset

If you would invest (100.00) in Whitford Asset Management on September 30, 2024 and sell it today you would earn a total of  100.00  from holding Whitford Asset Management or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

SSGA Active Trust  vs.  Whitford Asset Management

 Performance 
       Timeline  
SSGA Active Trust 

Risk-Adjusted Performance

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Very Weak
Over the last 90 days SSGA Active Trust has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound basic indicators, SSGA Active is not utilizing all of its potentials. The newest stock price tumult, may contribute to shorter-term losses for the shareholders.
Whitford Asset Management 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Whitford Asset Management has generated negative risk-adjusted returns adding no value to investors with long positions. Despite quite persistent basic indicators, Whitford Asset is not utilizing all of its potentials. The current stock price mess, may contribute to short-term losses for the institutional investors.

SSGA Active and Whitford Asset Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with SSGA Active and Whitford Asset

The main advantage of trading using opposite SSGA Active and Whitford Asset positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SSGA Active position performs unexpectedly, Whitford Asset 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 Whitford Asset will offset losses from the drop in Whitford Asset's long position.
The idea behind SSGA Active Trust and Whitford Asset Management 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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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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.

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