Correlation Between SSgA SPDR and HANetf ICAV
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By analyzing existing cross correlation between SSgA SPDR ETFs and HANetf ICAV , you can compare the effects of market volatilities on SSgA SPDR and HANetf ICAV 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 SPDR with a short position of HANetf ICAV. Check out your portfolio center. Please also check ongoing floating volatility patterns of SSgA SPDR and HANetf ICAV.
Diversification Opportunities for SSgA SPDR and HANetf ICAV
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between SSgA and HANetf is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding SSgA SPDR ETFs and HANetf ICAV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HANetf ICAV and SSgA SPDR 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 SPDR ETFs are associated (or correlated) with HANetf ICAV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HANetf ICAV has no effect on the direction of SSgA SPDR i.e., SSgA SPDR and HANetf ICAV go up and down completely randomly.
Pair Corralation between SSgA SPDR and HANetf ICAV
Assuming the 90 days trading horizon SSgA SPDR is expected to generate 11.63 times less return on investment than HANetf ICAV. But when comparing it to its historical volatility, SSgA SPDR ETFs is 3.01 times less risky than HANetf ICAV. It trades about 0.02 of its potential returns per unit of risk. HANetf ICAV is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 523.00 in HANetf ICAV on September 25, 2024 and sell it today you would earn a total of 334.00 from holding HANetf ICAV or generate 63.86% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
SSgA SPDR ETFs vs. HANetf ICAV
Performance |
Timeline |
SSgA SPDR ETFs |
HANetf ICAV |
SSgA SPDR and HANetf ICAV Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with SSgA SPDR and HANetf ICAV
The main advantage of trading using opposite SSgA SPDR and HANetf ICAV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SSgA SPDR position performs unexpectedly, HANetf ICAV 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 HANetf ICAV will offset losses from the drop in HANetf ICAV's long position.SSgA SPDR vs. UBS Fund Solutions | SSgA SPDR vs. Xtrackers II | SSgA SPDR vs. Xtrackers Nikkei 225 | SSgA SPDR vs. iShares VII PLC |
HANetf ICAV vs. UBS Fund Solutions | HANetf ICAV vs. Xtrackers II | HANetf ICAV vs. Xtrackers Nikkei 225 | HANetf ICAV vs. iShares VII PLC |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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