Correlation Between UBS Plc and SSgA SPDR
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By analyzing existing cross correlation between UBS plc and SSgA SPDR ETFs, you can compare the effects of market volatilities on UBS Plc and SSgA SPDR 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 UBS Plc with a short position of SSgA SPDR. Check out your portfolio center. Please also check ongoing floating volatility patterns of UBS Plc and SSgA SPDR.
Diversification Opportunities for UBS Plc and SSgA SPDR
No risk reduction
The 3 months correlation between UBS and SSgA is 0.99. Overlapping area represents the amount of risk that can be diversified away by holding UBS plc and SSgA SPDR ETFs in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SSgA SPDR ETFs and UBS Plc 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 UBS plc are associated (or correlated) with SSgA SPDR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SSgA SPDR ETFs has no effect on the direction of UBS Plc i.e., UBS Plc and SSgA SPDR go up and down completely randomly.
Pair Corralation between UBS Plc and SSgA SPDR
Assuming the 90 days trading horizon UBS plc is expected to under-perform the SSgA SPDR. In addition to that, UBS Plc is 2.11 times more volatile than SSgA SPDR ETFs. It trades about 0.0 of its total potential returns per unit of risk. SSgA SPDR ETFs is currently generating about 0.2 per unit of volatility. If you would invest 3,916 in SSgA SPDR ETFs on September 23, 2024 and sell it today you would earn a total of 45.00 from holding SSgA SPDR ETFs or generate 1.15% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
UBS plc vs. SSgA SPDR ETFs
Performance |
Timeline |
UBS plc |
SSgA SPDR ETFs |
UBS Plc and SSgA SPDR Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with UBS Plc and SSgA SPDR
The main advantage of trading using opposite UBS Plc and SSgA SPDR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UBS Plc position performs unexpectedly, SSgA SPDR 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 SSgA SPDR will offset losses from the drop in SSgA SPDR's long position.UBS Plc vs. UBS Fund Solutions | UBS Plc vs. Xtrackers II | UBS Plc vs. Xtrackers Nikkei 225 | UBS Plc vs. iShares VII PLC |
SSgA SPDR vs. UBS Fund Solutions | SSgA SPDR vs. Xtrackers II | SSgA SPDR vs. Xtrackers Nikkei 225 | SSgA SPDR 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 Stocks Directory module to find actively traded stocks across global markets.
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