Correlation Between SSgA and IShares Russell
Can any of the company-specific risk be diversified away by investing in both SSgA and IShares 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 SSgA and IShares Russell into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SSgA and iShares Russell Mid Cap, you can compare the effects of market volatilities on SSgA and IShares 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 SSgA with a short position of IShares Russell. Check out your portfolio center. Please also check ongoing floating volatility patterns of SSgA and IShares Russell.
Diversification Opportunities for SSgA and IShares Russell
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SSgA and IShares is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SSgA and iShares Russell Mid Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iShares Russell Mid and SSgA 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 are associated (or correlated) with IShares Russell. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iShares Russell Mid has no effect on the direction of SSgA i.e., SSgA and IShares Russell go up and down completely randomly.
Pair Corralation between SSgA and IShares Russell
If you would invest (100.00) in SSgA on January 26, 2024 and sell it today you would earn a total of 100.00 from holding SSgA 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 |
SSgA vs. iShares Russell Mid Cap
Performance |
| Timeline |
| SSgA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| iShares Russell Mid |
SSgA and IShares Russell Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SSgA and IShares Russell
The main advantage of trading using opposite SSgA and IShares Russell positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SSgA position performs unexpectedly, IShares 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 IShares Russell will offset losses from the drop in IShares Russell's long position.| SSgA vs. Vanguard Total Stock | SSgA vs. SPDR SP 500 | SSgA vs. iShares Core SP | SSgA vs. Vanguard Total Bond |
| IShares Russell vs. iShares MSCI China | IShares Russell vs. iShares Dividend and | IShares Russell vs. iShares MSCI Frontier | IShares Russell vs. iShares Short Maturity |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |