Correlation Between Spinnaker ETF and AdvisorShares Restaurant
Can any of the company-specific risk be diversified away by investing in both Spinnaker ETF and AdvisorShares Restaurant 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 Spinnaker ETF and AdvisorShares Restaurant into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Spinnaker ETF Series and AdvisorShares Restaurant ETF, you can compare the effects of market volatilities on Spinnaker ETF and AdvisorShares Restaurant 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 Spinnaker ETF with a short position of AdvisorShares Restaurant. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spinnaker ETF and AdvisorShares Restaurant.
Diversification Opportunities for Spinnaker ETF and AdvisorShares Restaurant
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Spinnaker and AdvisorShares is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Spinnaker ETF Series and AdvisorShares Restaurant ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AdvisorShares Restaurant and Spinnaker ETF 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 Spinnaker ETF Series are associated (or correlated) with AdvisorShares Restaurant. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AdvisorShares Restaurant has no effect on the direction of Spinnaker ETF i.e., Spinnaker ETF and AdvisorShares Restaurant go up and down completely randomly.
Pair Corralation between Spinnaker ETF and AdvisorShares Restaurant
Given the investment horizon of 90 days Spinnaker ETF Series is expected to generate 0.55 times more return on investment than AdvisorShares Restaurant. However, Spinnaker ETF Series is 1.81 times less risky than AdvisorShares Restaurant. It trades about 0.07 of its potential returns per unit of risk. AdvisorShares Restaurant ETF is currently generating about -0.19 per unit of risk. If you would invest 1,104 in Spinnaker ETF Series on August 16, 2025 and sell it today you would earn a total of 26.00 from holding Spinnaker ETF Series or generate 2.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Spinnaker ETF Series vs. AdvisorShares Restaurant ETF
Performance |
| Timeline |
| Spinnaker ETF Series |
| AdvisorShares Restaurant |
Spinnaker ETF and AdvisorShares Restaurant Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spinnaker ETF and AdvisorShares Restaurant
The main advantage of trading using opposite Spinnaker ETF and AdvisorShares Restaurant positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spinnaker ETF position performs unexpectedly, AdvisorShares Restaurant 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 AdvisorShares Restaurant will offset losses from the drop in AdvisorShares Restaurant's long position.| Spinnaker ETF vs. AdvisorShares Hotel ETF | Spinnaker ETF vs. Matthews China Discovery | Spinnaker ETF vs. Spinnaker ETF Series | Spinnaker ETF vs. Litman Gregory Funds |
| AdvisorShares Restaurant vs. AdvisorShares Hotel ETF | AdvisorShares Restaurant vs. KraneShares Trust | AdvisorShares Restaurant vs. Amplify Weight Loss | AdvisorShares Restaurant vs. Proshares SP Global |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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