Correlation Between Voya Infrastructure and SPDR SSgA
Can any of the company-specific risk be diversified away by investing in both Voya Infrastructure and SPDR SSgA 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 Voya Infrastructure and SPDR SSgA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Voya Infrastructure Industrials and SPDR SSgA Income, you can compare the effects of market volatilities on Voya Infrastructure and SPDR SSgA 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 Voya Infrastructure with a short position of SPDR SSgA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voya Infrastructure and SPDR SSgA.
Diversification Opportunities for Voya Infrastructure and SPDR SSgA
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Voya and SPDR is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Voya Infrastructure Industrial and SPDR SSgA Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPDR SSgA Income and Voya Infrastructure 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 Voya Infrastructure Industrials are associated (or correlated) with SPDR SSgA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPDR SSgA Income has no effect on the direction of Voya Infrastructure i.e., Voya Infrastructure and SPDR SSgA go up and down completely randomly.
Pair Corralation between Voya Infrastructure and SPDR SSgA
Considering the 90-day investment horizon Voya Infrastructure Industrials is expected to generate 1.71 times more return on investment than SPDR SSgA. However, Voya Infrastructure is 1.71 times more volatile than SPDR SSgA Income. It trades about 0.29 of its potential returns per unit of risk. SPDR SSgA Income is currently generating about 0.21 per unit of risk. If you would invest 1,110 in Voya Infrastructure Industrials on June 7, 2025 and sell it today you would earn a total of 121.00 from holding Voya Infrastructure Industrials or generate 10.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Voya Infrastructure Industrial vs. SPDR SSgA Income
Performance |
| Timeline |
| Voya Infrastructure |
| SPDR SSgA Income |
Voya Infrastructure and SPDR SSgA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Voya Infrastructure and SPDR SSgA
The main advantage of trading using opposite Voya Infrastructure and SPDR SSgA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voya Infrastructure position performs unexpectedly, SPDR SSgA 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 SPDR SSgA will offset losses from the drop in SPDR SSgA's long position.| Voya Infrastructure vs. Nuveen Core Plus | Voya Infrastructure vs. Western Asset Investment | Voya Infrastructure vs. RiverNorth Managed Duration | Voya Infrastructure vs. MainStay CBRE Global |
| SPDR SSgA vs. First Trust Multi Asset | SPDR SSgA vs. Collaborative Investment Series | SPDR SSgA vs. Draco Evolution AI | SPDR SSgA vs. Aptus Defined Risk |
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 Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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