Correlation Between Spectrum Brands and Phoenix Education
Can any of the company-specific risk be diversified away by investing in both Spectrum Brands and Phoenix Education 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 Spectrum Brands and Phoenix Education into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Spectrum Brands Holdings and Phoenix Education Partners,, you can compare the effects of market volatilities on Spectrum Brands and Phoenix Education 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 Spectrum Brands with a short position of Phoenix Education. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spectrum Brands and Phoenix Education.
Diversification Opportunities for Spectrum Brands and Phoenix Education
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Spectrum and Phoenix is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Spectrum Brands Holdings and Phoenix Education Partners, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Phoenix Education and Spectrum Brands 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 Spectrum Brands Holdings are associated (or correlated) with Phoenix Education. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Phoenix Education has no effect on the direction of Spectrum Brands i.e., Spectrum Brands and Phoenix Education go up and down completely randomly.
Pair Corralation between Spectrum Brands and Phoenix Education
Considering the 90-day investment horizon Spectrum Brands Holdings is expected to generate 0.86 times more return on investment than Phoenix Education. However, Spectrum Brands Holdings is 1.17 times less risky than Phoenix Education. It trades about -0.01 of its potential returns per unit of risk. Phoenix Education Partners, is currently generating about -0.28 per unit of risk. If you would invest 5,587 in Spectrum Brands Holdings on August 8, 2025 and sell it today you would lose (110.00) from holding Spectrum Brands Holdings or give up 1.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 32.81% |
| Values | Daily Returns |
Spectrum Brands Holdings vs. Phoenix Education Partners,
Performance |
| Timeline |
| Spectrum Brands Holdings |
| Phoenix Education |
Spectrum Brands and Phoenix Education Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spectrum Brands and Phoenix Education
The main advantage of trading using opposite Spectrum Brands and Phoenix Education positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spectrum Brands position performs unexpectedly, Phoenix Education 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 Phoenix Education will offset losses from the drop in Phoenix Education's long position.| Spectrum Brands vs. Edgewell Personal Care | Spectrum Brands vs. Dole PLC | Spectrum Brands vs. Phoenix Education Partners, | Spectrum Brands vs. Youdao Inc |
| Phoenix Education vs. Afya | Phoenix Education vs. Youdao Inc | Phoenix Education vs. Gaotu Techedu DRC | Phoenix Education vs. Dole 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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