Correlation Between Spencers Retail and METALIETF
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By analyzing existing cross correlation between Spencers Retail Limited and METALIETF, you can compare the effects of market volatilities on Spencers Retail and METALIETF 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 Spencers Retail with a short position of METALIETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spencers Retail and METALIETF.
Diversification Opportunities for Spencers Retail and METALIETF
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Spencers and METALIETF is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Spencers Retail Limited and METALIETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on METALIETF and Spencers Retail 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 Spencers Retail Limited are associated (or correlated) with METALIETF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of METALIETF has no effect on the direction of Spencers Retail i.e., Spencers Retail and METALIETF go up and down completely randomly.
Pair Corralation between Spencers Retail and METALIETF
Assuming the 90 days trading horizon Spencers Retail Limited is expected to under-perform the METALIETF. In addition to that, Spencers Retail is 1.54 times more volatile than METALIETF. It trades about -0.19 of its total potential returns per unit of risk. METALIETF is currently generating about 0.15 per unit of volatility. If you would invest 936.00 in METALIETF on September 1, 2025 and sell it today you would earn a total of 98.00 from holding METALIETF or generate 10.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Spencers Retail Limited vs. METALIETF
Performance |
| Timeline |
| Spencers Retail |
| METALIETF |
Spencers Retail and METALIETF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spencers Retail and METALIETF
The main advantage of trading using opposite Spencers Retail and METALIETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spencers Retail position performs unexpectedly, METALIETF 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 METALIETF will offset losses from the drop in METALIETF's long position.| Spencers Retail vs. Tube Investments of | Spencers Retail vs. Home First Finance | Spencers Retail vs. Can Fin Homes | Spencers Retail vs. Embassy Office Parks |
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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