Correlation Between Spire Global and Wabash National
Can any of the company-specific risk be diversified away by investing in both Spire Global and Wabash National 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 Spire Global and Wabash National into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Spire Global and Wabash National, you can compare the effects of market volatilities on Spire Global and Wabash National 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 Spire Global with a short position of Wabash National. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spire Global and Wabash National.
Diversification Opportunities for Spire Global and Wabash National
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Spire and Wabash is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Spire Global and Wabash National in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wabash National and Spire Global 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 Spire Global are associated (or correlated) with Wabash National. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wabash National has no effect on the direction of Spire Global i.e., Spire Global and Wabash National go up and down completely randomly.
Pair Corralation between Spire Global and Wabash National
Given the investment horizon of 90 days Spire Global is expected to generate 2.08 times more return on investment than Wabash National. However, Spire Global is 2.08 times more volatile than Wabash National. It trades about 0.01 of its potential returns per unit of risk. Wabash National is currently generating about -0.11 per unit of risk. If you would invest 979.00 in Spire Global on September 11, 2025 and sell it today you would lose (44.00) from holding Spire Global or give up 4.49% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Spire Global vs. Wabash National
Performance |
| Timeline |
| Spire Global |
| Wabash National |
Spire Global and Wabash National Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spire Global and Wabash National
The main advantage of trading using opposite Spire Global and Wabash National positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spire Global position performs unexpectedly, Wabash National 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 Wabash National will offset losses from the drop in Wabash National's long position.| Spire Global vs. Rich Sparkle Holdings | Spire Global vs. Acacia Research | Spire Global vs. Civeo Corp | Spire Global vs. Costamare Bulkers Holdings |
| Wabash National vs. Manitowoc | Wabash National vs. NET Power | Wabash National vs. Babcock Wilcox Enterprises | Wabash National vs. Titan Machinery |
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 Stocks Directory module to find actively traded stocks across global markets.
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