Correlation Between Ssga International and Gamco Global
Can any of the company-specific risk be diversified away by investing in both Ssga International and Gamco Global 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 Ssga International and Gamco Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ssga International Stock and Gamco Global Opportunity, you can compare the effects of market volatilities on Ssga International and Gamco Global 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 Ssga International with a short position of Gamco Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ssga International and Gamco Global.
Diversification Opportunities for Ssga International and Gamco Global
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ssga and Gamco is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Ssga International Stock and Gamco Global Opportunity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gamco Global Opportunity and Ssga International 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 Ssga International Stock are associated (or correlated) with Gamco Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gamco Global Opportunity has no effect on the direction of Ssga International i.e., Ssga International and Gamco Global go up and down completely randomly.
Pair Corralation between Ssga International and Gamco Global
Assuming the 90 days horizon Ssga International Stock is expected to generate 1.02 times more return on investment than Gamco Global. However, Ssga International is 1.02 times more volatile than Gamco Global Opportunity. It trades about 0.18 of its potential returns per unit of risk. Gamco Global Opportunity is currently generating about 0.15 per unit of risk. If you would invest 1,311 in Ssga International Stock on June 3, 2025 and sell it today you would earn a total of 99.00 from holding Ssga International Stock or generate 7.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ssga International Stock vs. Gamco Global Opportunity
Performance |
| Timeline |
| Ssga International Stock |
| Gamco Global Opportunity |
Ssga International and Gamco Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ssga International and Gamco Global
The main advantage of trading using opposite Ssga International and Gamco Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ssga International position performs unexpectedly, Gamco Global 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 Gamco Global will offset losses from the drop in Gamco Global's long position.| Ssga International vs. Schwab E Equity | Ssga International vs. Harding Loevner Emerging | Ssga International vs. Schwab Large Cap Growth | Ssga International vs. Schwab Dividend Equity |
| Gamco Global vs. Gabelli Esg Fund | Gamco Global vs. Gabelli Global Financial | Gamco Global vs. The Gabelli Equity | Gamco Global vs. Gamco International Growth |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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