Correlation Between SPDR DoubleLine and Invesco Total
Can any of the company-specific risk be diversified away by investing in both SPDR DoubleLine and Invesco Total 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 SPDR DoubleLine and Invesco Total into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SPDR DoubleLine Total and Invesco Total Return, you can compare the effects of market volatilities on SPDR DoubleLine and Invesco Total 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 SPDR DoubleLine with a short position of Invesco Total. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR DoubleLine and Invesco Total.
Diversification Opportunities for SPDR DoubleLine and Invesco Total
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between SPDR and Invesco is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding SPDR DoubleLine Total and Invesco Total Return in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Invesco Total Return and SPDR DoubleLine 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 SPDR DoubleLine Total are associated (or correlated) with Invesco Total. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Invesco Total Return has no effect on the direction of SPDR DoubleLine i.e., SPDR DoubleLine and Invesco Total go up and down completely randomly.
Pair Corralation between SPDR DoubleLine and Invesco Total
Given the investment horizon of 90 days SPDR DoubleLine is expected to generate 1.01 times less return on investment than Invesco Total. In addition to that, SPDR DoubleLine is 1.09 times more volatile than Invesco Total Return. It trades about 0.17 of its total potential returns per unit of risk. Invesco Total Return is currently generating about 0.19 per unit of volatility. If you would invest 4,639 in Invesco Total Return on August 17, 2025 and sell it today you would earn a total of 107.00 from holding Invesco Total Return or generate 2.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPDR DoubleLine Total vs. Invesco Total Return
Performance |
| Timeline |
| SPDR DoubleLine Total |
| Invesco Total Return |
SPDR DoubleLine and Invesco Total Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPDR DoubleLine and Invesco Total
The main advantage of trading using opposite SPDR DoubleLine and Invesco Total positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPDR DoubleLine position performs unexpectedly, Invesco Total 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 Invesco Total will offset losses from the drop in Invesco Total's long position.| SPDR DoubleLine vs. Xtrackers USD High | SPDR DoubleLine vs. JPMorgan Municipal | SPDR DoubleLine vs. Invesco Preferred ETF | SPDR DoubleLine vs. Vanguard Materials Index |
| Invesco Total vs. VanEck Preferred Securities | Invesco Total vs. VanEck Intermediate Muni | Invesco Total vs. Fidelity MSCI Consumer | Invesco Total vs. First Trust Water |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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