Correlation Between Via Renewables and SPDR SSGA
Can any of the company-specific risk be diversified away by investing in both Via Renewables and SPDR SSGA 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 Via Renewables and SPDR SSGA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Via Renewables and SPDR SSGA My2032, you can compare the effects of market volatilities on Via Renewables and SPDR SSGA 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 Via Renewables with a short position of SPDR SSGA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Via Renewables and SPDR SSGA.
Diversification Opportunities for Via Renewables and SPDR SSGA
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Via and SPDR is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Via Renewables and SPDR SSGA My2032 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPDR SSGA My2032 and Via Renewables 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 Via Renewables are associated (or correlated) with SPDR SSGA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPDR SSGA My2032 has no effect on the direction of Via Renewables i.e., Via Renewables and SPDR SSGA go up and down completely randomly.
Pair Corralation between Via Renewables and SPDR SSGA
Assuming the 90 days horizon Via Renewables is expected to generate 1.17 times less return on investment than SPDR SSGA. In addition to that, Via Renewables is 3.03 times more volatile than SPDR SSGA My2032. It trades about 0.04 of its total potential returns per unit of risk. SPDR SSGA My2032 is currently generating about 0.16 per unit of volatility. If you would invest 2,457 in SPDR SSGA My2032 on August 26, 2025 and sell it today you would earn a total of 49.00 from holding SPDR SSGA My2032 or generate 1.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Via Renewables vs. SPDR SSGA My2032
Performance |
| Timeline |
| Via Renewables |
| SPDR SSGA My2032 |
Via Renewables and SPDR SSGA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Via Renewables and SPDR SSGA
The main advantage of trading using opposite Via Renewables and SPDR SSGA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Via Renewables position performs unexpectedly, SPDR SSGA 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 SPDR SSGA will offset losses from the drop in SPDR SSGA's long position.| Via Renewables vs. OPAL Fuels | Via Renewables vs. SolarBank Common | Via Renewables vs. Verde Clean Fuels | Via Renewables vs. Entergy Mississippi LLC |
| SPDR SSGA vs. SPDR SSGA My2027 | SPDR SSGA vs. SPDR SSGA My2034 | SPDR SSGA vs. SPDR SSGA My2031 | SPDR SSGA vs. SPDR SSGA My2030 |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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