Correlation Between BondBloxx ETF and SPDR SSGA
Can any of the company-specific risk be diversified away by investing in both BondBloxx ETF 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 BondBloxx ETF and SPDR SSGA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BondBloxx ETF Trust and SPDR SSGA Fixed, you can compare the effects of market volatilities on BondBloxx ETF 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 BondBloxx ETF with a short position of SPDR SSGA. Check out your portfolio center. Please also check ongoing floating volatility patterns of BondBloxx ETF and SPDR SSGA.
Diversification Opportunities for BondBloxx ETF and SPDR SSGA
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between BondBloxx and SPDR is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding BondBloxx ETF Trust and SPDR SSGA Fixed in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPDR SSGA Fixed and BondBloxx ETF 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 BondBloxx ETF Trust 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 Fixed has no effect on the direction of BondBloxx ETF i.e., BondBloxx ETF and SPDR SSGA go up and down completely randomly.
Pair Corralation between BondBloxx ETF and SPDR SSGA
Allowing for the 90-day total investment horizon BondBloxx ETF Trust is expected to generate 0.55 times more return on investment than SPDR SSGA. However, BondBloxx ETF Trust is 1.81 times less risky than SPDR SSGA. It trades about 0.65 of its potential returns per unit of risk. SPDR SSGA Fixed is currently generating about 0.3 per unit of risk. If you would invest 3,889 in BondBloxx ETF Trust on April 8, 2025 and sell it today you would earn a total of 70.00 from holding BondBloxx ETF Trust or generate 1.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BondBloxx ETF Trust vs. SPDR SSGA Fixed
Performance |
| Timeline |
| BondBloxx ETF Trust |
| SPDR SSGA Fixed |
BondBloxx ETF and SPDR SSGA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BondBloxx ETF and SPDR SSGA
The main advantage of trading using opposite BondBloxx ETF and SPDR SSGA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BondBloxx ETF 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.| BondBloxx ETF vs. Virtus ETF Trust | BondBloxx ETF vs. Ocean Park High | BondBloxx ETF vs. TCW ETF Trust | BondBloxx ETF vs. Virtus ETF Trust |
| SPDR SSGA vs. BondBloxx ETF Trust | SPDR SSGA vs. Virtus ETF Trust | SPDR SSGA vs. Ocean Park High | SPDR SSGA vs. TCW ETF Trust |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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