Two Equities Correlation Analysis
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This model provides you with a quick lookup of cross correlation between two equities. Please specify two instruments to run the correlation.
Diversification Opportunities for Spark Networks and NYSE Composite
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Spark and NYSE is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Spark Networks SE and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and Spark Networks 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 Spark Networks SE are associated (or correlated) with NYSE Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE Composite has no effect on the direction of Spark Networks i.e., Spark Networks and NYSE Composite go up and down completely randomly.
Pair Corralation between Spark Networks and NYSE Composite
If you would invest 1.30 in Spark Networks SE on January 26, 2024 and sell it today you would earn a total of 0.00 from holding Spark Networks SE or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Spark Networks SE vs. NYSE Composite
Performance |
| Timeline |
Spark Networks and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
Spark Networks SE
Pair trading matchups for Spark Networks
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with Spark Networks and NYSE Composite
The main advantage of trading using opposite Spark Networks and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spark Networks position performs unexpectedly, NYSE Composite 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 NYSE Composite will offset losses from the drop in NYSE Composite's long position.| Spark Networks vs. Locafy Limited | Spark Networks vs. Metalpha Technology Holding | Spark Networks vs. TuanChe ADR | Spark Networks vs. Thryv Holdings |
| NYSE Composite vs. Nike Inc | NYSE Composite vs. Zoom Video Communications | NYSE Composite vs. Vera Bradley | NYSE Composite vs. Torm PLC Class |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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