Correlation Between SSC Technologies and Blackrock 6040

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both SSC Technologies and Blackrock 6040 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 SSC Technologies and Blackrock 6040 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SSC Technologies and Blackrock 6040 Target, you can compare the effects of market volatilities on SSC Technologies and Blackrock 6040 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 SSC Technologies with a short position of Blackrock 6040. Check out your portfolio center. Please also check ongoing floating volatility patterns of SSC Technologies and Blackrock 6040.

Diversification Opportunities for SSC Technologies and Blackrock 6040

0.94
  Correlation Coefficient

Almost no diversification

The 3 months correlation between SSC Technologies and Blackrock is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding SSC Technologies and Blackrock 6040 Target in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackrock 6040 Target and SSC Technologies 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 SSC Technologies are associated (or correlated) with Blackrock 6040. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackrock 6040 Target has no effect on the direction of SSC Technologies i.e., SSC Technologies and Blackrock 6040 go up and down completely randomly.

Pair Corralation between SSC Technologies and Blackrock 6040

Given the investment horizon of 90 days SSC Technologies is expected to generate 1.66 times more return on investment than Blackrock 6040. However, SSC Technologies is 1.66 times more volatile than Blackrock 6040 Target. It trades about -0.02 of its potential returns per unit of risk. Blackrock 6040 Target is currently generating about -0.04 per unit of risk. If you would invest  6,018  in SSC Technologies on April 8, 2022 and sell it today you would lose (129.00)  from holding SSC Technologies or give up 2.14% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Strong
Accuracy97.56%
ValuesDaily Returns

SSC Technologies  vs.  Blackrock 6040 Target

 Performance (%) 
      Timeline 
SSC Technologies 
SSC Technologies Performance
0 of 100
Over the last 90 days SSC Technologies has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in August 2022. The current disturbance may also be a sign of long term up-swing for the company investors.

Structure and Payout Changes

Forward Annual Dividend Yield
0.0136
Payout Ratio
0.15
Last Split Factor
2:1
Forward Annual Dividend Rate
0.8
Dividend Date
2022-06-15
Ex Dividend Date
2022-05-31
Last Split Date
2016-06-27

SSC Technologies Price Channel

Blackrock 6040 Target 
Blackrock Performance
0 of 100
Over the last 90 days Blackrock 6040 Target has generated negative risk-adjusted returns adding no value to fund investors. In spite of latest weak performance, the Fund's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the fund investors.

Blackrock Price Channel

SSC Technologies and Blackrock 6040 Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with SSC Technologies and Blackrock 6040

The main advantage of trading using opposite SSC Technologies and Blackrock 6040 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SSC Technologies position performs unexpectedly, Blackrock 6040 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 Blackrock 6040 will offset losses from the drop in Blackrock 6040's long position.

SSC Technologies

Pair trading matchups for SSC Technologies

Microsoft Corp vs. SSC Technologies
SL Green vs. SSC Technologies
Merck vs. SSC Technologies
Walker Dunlop vs. SSC Technologies
Twitter vs. SSC Technologies
Sachem Capital vs. SSC Technologies
Meta Platforms vs. SSC Technologies
Bank of New York vs. SSC Technologies
GM vs. SSC Technologies
Embark Technology vs. SSC Technologies
Eli Lilly vs. SSC Technologies
Ford vs. SSC Technologies
The effect of pair diversification on risk is to reduce it, but we should note this doesn't apply to all risk types. When we trade pairs against SSC Technologies as a counterpart, there is always some inherent risk that will never be diversified away no matter what. This volatility limits the effect of tactical diversification using pair trading. SSC Technologies' systematic risk is the inherent uncertainty of the entire market, and therefore cannot be mitigated even by pair-trading it against the equity that is not highly correlated to it. On the other hand, SSC Technologies' unsystematic risk describes the types of risk that we can protect against, at least to some degree, by selecting a matching pair that is not perfectly correlated to SSC Technologies.
The idea behind SSC Technologies and Blackrock 6040 Target pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

Blackrock 6040 Target

Pair trading matchups for Blackrock 6040

Bank of New York vs. Blackrock 6040
Walker Dunlop vs. Blackrock 6040
Vmware vs. Blackrock 6040
Merck vs. Blackrock 6040
Twitter vs. Blackrock 6040
Energous Corp vs. Blackrock 6040
GM vs. Blackrock 6040
VISA INC vs. Blackrock 6040
Trivago NV vs. Blackrock 6040
Invesco Mortgage vs. Blackrock 6040
Eli Lilly vs. Blackrock 6040
The effect of pair diversification on risk is to reduce it, but we should note this doesn't apply to all risk types. When we trade pairs against Blackrock 6040 as a counterpart, there is always some inherent risk that will never be diversified away no matter what. This volatility limits the effect of tactical diversification using pair trading. Blackrock 6040's systematic risk is the inherent uncertainty of the entire market, and therefore cannot be mitigated even by pair-trading it against the equity that is not highly correlated to it. On the other hand, Blackrock 6040's unsystematic risk describes the types of risk that we can protect against, at least to some degree, by selecting a matching pair that is not perfectly correlated to Blackrock 6040 Target.
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.

Other Complementary Tools

Probability Of Bankruptcy
Get analysis of equity chance of financial distress in the next 2 years
Go
Sync Your Broker
Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors.
Go
Portfolio Holdings
Check your current holdings and cash postion to detemine if your portfolio needs rebalancing
Go
Fundamental Analysis
View fundamental data based on most recent published financial statements
Go
Portfolio Comparator
Compare the composition, asset allocations and performance of any two portfolios in your account
Go
Portfolio Rebalancing
Analyze risk-adjusted returns against different time horizons to find asset-allocation targets
Go
ETF Directory
Find actively traded Exchange Traded Funds (ETF) from around the world
Go
Technical Analysis
Check basic technical indicators and analysis based on most latest market data
Go
Price Exposure Probability
Analyze equity upside and downside potential for a given time horizon across multiple markets
Go
Headlines Timeline
Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity
Go