Correlation Between SPDR Blackstone and Global X

Can any of the company-specific risk be diversified away by investing in both SPDR Blackstone and Global X 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 Blackstone and Global X into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between SPDR Blackstone Senior and Global X Autonomous, you can compare the effects of market volatilities on SPDR Blackstone and Global X 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 Blackstone with a short position of Global X. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR Blackstone and Global X.

Diversification Opportunities for SPDR Blackstone and Global X

0.95

Correlation Coefficient

SPDR Blackstone  Global X

Almost no diversification

The 3 months correlation between SPDR and Global is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Blackstone Senior and Global X Autonomous in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global X Autonomous and SPDR Blackstone 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 Blackstone Senior are associated (or correlated) with Global X. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global X Autonomous has no effect on the direction of SPDR Blackstone i.e., SPDR Blackstone and Global X go up and down completely randomly.

Pair Corralation between SPDR Blackstone and Global X

Given the investment horizon of 90 days SPDR Blackstone is expected to generate 4.56 times less return on investment than Global X. But when comparing it to its historical volatility, SPDR Blackstone Senior is 7.66 times less risky than Global X. It trades about 0.25 of its potential returns per unit of risk. Global X Autonomous is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest  2,112  in Global X Autonomous on May 4, 2025 and sell it today you would earn a total of  255.00  from holding Global X Autonomous or generate 12.07% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Very Strong
Accuracy	100.0%
Values	Daily Returns

SPDR Blackstone Senior  vs.  Global X Autonomous

SPDR Blackstone Senior

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in SPDR Blackstone Senior are ranked lower than 20 (%) of all global equities and portfolios over the last 90 days. In spite of very healthy essential indicators, SPDR Blackstone is not utilizing all of its potentials. The recent stock price disarray, may contribute to short-term losses for the investors.

Global X Autonomous

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Global X Autonomous are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. In spite of fairly abnormal forward indicators, Global X may actually be approaching a critical reversion point that can send shares even higher in September 2025.

Pair Trading with SPDR Blackstone and Global X

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

The idea behind SPDR Blackstone Senior and Global X Autonomous 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.

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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 CEOs Directory module to screen CEOs from public companies around the world.