http://www.sectorspdr.com/correlation/
Here is a handy tool to find an ETF that has correlated the closest to a stock that you are following. Type in the symbol and it will give you the ETF's ranked according to correlation coefficient on a 6 month, 1 year or 3 year time frame. Additionally, you can find an ETF that has a negative correlation - that way you can buy that fund to hedge your stock instead of selling short an ETF.
We should discuss the arbitrage opportunities that are present between the movements of these various, yet highly similar funds and futures contracts.
Timothy West April 2, 2008 9:28AM (updated link info on Sep 8, 2009)
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