Correlation Between Groupama Entreprises and AXA World
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By analyzing existing cross correlation between Groupama Entreprises N and AXA World Funds, you can compare the effects of market volatilities on Groupama Entreprises and AXA World 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 Groupama Entreprises with a short position of AXA World. Check out your portfolio center. Please also check ongoing floating volatility patterns of Groupama Entreprises and AXA World.
Diversification Opportunities for Groupama Entreprises and AXA World
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Groupama and AXA is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Groupama Entreprises N and AXA World Funds in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AXA World Funds and Groupama Entreprises 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 Groupama Entreprises N are associated (or correlated) with AXA World. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AXA World Funds has no effect on the direction of Groupama Entreprises i.e., Groupama Entreprises and AXA World go up and down completely randomly.
Pair Corralation between Groupama Entreprises and AXA World
Assuming the 90 days trading horizon Groupama Entreprises N is expected to generate 0.03 times more return on investment than AXA World. However, Groupama Entreprises N is 36.09 times less risky than AXA World. It trades about 0.99 of its potential returns per unit of risk. AXA World Funds is currently generating about 0.03 per unit of risk. If you would invest 55,551 in Groupama Entreprises N on September 3, 2024 and sell it today you would earn a total of 3,747 from holding Groupama Entreprises N or generate 6.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.76% |
| Values | Daily Returns |
Groupama Entreprises N vs. AXA World Funds
Performance |
| Timeline |
| Groupama Entreprises |
| AXA World Funds |
Groupama Entreprises and AXA World Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Groupama Entreprises and AXA World
The main advantage of trading using opposite Groupama Entreprises and AXA World positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Groupama Entreprises position performs unexpectedly, AXA World 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 AXA World will offset losses from the drop in AXA World's long position.| Groupama Entreprises vs. Xtrackers ShortDAX | Groupama Entreprises vs. Xtrackers LevDAX | Groupama Entreprises vs. Lyxor 1 |
| AXA World vs. AXA World Funds | AXA World vs. AXA World Funds | AXA World vs. Esfera Robotics R | AXA World vs. R co Valor F |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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