Correlation Between Amundi Label and Impact ISR
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By analyzing existing cross correlation between Amundi Label Actions and Impact ISR Performance, you can compare the effects of market volatilities on Amundi Label and Impact ISR 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 Amundi Label with a short position of Impact ISR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amundi Label and Impact ISR.
Diversification Opportunities for Amundi Label and Impact ISR
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Amundi and Impact is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Amundi Label Actions and Impact ISR Performance in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impact ISR Performance and Amundi Label 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 Amundi Label Actions are associated (or correlated) with Impact ISR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Impact ISR Performance has no effect on the direction of Amundi Label i.e., Amundi Label and Impact ISR go up and down completely randomly.
Pair Corralation between Amundi Label and Impact ISR
Assuming the 90 days trading horizon Amundi Label Actions is expected to generate 1.19 times more return on investment than Impact ISR. However, Amundi Label is 1.19 times more volatile than Impact ISR Performance. It trades about -0.04 of its potential returns per unit of risk. Impact ISR Performance is currently generating about -0.05 per unit of risk. If you would invest 30,860 in Amundi Label Actions on September 1, 2024 and sell it today you would lose (1,470) from holding Amundi Label Actions or give up 4.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Amundi Label Actions vs. Impact ISR Performance
Performance |
| Timeline |
| Amundi Label Actions |
| Impact ISR Performance |
Amundi Label and Impact ISR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amundi Label and Impact ISR
The main advantage of trading using opposite Amundi Label and Impact ISR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amundi Label position performs unexpectedly, Impact ISR 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 Impact ISR will offset losses from the drop in Impact ISR's long position.| Amundi Label vs. Superior Plus Corp | Amundi Label vs. Intel | Amundi Label vs. Volkswagen AG | Amundi Label vs. Reliance Steel Aluminum |
| Impact ISR vs. Esfera Robotics R | Impact ISR vs. R co Valor F | Impact ISR vs. CM AM Monplus NE | Impact ISR vs. IE00B0H4TS55 |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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