Correlation Between Amundi Label and AXA World
Specify exactly 2 symbols:
By analyzing existing cross correlation between Amundi Label Actions and AXA World Funds, you can compare the effects of market volatilities on Amundi Label 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 Amundi Label with a short position of AXA World. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amundi Label and AXA World.
Diversification Opportunities for Amundi Label and AXA World
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Amundi and AXA is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Amundi Label Actions 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 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 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 Amundi Label i.e., Amundi Label and AXA World go up and down completely randomly.
Pair Corralation between Amundi Label and AXA World
Assuming the 90 days trading horizon Amundi Label Actions is expected to generate 1.05 times more return on investment than AXA World. However, Amundi Label is 1.05 times more volatile than AXA World Funds. It trades about 0.28 of its potential returns per unit of risk. AXA World Funds is currently generating about 0.12 per unit of risk. If you would invest 29,331 in Amundi Label Actions on September 13, 2024 and sell it today you would earn a total of 1,128 from holding Amundi Label Actions or generate 3.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Amundi Label Actions vs. AXA World Funds
Performance |
| Timeline |
| Amundi Label Actions |
| AXA World Funds |
Amundi Label and AXA World Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amundi Label and AXA World
The main advantage of trading using opposite Amundi Label and AXA World positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amundi Label 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.| Amundi Label vs. Esfera Robotics R | Amundi Label vs. R co Valor F | Amundi Label vs. CM AM Monplus NE | Amundi Label vs. IE00B0H4TS55 |
| AXA World vs. Groupama Entreprises N | AXA World vs. Renaissance Europe C | AXA World vs. Superior Plus Corp | AXA World vs. Origin Agritech |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |