Correlation Between IE00B0H4TS55 and Amundi Label
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By analyzing existing cross correlation between IE00B0H4TS55 and Amundi Label Actions, you can compare the effects of market volatilities on IE00B0H4TS55 and Amundi Label 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 IE00B0H4TS55 with a short position of Amundi Label. Check out your portfolio center. Please also check ongoing floating volatility patterns of IE00B0H4TS55 and Amundi Label.
Diversification Opportunities for IE00B0H4TS55 and Amundi Label
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between IE00B0H4TS55 and Amundi is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding IE00B0H4TS55 and Amundi Label Actions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amundi Label Actions and IE00B0H4TS55 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 IE00B0H4TS55 are associated (or correlated) with Amundi Label. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amundi Label Actions has no effect on the direction of IE00B0H4TS55 i.e., IE00B0H4TS55 and Amundi Label go up and down completely randomly.
Pair Corralation between IE00B0H4TS55 and Amundi Label
Assuming the 90 days trading horizon IE00B0H4TS55 is expected to generate 3.79 times less return on investment than Amundi Label. But when comparing it to its historical volatility, IE00B0H4TS55 is 3.76 times less risky than Amundi Label. It trades about 0.3 of its potential returns per unit of risk. Amundi Label Actions is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest 29,284 in Amundi Label Actions on September 14, 2024 and sell it today you would earn a total of 1,175 from holding Amundi Label Actions or generate 4.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IE00B0H4TS55 vs. Amundi Label Actions
Performance |
| Timeline |
| IE00B0H4TS55 |
| Amundi Label Actions |
IE00B0H4TS55 and Amundi Label Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IE00B0H4TS55 and Amundi Label
The main advantage of trading using opposite IE00B0H4TS55 and Amundi Label positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IE00B0H4TS55 position performs unexpectedly, Amundi Label 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 Amundi Label will offset losses from the drop in Amundi Label's long position.| IE00B0H4TS55 vs. Esfera Robotics R | IE00B0H4TS55 vs. R co Valor F | IE00B0H4TS55 vs. CM AM Monplus NE | IE00B0H4TS55 vs. BEKA LUX SICAV |
| Amundi Label vs. Esfera Robotics R | Amundi Label vs. R co Valor F | Amundi Label vs. CM AM Monplus NE | Amundi Label 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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