Correlation Between Cobas Global and AXA World
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By analyzing existing cross correlation between Cobas Global PP and AXA World Funds, you can compare the effects of market volatilities on Cobas Global 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 Cobas Global with a short position of AXA World. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cobas Global and AXA World.
Diversification Opportunities for Cobas Global and AXA World
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Cobas and AXA is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Cobas Global PP 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 Cobas Global 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 Cobas Global PP 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 Cobas Global i.e., Cobas Global and AXA World go up and down completely randomly.
Pair Corralation between Cobas Global and AXA World
Assuming the 90 days trading horizon Cobas Global PP is expected to generate 1.24 times more return on investment than AXA World. However, Cobas Global is 1.24 times more volatile than AXA World Funds. It trades about 0.33 of its potential returns per unit of risk. AXA World Funds is currently generating about 0.2 per unit of risk. If you would invest 12,223 in Cobas Global PP on October 24, 2024 and sell it today you would earn a total of 527.00 from holding Cobas Global PP or generate 4.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 88.89% |
| Values | Daily Returns |
Cobas Global PP vs. AXA World Funds
Performance |
| Timeline |
| Cobas Global PP |
| AXA World Funds |
Cobas Global and AXA World Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cobas Global and AXA World
The main advantage of trading using opposite Cobas Global and AXA World positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cobas Global 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.| Cobas Global vs. Groupama Entreprises N | Cobas Global vs. Renaissance Europe C | Cobas Global vs. Superior Plus Corp | Cobas Global vs. Origin Agritech |
| AXA World vs. Cobas Global PP | AXA World vs. Aberdeen Global Asian | AXA World vs. BNY Mellon Global | AXA World vs. BGF Global Allocation |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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