Correlation Between Amundi ETF and Amundi SP
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By analyzing existing cross correlation between Amundi ETF MSCI and Amundi SP 500, you can compare the effects of market volatilities on Amundi ETF and Amundi SP 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 ETF with a short position of Amundi SP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amundi ETF and Amundi SP.
Diversification Opportunities for Amundi ETF and Amundi SP
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Amundi and Amundi is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Amundi ETF MSCI and Amundi SP 500 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amundi SP 500 and Amundi ETF 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 ETF MSCI are associated (or correlated) with Amundi SP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amundi SP 500 has no effect on the direction of Amundi ETF i.e., Amundi ETF and Amundi SP go up and down completely randomly.
Pair Corralation between Amundi ETF and Amundi SP
Assuming the 90 days trading horizon Amundi ETF MSCI is expected to under-perform the Amundi SP. But the etf apears to be less risky and, when comparing its historical volatility, Amundi ETF MSCI is 1.47 times less risky than Amundi SP. The etf trades about -0.11 of its potential returns per unit of risk. The Amundi SP 500 is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 1,188 in Amundi SP 500 on September 2, 2024 and sell it today you would earn a total of 59.00 from holding Amundi SP 500 or generate 4.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Amundi ETF MSCI vs. Amundi SP 500
Performance |
| Timeline |
| Amundi ETF MSCI |
| Amundi SP 500 |
Amundi ETF and Amundi SP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amundi ETF and Amundi SP
The main advantage of trading using opposite Amundi ETF and Amundi SP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amundi ETF position performs unexpectedly, Amundi SP 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 SP will offset losses from the drop in Amundi SP's long position.| Amundi ETF vs. Amundi MSCI Europe | Amundi ETF vs. Amundi SP 500 | Amundi ETF vs. Amundi Index Solutions | Amundi ETF vs. Amundi Euro Stoxx |
| Amundi SP vs. Xtrackers Nikkei 225 | Amundi SP vs. iShares VII PLC | Amundi SP vs. NMI Holdings | Amundi SP vs. SIVERS SEMICONDUCTORS AB |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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