Correlation Between Amundi Index and Autoneum Holding
Can any of the company-specific risk be diversified away by investing in both Amundi Index and Autoneum Holding at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Amundi Index and Autoneum Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amundi Index Solutions and Autoneum Holding AG, you can compare the effects of market volatilities on Amundi Index and Autoneum Holding 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 Index with a short position of Autoneum Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amundi Index and Autoneum Holding.
Diversification Opportunities for Amundi Index and Autoneum Holding
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Amundi and Autoneum is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Amundi Index Solutions and Autoneum Holding AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Autoneum Holding and Amundi Index 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 Index Solutions are associated (or correlated) with Autoneum Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Autoneum Holding has no effect on the direction of Amundi Index i.e., Amundi Index and Autoneum Holding go up and down completely randomly.
Pair Corralation between Amundi Index and Autoneum Holding
Assuming the 90 days trading horizon Amundi Index Solutions is expected to generate 0.56 times more return on investment than Autoneum Holding. However, Amundi Index Solutions is 1.78 times less risky than Autoneum Holding. It trades about 0.26 of its potential returns per unit of risk. Autoneum Holding AG is currently generating about -0.37 per unit of risk. If you would invest 11,308 in Amundi Index Solutions on September 2, 2024 and sell it today you would earn a total of 526.00 from holding Amundi Index Solutions or generate 4.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Amundi Index Solutions vs. Autoneum Holding AG
Performance |
| Timeline |
| Amundi Index Solutions |
| Autoneum Holding |
Amundi Index and Autoneum Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amundi Index and Autoneum Holding
The main advantage of trading using opposite Amundi Index and Autoneum Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amundi Index position performs unexpectedly, Autoneum Holding 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 Autoneum Holding will offset losses from the drop in Autoneum Holding's long position.| Amundi Index vs. iShares Core SP | Amundi Index vs. iShares Core MSCI | Amundi Index vs. Lyxor UCITS Stoxx |
| Autoneum Holding vs. Rieter Holding AG | Autoneum Holding vs. Comet Holding AG | Autoneum Holding vs. VAT Group AG | Autoneum Holding vs. Bossard Holding AG |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |