Correlation Between AGF Management and Vestas Wind
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By analyzing existing cross correlation between AGF Management Limited and Vestas Wind Systems, you can compare the effects of market volatilities on AGF Management and Vestas Wind 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 AGF Management with a short position of Vestas Wind. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGF Management and Vestas Wind.
Diversification Opportunities for AGF Management and Vestas Wind
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between AGF and Vestas is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding AGF Management Limited and Vestas Wind Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vestas Wind Systems and AGF Management 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 AGF Management Limited are associated (or correlated) with Vestas Wind. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vestas Wind Systems has no effect on the direction of AGF Management i.e., AGF Management and Vestas Wind go up and down completely randomly.
Pair Corralation between AGF Management and Vestas Wind
Assuming the 90 days horizon AGF Management Limited is expected to generate 0.64 times more return on investment than Vestas Wind. However, AGF Management Limited is 1.55 times less risky than Vestas Wind. It trades about 0.2 of its potential returns per unit of risk. Vestas Wind Systems is currently generating about -0.12 per unit of risk. If you would invest 508.00 in AGF Management Limited on November 2, 2024 and sell it today you would earn a total of 227.00 from holding AGF Management Limited or generate 44.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.04% |
| Values | Daily Returns |
AGF Management Limited vs. Vestas Wind Systems
Performance |
| Timeline |
| AGF Management |
| Vestas Wind Systems |
AGF Management and Vestas Wind Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGF Management and Vestas Wind
The main advantage of trading using opposite AGF Management and Vestas Wind positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGF Management position performs unexpectedly, Vestas Wind 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 Vestas Wind will offset losses from the drop in Vestas Wind's long position.| AGF Management vs. Iridium Communications | AGF Management vs. Magnachip Semiconductor | AGF Management vs. ON SEMICONDUCTOR | AGF Management vs. Semiconductor Manufacturing International |
| Vestas Wind vs. Siemens Aktiengesellschaft | Vestas Wind vs. Siemens Aktiengesellschaft | Vestas Wind vs. Schneider Electric SE | Vestas Wind vs. Atlas Copco A |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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