Correlation Between Abrdn Emerging and Aesthetic Medical
Can any of the company-specific risk be diversified away by investing in both Abrdn Emerging and Aesthetic Medical 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 Abrdn Emerging and Aesthetic Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Abrdn Emerging Markets and Aesthetic Medical Intl, you can compare the effects of market volatilities on Abrdn Emerging and Aesthetic Medical 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 Abrdn Emerging with a short position of Aesthetic Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Abrdn Emerging and Aesthetic Medical.
Diversification Opportunities for Abrdn Emerging and Aesthetic Medical
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Abrdn and Aesthetic is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Abrdn Emerging Markets and Aesthetic Medical Intl in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aesthetic Medical Intl and Abrdn Emerging 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 Abrdn Emerging Markets are associated (or correlated) with Aesthetic Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aesthetic Medical Intl has no effect on the direction of Abrdn Emerging i.e., Abrdn Emerging and Aesthetic Medical go up and down completely randomly.
Pair Corralation between Abrdn Emerging and Aesthetic Medical
If you would invest 32.00 in Aesthetic Medical Intl on September 3, 2024 and sell it today you would earn a total of 0.00 from holding Aesthetic Medical Intl or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 5.0% |
| Values | Daily Returns |
Abrdn Emerging Markets vs. Aesthetic Medical Intl
Performance |
| Timeline |
| Abrdn Emerging Markets |
| Aesthetic Medical Intl |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Abrdn Emerging and Aesthetic Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Abrdn Emerging and Aesthetic Medical
The main advantage of trading using opposite Abrdn Emerging and Aesthetic Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Abrdn Emerging position performs unexpectedly, Aesthetic Medical 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 Aesthetic Medical will offset losses from the drop in Aesthetic Medical's long position.| Abrdn Emerging vs. DWS Municipal Income | Abrdn Emerging vs. Blackrock Muni Intermediate | Abrdn Emerging vs. Blackrock Muniyield | Abrdn Emerging vs. Flow Capital Corp |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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