Correlation Between Aegon NV and GetSwift Technologies
Can any of the company-specific risk be diversified away by investing in both Aegon NV and GetSwift Technologies 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 Aegon NV and GetSwift Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aegon NV ADR and GetSwift Technologies Limited, you can compare the effects of market volatilities on Aegon NV and GetSwift Technologies 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 Aegon NV with a short position of GetSwift Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegon NV and GetSwift Technologies.
Diversification Opportunities for Aegon NV and GetSwift Technologies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aegon and GetSwift is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aegon NV ADR and GetSwift Technologies Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GetSwift Technologies and Aegon NV 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 Aegon NV ADR are associated (or correlated) with GetSwift Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GetSwift Technologies has no effect on the direction of Aegon NV i.e., Aegon NV and GetSwift Technologies go up and down completely randomly.
Pair Corralation between Aegon NV and GetSwift Technologies
If you would invest 535.00 in Aegon NV ADR on September 1, 2024 and sell it today you would earn a total of 114.00 from holding Aegon NV ADR or generate 21.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.53% |
| Values | Daily Returns |
Aegon NV ADR vs. GetSwift Technologies Limited
Performance |
| Timeline |
| Aegon NV ADR |
| GetSwift Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Aegon NV and GetSwift Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aegon NV and GetSwift Technologies
The main advantage of trading using opposite Aegon NV and GetSwift Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegon NV position performs unexpectedly, GetSwift Technologies 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 GetSwift Technologies will offset losses from the drop in GetSwift Technologies' long position.| Aegon NV vs. Hartford Financial Services | Aegon NV vs. Goosehead Insurance | Aegon NV vs. International General Insurance | Aegon NV vs. Enstar Group Limited |
| GetSwift Technologies vs. Skechers USA | GetSwift Technologies vs. RBC Bearings Incorporated | GetSwift Technologies vs. Virco Manufacturing | GetSwift Technologies vs. Franklin Wireless Corp |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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