Correlation Between Aegon NV and THERMO
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By analyzing existing cross correlation between Aegon NV ADR and THERMO FISHER SCIENTIFIC, you can compare the effects of market volatilities on Aegon NV and THERMO 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 THERMO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegon NV and THERMO.
Diversification Opportunities for Aegon NV and THERMO
Good diversification
The 3 months correlation between Aegon and THERMO is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Aegon NV ADR and THERMO FISHER SCIENTIFIC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on THERMO FISHER SCIENTIFIC 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 THERMO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of THERMO FISHER SCIENTIFIC has no effect on the direction of Aegon NV i.e., Aegon NV and THERMO go up and down completely randomly.
Pair Corralation between Aegon NV and THERMO
Considering the 90-day investment horizon Aegon NV ADR is expected to under-perform the THERMO. In addition to that, Aegon NV is 1.26 times more volatile than THERMO FISHER SCIENTIFIC. It trades about -0.1 of its total potential returns per unit of risk. THERMO FISHER SCIENTIFIC is currently generating about 0.14 per unit of volatility. If you would invest 9,915 in THERMO FISHER SCIENTIFIC on September 12, 2024 and sell it today you would earn a total of 217.00 from holding THERMO FISHER SCIENTIFIC or generate 2.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 66.67% |
| Values | Daily Returns |
Aegon NV ADR vs. THERMO FISHER SCIENTIFIC
Performance |
| Timeline |
| Aegon NV ADR |
| THERMO FISHER SCIENTIFIC |
Aegon NV and THERMO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aegon NV and THERMO
The main advantage of trading using opposite Aegon NV and THERMO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegon NV position performs unexpectedly, THERMO 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 THERMO will offset losses from the drop in THERMO's 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 |
| THERMO vs. Bt Brands | THERMO vs. Chipotle Mexican Grill | THERMO vs. Aegon NV ADR | THERMO vs. Texas Roadhouse |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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