Correlation Between Altshuler Shaham and Analyst IMS
Can any of the company-specific risk be diversified away by investing in both Altshuler Shaham and Analyst IMS 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 Altshuler Shaham and Analyst IMS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Altshuler Shaham Financial and Analyst IMS Investment, you can compare the effects of market volatilities on Altshuler Shaham and Analyst IMS 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 Altshuler Shaham with a short position of Analyst IMS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Altshuler Shaham and Analyst IMS.
Diversification Opportunities for Altshuler Shaham and Analyst IMS
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Altshuler and Analyst is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Altshuler Shaham Financial and Analyst IMS Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Analyst IMS Investment and Altshuler Shaham 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 Altshuler Shaham Financial are associated (or correlated) with Analyst IMS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Analyst IMS Investment has no effect on the direction of Altshuler Shaham i.e., Altshuler Shaham and Analyst IMS go up and down completely randomly.
Pair Corralation between Altshuler Shaham and Analyst IMS
Assuming the 90 days trading horizon Altshuler Shaham Financial is expected to generate 1.54 times more return on investment than Analyst IMS. However, Altshuler Shaham is 1.54 times more volatile than Analyst IMS Investment. It trades about 0.08 of its potential returns per unit of risk. Analyst IMS Investment is currently generating about 0.11 per unit of risk. If you would invest 53,793 in Altshuler Shaham Financial on August 25, 2024 and sell it today you would earn a total of 13,687 from holding Altshuler Shaham Financial or generate 25.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Altshuler Shaham Financial vs. Analyst IMS Investment
Performance |
| Timeline |
| Altshuler Shaham Fin |
| Analyst IMS Investment |
Altshuler Shaham and Analyst IMS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Altshuler Shaham and Analyst IMS
The main advantage of trading using opposite Altshuler Shaham and Analyst IMS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Altshuler Shaham position performs unexpectedly, Analyst IMS 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 Analyst IMS will offset losses from the drop in Analyst IMS's long position.| Altshuler Shaham vs. Generation Capital | Altshuler Shaham vs. Meitav Dash Investments | Altshuler Shaham vs. IBI Inv House | Altshuler Shaham vs. Mivtach Shamir |
| Analyst IMS vs. Israel China Biotechnology | Analyst IMS vs. Aura Investments | Analyst IMS vs. Suny Cellular Communication | Analyst IMS vs. Arad Investment Industrial |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |