Correlation Between Amundi Index and 21S Stellar
Can any of the company-specific risk be diversified away by investing in both Amundi Index and 21S Stellar 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 Amundi Index and 21S Stellar into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amundi Index Solutions and 21S Stellar, you can compare the effects of market volatilities on Amundi Index and 21S Stellar 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 Amundi Index with a short position of 21S Stellar. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amundi Index and 21S Stellar.
Diversification Opportunities for Amundi Index and 21S Stellar
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Amundi and 21S is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Amundi Index Solutions and 21S Stellar in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 21S Stellar and Amundi Index 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 Amundi Index Solutions are associated (or correlated) with 21S Stellar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 21S Stellar has no effect on the direction of Amundi Index i.e., Amundi Index and 21S Stellar go up and down completely randomly.
Pair Corralation between Amundi Index and 21S Stellar
If you would invest 19,677 in Amundi Index Solutions on September 12, 2024 and sell it today you would earn a total of 1,164 from holding Amundi Index Solutions or generate 5.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Amundi Index Solutions vs. 21S Stellar
Performance |
| Timeline |
| Amundi Index Solutions |
| 21S Stellar |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
Amundi Index and 21S Stellar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amundi Index and 21S Stellar
The main advantage of trading using opposite Amundi Index and 21S Stellar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amundi Index position performs unexpectedly, 21S Stellar 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 21S Stellar will offset losses from the drop in 21S Stellar's long position.| Amundi Index vs. Lyxor UCITS Japan | Amundi Index vs. Lyxor UCITS Japan | Amundi Index vs. Lyxor UCITS Stoxx | Amundi Index vs. Amundi CAC 40 |
| 21S Stellar vs. Amundi Index Solutions | 21S Stellar vs. Multi Units Luxembourg | 21S Stellar vs. iShares Digital Entertainment |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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