Correlation Between Aptiv PLC and GasLog
Can any of the company-specific risk be diversified away by investing in both Aptiv PLC and GasLog 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 Aptiv PLC and GasLog into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aptiv PLC and GasLog, you can compare the effects of market volatilities on Aptiv PLC and GasLog 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 Aptiv PLC with a short position of GasLog. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aptiv PLC and GasLog.
Diversification Opportunities for Aptiv PLC and GasLog
Pay attention - limited upside
The 3 months correlation between Aptiv and GasLog is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aptiv PLC and GasLog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GasLog and Aptiv PLC 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 Aptiv PLC are associated (or correlated) with GasLog. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GasLog has no effect on the direction of Aptiv PLC i.e., Aptiv PLC and GasLog go up and down completely randomly.
Pair Corralation between Aptiv PLC and GasLog
If you would invest 5,593 in Aptiv PLC on September 4, 2024 and sell it today you would earn a total of 14.00 from holding Aptiv PLC or generate 0.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Aptiv PLC vs. GasLog
Performance |
| Timeline |
| Aptiv PLC |
| GasLog |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Aptiv PLC and GasLog Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aptiv PLC and GasLog
The main advantage of trading using opposite Aptiv PLC and GasLog positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aptiv PLC position performs unexpectedly, GasLog 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 GasLog will offset losses from the drop in GasLog's long position.| Aptiv PLC vs. Ford Motor | Aptiv PLC vs. General Motors | Aptiv PLC vs. Goodyear Tire Rubber | Aptiv PLC vs. Li Auto |
| GasLog vs. Sun Country Airlines | GasLog vs. Air Products and | GasLog vs. The Mosaic | GasLog vs. United Guardian |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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