Correlation Between 21Shares Cosmos and Amundi FTSE
Can any of the company-specific risk be diversified away by investing in both 21Shares Cosmos and Amundi FTSE 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 21Shares Cosmos and Amundi FTSE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between 21Shares Cosmos Staking and Amundi FTSE EPRANAREIT, you can compare the effects of market volatilities on 21Shares Cosmos and Amundi FTSE 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 21Shares Cosmos with a short position of Amundi FTSE. Check out your portfolio center. Please also check ongoing floating volatility patterns of 21Shares Cosmos and Amundi FTSE.
Diversification Opportunities for 21Shares Cosmos and Amundi FTSE
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 21Shares and Amundi is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding 21Shares Cosmos Staking and Amundi FTSE EPRANAREIT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amundi FTSE EPRANAREIT and 21Shares Cosmos 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 21Shares Cosmos Staking are associated (or correlated) with Amundi FTSE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amundi FTSE EPRANAREIT has no effect on the direction of 21Shares Cosmos i.e., 21Shares Cosmos and Amundi FTSE go up and down completely randomly.
Pair Corralation between 21Shares Cosmos and Amundi FTSE
If you would invest 3,995 in Amundi FTSE EPRANAREIT on October 20, 2024 and sell it today you would earn a total of 134.00 from holding Amundi FTSE EPRANAREIT or generate 3.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 5.0% |
| Values | Daily Returns |
21Shares Cosmos Staking vs. Amundi FTSE EPRANAREIT
Performance |
| Timeline |
| 21Shares Cosmos Staking |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
| Amundi FTSE EPRANAREIT |
21Shares Cosmos and Amundi FTSE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 21Shares Cosmos and Amundi FTSE
The main advantage of trading using opposite 21Shares Cosmos and Amundi FTSE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 21Shares Cosmos position performs unexpectedly, Amundi FTSE 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 Amundi FTSE will offset losses from the drop in Amundi FTSE's long position.| 21Shares Cosmos vs. Lyxor UCITS Japan | 21Shares Cosmos vs. Lyxor UCITS Japan | 21Shares Cosmos vs. Lyxor UCITS Stoxx | 21Shares Cosmos vs. Amundi CAC 40 |
| Amundi FTSE vs. Lyxor UCITS Japan | Amundi FTSE vs. Lyxor UCITS Japan | Amundi FTSE vs. Lyxor UCITS Stoxx | Amundi FTSE vs. Amundi CAC 40 |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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