Correlation Between Autoneum Holding and Pictet Ch
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By analyzing existing cross correlation between Autoneum Holding AG and Pictet Ch Precious, you can compare the effects of market volatilities on Autoneum Holding and Pictet Ch 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 Autoneum Holding with a short position of Pictet Ch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Autoneum Holding and Pictet Ch.
Diversification Opportunities for Autoneum Holding and Pictet Ch
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Autoneum and Pictet is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Autoneum Holding AG and Pictet Ch Precious in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pictet Ch Precious and Autoneum Holding 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 Autoneum Holding AG are associated (or correlated) with Pictet Ch. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pictet Ch Precious has no effect on the direction of Autoneum Holding i.e., Autoneum Holding and Pictet Ch go up and down completely randomly.
Pair Corralation between Autoneum Holding and Pictet Ch
Assuming the 90 days trading horizon Autoneum Holding AG is expected to generate 1.91 times more return on investment than Pictet Ch. However, Autoneum Holding is 1.91 times more volatile than Pictet Ch Precious. It trades about 0.47 of its potential returns per unit of risk. Pictet Ch Precious is currently generating about 0.43 per unit of risk. If you would invest 11,800 in Autoneum Holding AG on October 27, 2024 and sell it today you would earn a total of 1,220 from holding Autoneum Holding AG or generate 10.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Autoneum Holding AG vs. Pictet Ch Precious
Performance |
| Timeline |
| Autoneum Holding |
| Pictet Ch Precious |
Autoneum Holding and Pictet Ch Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Autoneum Holding and Pictet Ch
The main advantage of trading using opposite Autoneum Holding and Pictet Ch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Autoneum Holding position performs unexpectedly, Pictet Ch 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 Pictet Ch will offset losses from the drop in Pictet Ch's long position.| Autoneum Holding vs. Rieter Holding AG | Autoneum Holding vs. Comet Holding AG | Autoneum Holding vs. VAT Group AG | Autoneum Holding vs. Bossard Holding AG |
| Pictet Ch vs. Procimmo Real Estate | Pictet Ch vs. SPDR Dow Jones | Pictet Ch vs. Baloise Holding AG | Pictet Ch vs. Autoneum Holding AG |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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