Correlation Between Autoneum Holding and CSIF III
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By analyzing existing cross correlation between Autoneum Holding AG and CSIF III Equity, you can compare the effects of market volatilities on Autoneum Holding and CSIF III 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 CSIF III. Check out your portfolio center. Please also check ongoing floating volatility patterns of Autoneum Holding and CSIF III.
Diversification Opportunities for Autoneum Holding and CSIF III
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Autoneum and CSIF is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Autoneum Holding AG and CSIF III Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CSIF III Equity 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 CSIF III. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CSIF III Equity has no effect on the direction of Autoneum Holding i.e., Autoneum Holding and CSIF III go up and down completely randomly.
Pair Corralation between Autoneum Holding and CSIF III
Assuming the 90 days trading horizon Autoneum Holding AG is expected to generate 2.34 times more return on investment than CSIF III. However, Autoneum Holding is 2.34 times more volatile than CSIF III Equity. It trades about 0.21 of its potential returns per unit of risk. CSIF III Equity is currently generating about 0.28 per unit of risk. If you would invest 12,140 in Autoneum Holding AG on November 7, 2024 and sell it today you would earn a total of 600.00 from holding Autoneum Holding AG or generate 4.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Autoneum Holding AG vs. CSIF III Equity
Performance |
| Timeline |
| Autoneum Holding |
| CSIF III Equity |
Autoneum Holding and CSIF III Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Autoneum Holding and CSIF III
The main advantage of trading using opposite Autoneum Holding and CSIF III positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Autoneum Holding position performs unexpectedly, CSIF III 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 CSIF III will offset losses from the drop in CSIF III'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 |
| CSIF III vs. CSIF III Eq | CSIF III vs. CSIF III Equity | CSIF III vs. CSIF III Equity | CSIF III vs. CSIF III Eq |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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