Correlation Between AXA World and Esfera Robotics
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By analyzing existing cross correlation between AXA World Funds and Esfera Robotics R, you can compare the effects of market volatilities on AXA World and Esfera Robotics 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 AXA World with a short position of Esfera Robotics. Check out your portfolio center. Please also check ongoing floating volatility patterns of AXA World and Esfera Robotics.
Diversification Opportunities for AXA World and Esfera Robotics
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between AXA and Esfera is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding AXA World Funds and Esfera Robotics R in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Esfera Robotics R and AXA World 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 AXA World Funds are associated (or correlated) with Esfera Robotics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Esfera Robotics R has no effect on the direction of AXA World i.e., AXA World and Esfera Robotics go up and down completely randomly.
Pair Corralation between AXA World and Esfera Robotics
Assuming the 90 days trading horizon AXA World Funds is expected to under-perform the Esfera Robotics. But the fund apears to be less risky and, when comparing its historical volatility, AXA World Funds is 1.81 times less risky than Esfera Robotics. The fund trades about -0.05 of its potential returns per unit of risk. The Esfera Robotics R is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 29,810 in Esfera Robotics R on September 1, 2024 and sell it today you would earn a total of 4,930 from holding Esfera Robotics R or generate 16.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.23% |
| Values | Daily Returns |
AXA World Funds vs. Esfera Robotics R
Performance |
| Timeline |
| AXA World Funds |
| Esfera Robotics R |
AXA World and Esfera Robotics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AXA World and Esfera Robotics
The main advantage of trading using opposite AXA World and Esfera Robotics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AXA World position performs unexpectedly, Esfera Robotics 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 Esfera Robotics will offset losses from the drop in Esfera Robotics' long position.| AXA World vs. Groupama Entreprises N | AXA World vs. Renaissance Europe C | AXA World vs. Superior Plus Corp | AXA World vs. Origin Agritech |
| Esfera Robotics vs. Superior Plus Corp | Esfera Robotics vs. Origin Agritech | Esfera Robotics vs. Identiv | Esfera Robotics vs. INTUITIVE SURGICAL |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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