Correlation Between Washington Mutual and INTNED
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By analyzing existing cross correlation between Washington Mutual Investors and INTNED 547761 01 APR 27, you can compare the effects of market volatilities on Washington Mutual and INTNED 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 Washington Mutual with a short position of INTNED. Check out your portfolio center. Please also check ongoing floating volatility patterns of Washington Mutual and INTNED.
Diversification Opportunities for Washington Mutual and INTNED
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Washington and INTNED is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Washington Mutual Investors and INTNED 547761 01 APR 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTNED 547761 01 and Washington Mutual 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 Washington Mutual Investors are associated (or correlated) with INTNED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTNED 547761 01 has no effect on the direction of Washington Mutual i.e., Washington Mutual and INTNED go up and down completely randomly.
Pair Corralation between Washington Mutual and INTNED
Assuming the 90 days horizon Washington Mutual Investors is expected to generate 5.38 times more return on investment than INTNED. However, Washington Mutual is 5.38 times more volatile than INTNED 547761 01 APR 27. It trades about 0.13 of its potential returns per unit of risk. INTNED 547761 01 APR 27 is currently generating about -0.3 per unit of risk. If you would invest 6,205 in Washington Mutual Investors on October 23, 2024 and sell it today you would earn a total of 96.00 from holding Washington Mutual Investors or generate 1.55% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 33.33% |
Values | Daily Returns |
Washington Mutual Investors vs. INTNED 547761 01 APR 27
Performance |
Timeline |
Washington Mutual |
INTNED 547761 01 |
Washington Mutual and INTNED Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Washington Mutual and INTNED
The main advantage of trading using opposite Washington Mutual and INTNED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Washington Mutual position performs unexpectedly, INTNED 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 INTNED will offset losses from the drop in INTNED's long position.Washington Mutual vs. Great West Goldman Sachs | Washington Mutual vs. Gabelli Gold Fund | Washington Mutual vs. Global Gold Fund | Washington Mutual vs. The Gold Bullion |
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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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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