Correlation Between Axos Financial and Grupo Supervielle
Can any of the company-specific risk be diversified away by investing in both Axos Financial and Grupo Supervielle 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 Axos Financial and Grupo Supervielle into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Axos Financial and Grupo Supervielle SA, you can compare the effects of market volatilities on Axos Financial and Grupo Supervielle 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 Axos Financial with a short position of Grupo Supervielle. Check out your portfolio center. Please also check ongoing floating volatility patterns of Axos Financial and Grupo Supervielle.
Diversification Opportunities for Axos Financial and Grupo Supervielle
-0.89 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Axos and Grupo is -0.89. Overlapping area represents the amount of risk that can be diversified away by holding Axos Financial and Grupo Supervielle SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grupo Supervielle and Axos Financial 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 Axos Financial are associated (or correlated) with Grupo Supervielle. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grupo Supervielle has no effect on the direction of Axos Financial i.e., Axos Financial and Grupo Supervielle go up and down completely randomly.
Pair Corralation between Axos Financial and Grupo Supervielle
Allowing for the 90-day total investment horizon Axos Financial is expected to generate 0.41 times more return on investment than Grupo Supervielle. However, Axos Financial is 2.43 times less risky than Grupo Supervielle. It trades about -0.08 of its potential returns per unit of risk. Grupo Supervielle SA is currently generating about -0.16 per unit of risk. If you would invest 7,206 in Axos Financial on November 18, 2024 and sell it today you would lose (207.00) from holding Axos Financial or give up 2.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Axos Financial vs. Grupo Supervielle SA
Performance |
| Timeline |
| Axos Financial |
| Grupo Supervielle |
Axos Financial and Grupo Supervielle Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Axos Financial and Grupo Supervielle
The main advantage of trading using opposite Axos Financial and Grupo Supervielle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Axos Financial position performs unexpectedly, Grupo Supervielle 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 Grupo Supervielle will offset losses from the drop in Grupo Supervielle's long position.| Axos Financial vs. National Bank Holdings | Axos Financial vs. Community West Bancshares | Axos Financial vs. First Capital | Axos Financial vs. Home Bancorp |
| Grupo Supervielle vs. Grupo Financiero Galicia | Grupo Supervielle vs. BBVA Banco Frances | Grupo Supervielle vs. Itau Unibanco Banco | Grupo Supervielle vs. Banco Bradesco SA |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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