Correlation Between Eyes On and Aspen Insurance
Can any of the company-specific risk be diversified away by investing in both Eyes On and Aspen Insurance 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 Eyes On and Aspen Insurance into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eyes On and Aspen Insurance Holdings, you can compare the effects of market volatilities on Eyes On and Aspen Insurance 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 Eyes On with a short position of Aspen Insurance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyes On and Aspen Insurance.
Diversification Opportunities for Eyes On and Aspen Insurance
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Eyes and Aspen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Eyes On and Aspen Insurance Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aspen Insurance Holdings and Eyes On 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 Eyes On are associated (or correlated) with Aspen Insurance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aspen Insurance Holdings has no effect on the direction of Eyes On i.e., Eyes On and Aspen Insurance go up and down completely randomly.
Pair Corralation between Eyes On and Aspen Insurance
If you would invest 1,983 in Aspen Insurance Holdings on September 3, 2024 and sell it today you would earn a total of 225.00 from holding Aspen Insurance Holdings or generate 11.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 18.49% |
| Values | Daily Returns |
Eyes On vs. Aspen Insurance Holdings
Performance |
| Timeline |
| Eyes On |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Aspen Insurance Holdings |
Eyes On and Aspen Insurance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eyes On and Aspen Insurance
The main advantage of trading using opposite Eyes On and Aspen Insurance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyes On position performs unexpectedly, Aspen Insurance 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 Aspen Insurance will offset losses from the drop in Aspen Insurance's long position.| Eyes On vs. Emerson Radio | Eyes On vs. Archrock | Eyes On vs. Cheniere Energy Partners | Eyes On vs. Antero Midstream Partners |
| Aspen Insurance vs. Aspen Insurance Holdings | Aspen Insurance vs. Selective Insurance Group | Aspen Insurance vs. The Allstate | Aspen Insurance vs. AmTrust Financial Services |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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