Correlation Between AXIA Energia and Guidant Corp
Can any of the company-specific risk be diversified away by investing in both AXIA Energia and Guidant Corp 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 AXIA Energia and Guidant Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AXIA Energia and Guidant Corp, you can compare the effects of market volatilities on AXIA Energia and Guidant Corp 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 AXIA Energia with a short position of Guidant Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of AXIA Energia and Guidant Corp.
Diversification Opportunities for AXIA Energia and Guidant Corp
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AXIA and Guidant is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AXIA Energia and Guidant Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guidant Corp and AXIA Energia 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 AXIA Energia are associated (or correlated) with Guidant Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guidant Corp has no effect on the direction of AXIA Energia i.e., AXIA Energia and Guidant Corp go up and down completely randomly.
Pair Corralation between AXIA Energia and Guidant Corp
If you would invest 795.00 in AXIA Energia on November 4, 2025 and sell it today you would earn a total of 237.00 from holding AXIA Energia or generate 29.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
AXIA Energia vs. Guidant Corp
Performance |
| Timeline |
| AXIA Energia |
| Guidant Corp |
Risk-Adjusted Performance
Weakest
Weak | Strong |
AXIA Energia and Guidant Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AXIA Energia and Guidant Corp
The main advantage of trading using opposite AXIA Energia and Guidant Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AXIA Energia position performs unexpectedly, Guidant Corp 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 Guidant Corp will offset losses from the drop in Guidant Corp's long position.| AXIA Energia vs. Fortis Inc | AXIA Energia vs. CMS Energy | AXIA Energia vs. Southern Company | AXIA Energia vs. FirstEnergy |
| Guidant Corp vs. Franklin Templeton ETF | Guidant Corp vs. Altrius Global Dividend | Guidant Corp vs. Invesco Exchange Traded | Guidant Corp vs. Franklin International Core |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |