Correlation Between SPASX 300 and Charter Hall
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By analyzing existing cross correlation between SPASX 300 Media and Charter Hall Retail, you can compare the effects of market volatilities on SPASX 300 and Charter Hall 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 SPASX 300 with a short position of Charter Hall. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPASX 300 and Charter Hall.
Diversification Opportunities for SPASX 300 and Charter Hall
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SPASX and Charter is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding SPASX 300 Media and Charter Hall Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Charter Hall Retail and SPASX 300 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 SPASX 300 Media are associated (or correlated) with Charter Hall. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Charter Hall Retail has no effect on the direction of SPASX 300 i.e., SPASX 300 and Charter Hall go up and down completely randomly.
Pair Corralation between SPASX 300 and Charter Hall
Assuming the 90 days trading horizon SPASX 300 Media is expected to generate 0.99 times more return on investment than Charter Hall. However, SPASX 300 Media is 1.01 times less risky than Charter Hall. It trades about -0.14 of its potential returns per unit of risk. Charter Hall Retail is currently generating about -0.2 per unit of risk. If you would invest 260,593 in SPASX 300 Media on September 15, 2024 and sell it today you would lose (8,559) from holding SPASX 300 Media or give up 3.28% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPASX 300 Media vs. Charter Hall Retail
Performance |
| Timeline |
SPASX 300 and Charter Hall Volatility Contrast
Predicted Return Density |
| Returns |
SPASX 300 Media
Pair trading matchups for SPASX 300
Charter Hall Retail
Pair trading matchups for Charter Hall
Pair Trading with SPASX 300 and Charter Hall
The main advantage of trading using opposite SPASX 300 and Charter Hall positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPASX 300 position performs unexpectedly, Charter Hall 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 Charter Hall will offset losses from the drop in Charter Hall's long position.| SPASX 300 vs. Charter Hall Retail | SPASX 300 vs. Health and Plant | SPASX 300 vs. Apiam Animal Health | SPASX 300 vs. Healthco Healthcare and |
| Charter Hall vs. Australian Agricultural | Charter Hall vs. Air New Zealand | Charter Hall vs. Retail Food Group | Charter Hall vs. Australian Strategic Materials |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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