Correlation Between Metro AG and Sysco
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By analyzing existing cross correlation between Metro AG and Sysco, you can compare the effects of market volatilities on Metro AG and Sysco 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 Metro AG with a short position of Sysco. Check out your portfolio center. Please also check ongoing floating volatility patterns of Metro AG and Sysco.
Diversification Opportunities for Metro AG and Sysco
Pay attention - limited upside
The 3 months correlation between Metro and Sysco is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Metro AG and Sysco in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sysco and Metro AG 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 Metro AG are associated (or correlated) with Sysco. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sysco has no effect on the direction of Metro AG i.e., Metro AG and Sysco go up and down completely randomly.
Pair Corralation between Metro AG and Sysco
Assuming the 90 days trading horizon Metro AG is expected to under-perform the Sysco. In addition to that, Metro AG is 3.59 times more volatile than Sysco. It trades about -0.1 of its total potential returns per unit of risk. Sysco is currently generating about 0.16 per unit of volatility. If you would invest 6,920 in Sysco on September 3, 2024 and sell it today you would earn a total of 302.00 from holding Sysco or generate 4.36% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 76.19% |
Values | Daily Returns |
Metro AG vs. Sysco
Performance |
Timeline |
Metro AG |
Sysco |
Metro AG and Sysco Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Metro AG and Sysco
The main advantage of trading using opposite Metro AG and Sysco positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Metro AG position performs unexpectedly, Sysco 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 Sysco will offset losses from the drop in Sysco's long position.Metro AG vs. Performance Food Group | Metro AG vs. Superior Plus Corp | Metro AG vs. NMI Holdings | Metro AG vs. Origin Agritech |
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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