Correlation Between Cboe UK and Amundi Nasdaq
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By analyzing existing cross correlation between Cboe UK Consumer and Amundi Nasdaq 100 UCITS, you can compare the effects of market volatilities on Cboe UK and Amundi Nasdaq 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 Cboe UK with a short position of Amundi Nasdaq. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cboe UK and Amundi Nasdaq.
Diversification Opportunities for Cboe UK and Amundi Nasdaq
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Cboe and Amundi is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Cboe UK Consumer and Amundi Nasdaq 100 UCITS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amundi Nasdaq 100 and Cboe UK 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 Cboe UK Consumer are associated (or correlated) with Amundi Nasdaq. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amundi Nasdaq 100 has no effect on the direction of Cboe UK i.e., Cboe UK and Amundi Nasdaq go up and down completely randomly.
Pair Corralation between Cboe UK and Amundi Nasdaq
Assuming the 90 days trading horizon Cboe UK is expected to generate 1.5 times less return on investment than Amundi Nasdaq. But when comparing it to its historical volatility, Cboe UK Consumer is 1.12 times less risky than Amundi Nasdaq. It trades about 0.08 of its potential returns per unit of risk. Amundi Nasdaq 100 UCITS is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 1,081,200 in Amundi Nasdaq 100 UCITS on September 4, 2024 and sell it today you would earn a total of 820,650 from holding Amundi Nasdaq 100 UCITS or generate 75.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 98.03% |
| Values | Daily Returns |
Cboe UK Consumer vs. Amundi Nasdaq 100 UCITS
Performance |
| Timeline |
Cboe UK and Amundi Nasdaq Volatility Contrast
Predicted Return Density |
| Returns |
Cboe UK Consumer
Pair trading matchups for Cboe UK
Amundi Nasdaq 100 UCITS
Pair trading matchups for Amundi Nasdaq
Pair Trading with Cboe UK and Amundi Nasdaq
The main advantage of trading using opposite Cboe UK and Amundi Nasdaq positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cboe UK position performs unexpectedly, Amundi Nasdaq 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 Amundi Nasdaq will offset losses from the drop in Amundi Nasdaq's long position.| Cboe UK vs. Bisichi Mining PLC | Cboe UK vs. United Airlines Holdings | Cboe UK vs. Blackrock World Mining | Cboe UK vs. Greenroc Mining PLC |
| Amundi Nasdaq vs. Amundi EUR High | Amundi Nasdaq vs. Amundi Index Solutions | Amundi Nasdaq vs. Amundi MSCI Pacific | Amundi Nasdaq vs. Amundi MSCI Europe |
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 Stocks Directory module to find actively traded stocks across global markets.
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