Correlation Between Amundi Euro and Amundi SP
Specify exactly 2 symbols:
By analyzing existing cross correlation between Amundi Euro Stoxx and Amundi SP 500, you can compare the effects of market volatilities on Amundi Euro and Amundi SP 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 Amundi Euro with a short position of Amundi SP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amundi Euro and Amundi SP.
Diversification Opportunities for Amundi Euro and Amundi SP
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Amundi and Amundi is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Amundi Euro Stoxx and Amundi SP 500 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amundi SP 500 and Amundi Euro 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 Amundi Euro Stoxx are associated (or correlated) with Amundi SP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amundi SP 500 has no effect on the direction of Amundi Euro i.e., Amundi Euro and Amundi SP go up and down completely randomly.
Pair Corralation between Amundi Euro and Amundi SP
Assuming the 90 days trading horizon Amundi Euro Stoxx is expected to under-perform the Amundi SP. In addition to that, Amundi Euro is 1.73 times more volatile than Amundi SP 500. It trades about -0.12 of its total potential returns per unit of risk. Amundi SP 500 is currently generating about -0.07 per unit of volatility. If you would invest 1,237 in Amundi SP 500 on September 12, 2024 and sell it today you would lose (15.00) from holding Amundi SP 500 or give up 1.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Amundi Euro Stoxx vs. Amundi SP 500
Performance |
| Timeline |
| Amundi Euro Stoxx |
| Amundi SP 500 |
Amundi Euro and Amundi SP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amundi Euro and Amundi SP
The main advantage of trading using opposite Amundi Euro and Amundi SP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amundi Euro position performs unexpectedly, Amundi SP 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 SP will offset losses from the drop in Amundi SP's long position.| Amundi Euro vs. UBS Fund Solutions | Amundi Euro vs. Xtrackers II | Amundi Euro vs. Xtrackers Nikkei 225 | Amundi Euro vs. iShares VII PLC |
| Amundi SP vs. Amundi MSCI Europe | Amundi SP vs. Amundi Index Solutions | Amundi SP vs. Amundi Euro Stoxx | Amundi SP vs. Amundi Index Solutions |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |