Correlation Between Amundi CAC and HSBC Multi
Can any of the company-specific risk be diversified away by investing in both Amundi CAC and HSBC Multi 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 Amundi CAC and HSBC Multi into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amundi CAC 40 and HSBC Multi Factor, you can compare the effects of market volatilities on Amundi CAC and HSBC Multi 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 CAC with a short position of HSBC Multi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amundi CAC and HSBC Multi.
Diversification Opportunities for Amundi CAC and HSBC Multi
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Amundi and HSBC is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Amundi CAC 40 and HSBC Multi Factor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HSBC Multi Factor and Amundi CAC 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 CAC 40 are associated (or correlated) with HSBC Multi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HSBC Multi Factor has no effect on the direction of Amundi CAC i.e., Amundi CAC and HSBC Multi go up and down completely randomly.
Pair Corralation between Amundi CAC and HSBC Multi
If you would invest 2,359 in HSBC Multi Factor on August 31, 2024 and sell it today you would earn a total of 0.00 from holding HSBC Multi Factor or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 63.64% |
| Values | Daily Returns |
Amundi CAC 40 vs. HSBC Multi Factor
Performance |
| Timeline |
| Amundi CAC 40 |
| HSBC Multi Factor |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Amundi CAC and HSBC Multi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amundi CAC and HSBC Multi
The main advantage of trading using opposite Amundi CAC and HSBC Multi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amundi CAC position performs unexpectedly, HSBC Multi 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 HSBC Multi will offset losses from the drop in HSBC Multi's long position.| Amundi CAC vs. Deutsche Telekom AG | Amundi CAC vs. Volkswagen AG | Amundi CAC vs. Bayerische Motoren Werke | Amundi CAC vs. Mnchener Rck AG |
| HSBC Multi vs. Lyxor UCITS Japan | HSBC Multi vs. Lyxor UCITS Japan | HSBC Multi vs. Lyxor UCITS Stoxx | HSBC Multi vs. Amundi CAC 40 |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |