Correlation Between Fondo Mutuo and Engie Energia
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By analyzing existing cross correlation between Fondo Mutuo ETF and Engie Energia Chile, you can compare the effects of market volatilities on Fondo Mutuo and Engie Energia 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 Fondo Mutuo with a short position of Engie Energia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fondo Mutuo and Engie Energia.
Diversification Opportunities for Fondo Mutuo and Engie Energia
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Fondo and Engie is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Fondo Mutuo ETF and Engie Energia Chile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Engie Energia Chile and Fondo Mutuo 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 Fondo Mutuo ETF are associated (or correlated) with Engie Energia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Engie Energia Chile has no effect on the direction of Fondo Mutuo i.e., Fondo Mutuo and Engie Energia go up and down completely randomly.
Pair Corralation between Fondo Mutuo and Engie Energia
Assuming the 90 days trading horizon Fondo Mutuo ETF is expected to generate 0.62 times more return on investment than Engie Energia. However, Fondo Mutuo ETF is 1.62 times less risky than Engie Energia. It trades about 0.03 of its potential returns per unit of risk. Engie Energia Chile is currently generating about 0.0 per unit of risk. If you would invest 133,269 in Fondo Mutuo ETF on September 20, 2024 and sell it today you would earn a total of 6,171 from holding Fondo Mutuo ETF or generate 4.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fondo Mutuo ETF vs. Engie Energia Chile
Performance |
| Timeline |
| Fondo Mutuo ETF |
| Engie Energia Chile |
Fondo Mutuo and Engie Energia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fondo Mutuo and Engie Energia
The main advantage of trading using opposite Fondo Mutuo and Engie Energia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fondo Mutuo position performs unexpectedly, Engie Energia 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 Engie Energia will offset losses from the drop in Engie Energia's long position.| Fondo Mutuo vs. Fondo De Inversion | Fondo Mutuo vs. Multiexport Foods SA | Fondo Mutuo vs. Sociedad Matriz SAAM | Fondo Mutuo vs. Soquicom |
| Engie Energia vs. Colbun | Engie Energia vs. Enel Chile SA | Engie Energia vs. CAP SA | Engie Energia vs. Enel Amricas SA |
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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