Correlation Between Dow Jones and 28622HAC5
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By analyzing existing cross correlation between Dow Jones Industrial and ELV 5125 15 FEB 53, you can compare the effects of market volatilities on Dow Jones and 28622HAC5 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 Dow Jones with a short position of 28622HAC5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dow Jones and 28622HAC5.
Diversification Opportunities for Dow Jones and 28622HAC5
Excellent diversification
The 3 months correlation between Dow and 28622HAC5 is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Dow Jones Industrial and ELV 5125 15 FEB 53 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ELV 5125 15 and Dow Jones 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 Dow Jones Industrial are associated (or correlated) with 28622HAC5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ELV 5125 15 has no effect on the direction of Dow Jones i.e., Dow Jones and 28622HAC5 go up and down completely randomly.
Pair Corralation between Dow Jones and 28622HAC5
Assuming the 90 days trading horizon Dow Jones Industrial is expected to generate 0.68 times more return on investment than 28622HAC5. However, Dow Jones Industrial is 1.47 times less risky than 28622HAC5. It trades about 0.08 of its potential returns per unit of risk. ELV 5125 15 FEB 53 is currently generating about 0.02 per unit of risk. If you would invest 3,347,646 in Dow Jones Industrial on August 30, 2024 and sell it today you would earn a total of 1,124,560 from holding Dow Jones Industrial or generate 33.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 87.68% |
| Values | Daily Returns |
Dow Jones Industrial vs. ELV 5125 15 FEB 53
Performance |
| Timeline |
Dow Jones and 28622HAC5 Volatility Contrast
Predicted Return Density |
| Returns |
Dow Jones Industrial
Pair trading matchups for Dow Jones
ELV 5125 15 FEB 53
Pair trading matchups for 28622HAC5
Pair Trading with Dow Jones and 28622HAC5
The main advantage of trading using opposite Dow Jones and 28622HAC5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dow Jones position performs unexpectedly, 28622HAC5 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 28622HAC5 will offset losses from the drop in 28622HAC5's long position.| Dow Jones vs. Kaltura | Dow Jones vs. Artisan Partners Asset | Dow Jones vs. US Global Investors | Dow Jones vs. Analog Devices |
| 28622HAC5 vs. AEP TEX INC | 28622HAC5 vs. US BANK NATIONAL | 28622HAC5 vs. PayPal Holdings | 28622HAC5 vs. IONQ Inc |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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