Correlation Between Elfun Trusts and BCECN
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By analyzing existing cross correlation between Elfun Trusts Elfun and BCECN 215 15 FEB 32, you can compare the effects of market volatilities on Elfun Trusts and BCECN 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 Elfun Trusts with a short position of BCECN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elfun Trusts and BCECN.
Diversification Opportunities for Elfun Trusts and BCECN
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Elfun and BCECN is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Elfun Trusts Elfun and BCECN 215 15 FEB 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BCECN 215 15 and Elfun Trusts 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 Elfun Trusts Elfun are associated (or correlated) with BCECN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BCECN 215 15 has no effect on the direction of Elfun Trusts i.e., Elfun Trusts and BCECN go up and down completely randomly.
Pair Corralation between Elfun Trusts and BCECN
Assuming the 90 days horizon Elfun Trusts Elfun is expected to generate 1.01 times more return on investment than BCECN. However, Elfun Trusts is 1.01 times more volatile than BCECN 215 15 FEB 32. It trades about 0.12 of its potential returns per unit of risk. BCECN 215 15 FEB 32 is currently generating about 0.0 per unit of risk. If you would invest 6,999 in Elfun Trusts Elfun on September 12, 2024 and sell it today you would earn a total of 2,956 from holding Elfun Trusts Elfun or generate 42.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 74.43% |
| Values | Daily Returns |
Elfun Trusts Elfun vs. BCECN 215 15 FEB 32
Performance |
| Timeline |
| Elfun Trusts Elfun |
| BCECN 215 15 |
Elfun Trusts and BCECN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elfun Trusts and BCECN
The main advantage of trading using opposite Elfun Trusts and BCECN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elfun Trusts position performs unexpectedly, BCECN 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 BCECN will offset losses from the drop in BCECN's long position.| Elfun Trusts vs. Elfun Government Money | Elfun Trusts vs. Elfun International Equity | Elfun Trusts vs. Elfun Income Fund | Elfun Trusts vs. Elfun Diversified Fund |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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