Correlation Between Elfun Trusts and 594918AM6
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By analyzing existing cross correlation between Elfun Trusts Elfun and MICROSOFT P 53, you can compare the effects of market volatilities on Elfun Trusts and 594918AM6 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 594918AM6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elfun Trusts and 594918AM6.
Diversification Opportunities for Elfun Trusts and 594918AM6
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Elfun and 594918AM6 is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Elfun Trusts Elfun and MICROSOFT P 53 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MICROSOFT P 53 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 594918AM6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MICROSOFT P 53 has no effect on the direction of Elfun Trusts i.e., Elfun Trusts and 594918AM6 go up and down completely randomly.
Pair Corralation between Elfun Trusts and 594918AM6
Assuming the 90 days horizon Elfun Trusts Elfun is expected to generate 0.73 times more return on investment than 594918AM6. However, Elfun Trusts Elfun is 1.38 times less risky than 594918AM6. It trades about 0.27 of its potential returns per unit of risk. MICROSOFT P 53 is currently generating about -0.26 per unit of risk. If you would invest 9,722 in Elfun Trusts Elfun on September 19, 2024 and sell it today you would earn a total of 265.00 from holding Elfun Trusts Elfun or generate 2.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Elfun Trusts Elfun vs. MICROSOFT P 53
Performance |
| Timeline |
| Elfun Trusts Elfun |
| MICROSOFT P 53 |
Elfun Trusts and 594918AM6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elfun Trusts and 594918AM6
The main advantage of trading using opposite Elfun Trusts and 594918AM6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elfun Trusts position performs unexpectedly, 594918AM6 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 594918AM6 will offset losses from the drop in 594918AM6's long position.| Elfun Trusts vs. State Street Target | Elfun Trusts vs. State Street Target | Elfun Trusts vs. Ssga International Stock | Elfun Trusts vs. State Street Target |
| 594918AM6 vs. Grupo Aeroportuario del | 594918AM6 vs. Century Aluminum | 594918AM6 vs. Sandstorm Gold Ltd | 594918AM6 vs. Mesa Air Group |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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