Correlation Between Elfun Trusts and MORGAN
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By analyzing existing cross correlation between Elfun Trusts Elfun and MORGAN STANLEY 395, you can compare the effects of market volatilities on Elfun Trusts and MORGAN 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 MORGAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elfun Trusts and MORGAN.
Diversification Opportunities for Elfun Trusts and MORGAN
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Elfun and MORGAN is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Elfun Trusts Elfun and MORGAN STANLEY 395 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MORGAN STANLEY 5 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 MORGAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MORGAN STANLEY 5 has no effect on the direction of Elfun Trusts i.e., Elfun Trusts and MORGAN go up and down completely randomly.
Pair Corralation between Elfun Trusts and MORGAN
Assuming the 90 days horizon Elfun Trusts Elfun is expected to generate 1.77 times more return on investment than MORGAN. However, Elfun Trusts is 1.77 times more volatile than MORGAN STANLEY 395. It trades about 0.13 of its potential returns per unit of risk. MORGAN STANLEY 395 is currently generating about 0.01 per unit of risk. If you would invest 6,881 in Elfun Trusts Elfun on September 12, 2024 and sell it today you would earn a total of 3,074 from holding Elfun Trusts Elfun or generate 44.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.39% |
| Values | Daily Returns |
Elfun Trusts Elfun vs. MORGAN STANLEY 395
Performance |
| Timeline |
| Elfun Trusts Elfun |
| MORGAN STANLEY 5 |
Elfun Trusts and MORGAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elfun Trusts and MORGAN
The main advantage of trading using opposite Elfun Trusts and MORGAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elfun Trusts position performs unexpectedly, MORGAN 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 MORGAN will offset losses from the drop in MORGAN'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 |
| MORGAN vs. Ambev SA ADR | MORGAN vs. CECO Environmental Corp | MORGAN vs. Jacobs Solutions | MORGAN vs. Sandstorm Gold Ltd |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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