Correlation Between Elfun Trusts and NOVARTIS
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By analyzing existing cross correlation between Elfun Trusts Elfun and NOVARTIS CAPITAL P, you can compare the effects of market volatilities on Elfun Trusts and NOVARTIS 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 NOVARTIS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elfun Trusts and NOVARTIS.
Diversification Opportunities for Elfun Trusts and NOVARTIS
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Elfun and NOVARTIS is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Elfun Trusts Elfun and NOVARTIS CAPITAL P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NOVARTIS CAPITAL P 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 NOVARTIS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NOVARTIS CAPITAL P has no effect on the direction of Elfun Trusts i.e., Elfun Trusts and NOVARTIS go up and down completely randomly.
Pair Corralation between Elfun Trusts and NOVARTIS
Assuming the 90 days horizon Elfun Trusts Elfun is expected to under-perform the NOVARTIS. In addition to that, Elfun Trusts is 1.1 times more volatile than NOVARTIS CAPITAL P. It trades about -0.21 of its total potential returns per unit of risk. NOVARTIS CAPITAL P is currently generating about 0.11 per unit of volatility. If you would invest 6,526 in NOVARTIS CAPITAL P on December 6, 2024 and sell it today you would earn a total of 94.00 from holding NOVARTIS CAPITAL P or generate 1.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 68.18% |
| Values | Daily Returns |
Elfun Trusts Elfun vs. NOVARTIS CAPITAL P
Performance |
| Timeline |
| Elfun Trusts Elfun |
| NOVARTIS CAPITAL P |
Elfun Trusts and NOVARTIS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elfun Trusts and NOVARTIS
The main advantage of trading using opposite Elfun Trusts and NOVARTIS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elfun Trusts position performs unexpectedly, NOVARTIS 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 NOVARTIS will offset losses from the drop in NOVARTIS's long position.| Elfun Trusts vs. Tfa Alphagen Growth | Elfun Trusts vs. Templeton Growth Fund | Elfun Trusts vs. Oklahoma College Savings | Elfun Trusts vs. Multimanager Lifestyle Growth |
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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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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