Correlation Between Elfun Trusts and 90331HPL1
Specify exactly 2 symbols:
By analyzing existing cross correlation between Elfun Trusts Elfun and US BANK NATIONAL, you can compare the effects of market volatilities on Elfun Trusts and 90331HPL1 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 90331HPL1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elfun Trusts and 90331HPL1.
Diversification Opportunities for Elfun Trusts and 90331HPL1
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Elfun and 90331HPL1 is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Elfun Trusts Elfun and US BANK NATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US BANK NATIONAL 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 90331HPL1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US BANK NATIONAL has no effect on the direction of Elfun Trusts i.e., Elfun Trusts and 90331HPL1 go up and down completely randomly.
Pair Corralation between Elfun Trusts and 90331HPL1
Assuming the 90 days horizon Elfun Trusts Elfun is expected to generate 0.81 times more return on investment than 90331HPL1. However, Elfun Trusts Elfun is 1.24 times less risky than 90331HPL1. It trades about 0.11 of its potential returns per unit of risk. US BANK NATIONAL is currently generating about -0.11 per unit of risk. If you would invest 9,535 in Elfun Trusts Elfun on September 19, 2024 and sell it today you would earn a total of 452.00 from holding Elfun Trusts Elfun or generate 4.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 60.32% |
| Values | Daily Returns |
Elfun Trusts Elfun vs. US BANK NATIONAL
Performance |
| Timeline |
| Elfun Trusts Elfun |
| US BANK NATIONAL |
Elfun Trusts and 90331HPL1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elfun Trusts and 90331HPL1
The main advantage of trading using opposite Elfun Trusts and 90331HPL1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elfun Trusts position performs unexpectedly, 90331HPL1 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 90331HPL1 will offset losses from the drop in 90331HPL1'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 |
| 90331HPL1 vs. SkyWest | 90331HPL1 vs. Southwest Airlines | 90331HPL1 vs. Sun Country Airlines | 90331HPL1 vs. Inflection Point Acquisition |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |