Correlation Between Elfun Trusts and UOBSP
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By analyzing existing cross correlation between Elfun Trusts Elfun and UOBSP 3863 07 OCT 32, you can compare the effects of market volatilities on Elfun Trusts and UOBSP 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 UOBSP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elfun Trusts and UOBSP.
Diversification Opportunities for Elfun Trusts and UOBSP
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Elfun and UOBSP is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Elfun Trusts Elfun and UOBSP 3863 07 OCT 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UOBSP 3863 07 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 UOBSP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UOBSP 3863 07 has no effect on the direction of Elfun Trusts i.e., Elfun Trusts and UOBSP go up and down completely randomly.
Pair Corralation between Elfun Trusts and UOBSP
Assuming the 90 days horizon Elfun Trusts Elfun is expected to generate 1.66 times more return on investment than UOBSP. However, Elfun Trusts is 1.66 times more volatile than UOBSP 3863 07 OCT 32. It trades about 0.13 of its potential returns per unit of risk. UOBSP 3863 07 OCT 32 is currently generating about 0.14 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 Together |
| Strength | Significant |
| Accuracy | 18.48% |
| Values | Daily Returns |
Elfun Trusts Elfun vs. UOBSP 3863 07 OCT 32
Performance |
| Timeline |
| Elfun Trusts Elfun |
| UOBSP 3863 07 |
Elfun Trusts and UOBSP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elfun Trusts and UOBSP
The main advantage of trading using opposite Elfun Trusts and UOBSP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elfun Trusts position performs unexpectedly, UOBSP 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 UOBSP will offset losses from the drop in UOBSP'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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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