Correlation Between Enel Generacin and AFP Habitat
Specify exactly 2 symbols:
By analyzing existing cross correlation between Enel Generacin Chile and AFP Habitat, you can compare the effects of market volatilities on Enel Generacin and AFP Habitat 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 Enel Generacin with a short position of AFP Habitat. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enel Generacin and AFP Habitat.
Diversification Opportunities for Enel Generacin and AFP Habitat
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Enel and AFP is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Enel Generacin Chile and AFP Habitat in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AFP Habitat and Enel Generacin 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 Enel Generacin Chile are associated (or correlated) with AFP Habitat. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AFP Habitat has no effect on the direction of Enel Generacin i.e., Enel Generacin and AFP Habitat go up and down completely randomly.
Pair Corralation between Enel Generacin and AFP Habitat
Assuming the 90 days trading horizon Enel Generacin Chile is expected to generate 1.47 times more return on investment than AFP Habitat. However, Enel Generacin is 1.47 times more volatile than AFP Habitat. It trades about 0.4 of its potential returns per unit of risk. AFP Habitat is currently generating about 0.02 per unit of risk. If you would invest 34,731 in Enel Generacin Chile on August 28, 2024 and sell it today you would earn a total of 2,455 from holding Enel Generacin Chile or generate 7.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Enel Generacin Chile vs. AFP Habitat
Performance |
| Timeline |
| Enel Generacin Chile |
| AFP Habitat |
Enel Generacin and AFP Habitat Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enel Generacin and AFP Habitat
The main advantage of trading using opposite Enel Generacin and AFP Habitat positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enel Generacin position performs unexpectedly, AFP Habitat 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 AFP Habitat will offset losses from the drop in AFP Habitat's long position.| Enel Generacin vs. Enel Amricas SA | Enel Generacin vs. Enel Chile SA | Enel Generacin vs. Aguas Andinas SA | Enel Generacin vs. Parq Arauco |
| AFP Habitat vs. Administradora Americana de | AFP Habitat vs. Multiexport Foods SA | AFP Habitat vs. Sociedad Matriz SAAM | AFP Habitat vs. Nitratos de Chile |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |