Correlation Between ENGIE Energia and Union Andina
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By analyzing existing cross correlation between ENGIE Energia Peru and Union Andina de, you can compare the effects of market volatilities on ENGIE Energia and Union Andina 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 ENGIE Energia with a short position of Union Andina. Check out your portfolio center. Please also check ongoing floating volatility patterns of ENGIE Energia and Union Andina.
Diversification Opportunities for ENGIE Energia and Union Andina
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ENGIE and Union is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ENGIE Energia Peru and Union Andina de in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Union Andina de and ENGIE Energia 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 ENGIE Energia Peru are associated (or correlated) with Union Andina. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Union Andina de has no effect on the direction of ENGIE Energia i.e., ENGIE Energia and Union Andina go up and down completely randomly.
Pair Corralation between ENGIE Energia and Union Andina
If you would invest (100.00) in Union Andina de on September 3, 2024 and sell it today you would earn a total of 100.00 from holding Union Andina de or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
ENGIE Energia Peru vs. Union Andina de
Performance |
| Timeline |
| ENGIE Energia Peru |
| Union Andina de |
ENGIE Energia and Union Andina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ENGIE Energia and Union Andina
The main advantage of trading using opposite ENGIE Energia and Union Andina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ENGIE Energia position performs unexpectedly, Union Andina 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 Union Andina will offset losses from the drop in Union Andina's long position.| ENGIE Energia vs. Banco de Credito | ENGIE Energia vs. InRetail Peru Corp | ENGIE Energia vs. Southern Copper Corp |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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