Correlation Between Axa Equitable and 94973VAT4
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By analyzing existing cross correlation between Axa Equitable Holdings and ELV 58 15 AUG 40, you can compare the effects of market volatilities on Axa Equitable and 94973VAT4 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 Axa Equitable with a short position of 94973VAT4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Axa Equitable and 94973VAT4.
Diversification Opportunities for Axa Equitable and 94973VAT4
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Axa and 94973VAT4 is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding Axa Equitable Holdings and ELV 58 15 AUG 40 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ELV 58 15 and Axa Equitable 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 Axa Equitable Holdings are associated (or correlated) with 94973VAT4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ELV 58 15 has no effect on the direction of Axa Equitable i.e., Axa Equitable and 94973VAT4 go up and down completely randomly.
Pair Corralation between Axa Equitable and 94973VAT4
Considering the 90-day investment horizon Axa Equitable is expected to generate 1.29 times less return on investment than 94973VAT4. But when comparing it to its historical volatility, Axa Equitable Holdings is 1.32 times less risky than 94973VAT4. It trades about 0.07 of its potential returns per unit of risk. ELV 58 15 AUG 40 is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 9,748 in ELV 58 15 AUG 40 on November 2, 2024 and sell it today you would earn a total of 1,111 from holding ELV 58 15 AUG 40 or generate 11.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 15.42% |
| Values | Daily Returns |
Axa Equitable Holdings vs. ELV 58 15 AUG 40
Performance |
| Timeline |
| Axa Equitable Holdings |
| ELV 58 15 |
Axa Equitable and 94973VAT4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Axa Equitable and 94973VAT4
The main advantage of trading using opposite Axa Equitable and 94973VAT4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Axa Equitable position performs unexpectedly, 94973VAT4 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 94973VAT4 will offset losses from the drop in 94973VAT4's long position.| Axa Equitable vs. American International Group | Axa Equitable vs. Arch Capital Group | Axa Equitable vs. Old Republic International | Axa Equitable vs. Sun Life Financial |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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