Correlation Between GE Aerospace and 98385XAM8
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By analyzing existing cross correlation between GE Aerospace and XTO ENERGY INC, you can compare the effects of market volatilities on GE Aerospace and 98385XAM8 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 GE Aerospace with a short position of 98385XAM8. Check out your portfolio center. Please also check ongoing floating volatility patterns of GE Aerospace and 98385XAM8.
Diversification Opportunities for GE Aerospace and 98385XAM8
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GE Aerospace and 98385XAM8 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GE Aerospace and XTO ENERGY INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XTO ENERGY INC and GE Aerospace 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 GE Aerospace are associated (or correlated) with 98385XAM8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XTO ENERGY INC has no effect on the direction of GE Aerospace i.e., GE Aerospace and 98385XAM8 go up and down completely randomly.
Pair Corralation between GE Aerospace and 98385XAM8
If you would invest 16,087 in GE Aerospace on September 2, 2024 and sell it today you would earn a total of 2,129 from holding GE Aerospace or generate 13.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
GE Aerospace vs. XTO ENERGY INC
Performance |
| Timeline |
| GE Aerospace |
| XTO ENERGY INC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
GE Aerospace and 98385XAM8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GE Aerospace and 98385XAM8
The main advantage of trading using opposite GE Aerospace and 98385XAM8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GE Aerospace position performs unexpectedly, 98385XAM8 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 98385XAM8 will offset losses from the drop in 98385XAM8's long position.| GE Aerospace vs. Illinois Tool Works | GE Aerospace vs. Dover | GE Aerospace vs. Cummins | GE Aerospace vs. Eaton PLC |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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