Correlation Between Amundi Physical and Invesco Physical
Can any of the company-specific risk be diversified away by investing in both Amundi Physical and Invesco Physical at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Amundi Physical and Invesco Physical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amundi Physical Gold and Invesco Physical Silver, you can compare the effects of market volatilities on Amundi Physical and Invesco Physical 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 Amundi Physical with a short position of Invesco Physical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amundi Physical and Invesco Physical.
Diversification Opportunities for Amundi Physical and Invesco Physical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Amundi and Invesco is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Amundi Physical Gold and Invesco Physical Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Invesco Physical Silver and Amundi Physical 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 Amundi Physical Gold are associated (or correlated) with Invesco Physical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Invesco Physical Silver has no effect on the direction of Amundi Physical i.e., Amundi Physical and Invesco Physical go up and down completely randomly.
Pair Corralation between Amundi Physical and Invesco Physical
Assuming the 90 days trading horizon Amundi Physical Gold is expected to generate 0.59 times more return on investment than Invesco Physical. However, Amundi Physical Gold is 1.7 times less risky than Invesco Physical. It trades about 0.18 of its potential returns per unit of risk. Invesco Physical Silver is currently generating about 0.02 per unit of risk. If you would invest 831,888 in Amundi Physical Gold on October 26, 2024 and sell it today you would earn a total of 53,075 from holding Amundi Physical Gold or generate 6.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Amundi Physical Gold vs. Invesco Physical Silver
Performance |
| Timeline |
| Amundi Physical Gold |
| Invesco Physical Silver |
Amundi Physical and Invesco Physical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amundi Physical and Invesco Physical
The main advantage of trading using opposite Amundi Physical and Invesco Physical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amundi Physical position performs unexpectedly, Invesco Physical 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 Invesco Physical will offset losses from the drop in Invesco Physical's long position.| Amundi Physical vs. bet at home AG | Amundi Physical vs. Synthomer plc | Amundi Physical vs. Beazer Homes USA | Amundi Physical vs. Raymond James Financial |
| Invesco Physical vs. Amundi Physical Gold | Invesco Physical vs. iShares Physical Silver | Invesco Physical vs. iShares Physical Silver | Invesco Physical vs. WisdomTree Core Physical |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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