Correlation Between US Global and 00108WAF7
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By analyzing existing cross correlation between US Global Investors and AEP TEX INC, you can compare the effects of market volatilities on US Global and 00108WAF7 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 US Global with a short position of 00108WAF7. Check out your portfolio center. Please also check ongoing floating volatility patterns of US Global and 00108WAF7.
Diversification Opportunities for US Global and 00108WAF7
Good diversification
The 3 months correlation between GROW and 00108WAF7 is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding US Global Investors and AEP TEX INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AEP TEX INC and US Global 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 US Global Investors are associated (or correlated) with 00108WAF7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AEP TEX INC has no effect on the direction of US Global i.e., US Global and 00108WAF7 go up and down completely randomly.
Pair Corralation between US Global and 00108WAF7
Given the investment horizon of 90 days US Global Investors is expected to under-perform the 00108WAF7. But the stock apears to be less risky and, when comparing its historical volatility, US Global Investors is 82.72 times less risky than 00108WAF7. The stock trades about -0.01 of its potential returns per unit of risk. The AEP TEX INC is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 7,391 in AEP TEX INC on November 9, 2024 and sell it today you would earn a total of 7.00 from holding AEP TEX INC or generate 0.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 61.87% |
| Values | Daily Returns |
US Global Investors vs. AEP TEX INC
Performance |
| Timeline |
| US Global Investors |
| AEP TEX INC |
US Global and 00108WAF7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with US Global and 00108WAF7
The main advantage of trading using opposite US Global and 00108WAF7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if US Global position performs unexpectedly, 00108WAF7 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 00108WAF7 will offset losses from the drop in 00108WAF7's long position.| US Global vs. Gladstone Investment | US Global vs. PennantPark Floating Rate | US Global vs. Horizon Technology Finance | US Global vs. Stellus Capital Investment |
| 00108WAF7 vs. BioNTech SE | 00108WAF7 vs. Molecular Partners AG | 00108WAF7 vs. Nuvalent | 00108WAF7 vs. Regeneron Pharmaceuticals |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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