Correlation Between Harel Index and Harel Sal
Specify exactly 2 symbols:
By analyzing existing cross correlation between Harel Index Funds and Harel Sal SP, you can compare the effects of market volatilities on Harel Index and Harel Sal 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 Harel Index with a short position of Harel Sal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harel Index and Harel Sal.
Diversification Opportunities for Harel Index and Harel Sal
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Harel and Harel is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Harel Index Funds and Harel Sal SP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harel Sal SP and Harel Index 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 Harel Index Funds are associated (or correlated) with Harel Sal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harel Sal SP has no effect on the direction of Harel Index i.e., Harel Index and Harel Sal go up and down completely randomly.
Pair Corralation between Harel Index and Harel Sal
Assuming the 90 days trading horizon Harel Index is expected to generate 2.06 times less return on investment than Harel Sal. But when comparing it to its historical volatility, Harel Index Funds is 1.08 times less risky than Harel Sal. It trades about 0.07 of its potential returns per unit of risk. Harel Sal SP is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 424,200 in Harel Sal SP on August 31, 2024 and sell it today you would earn a total of 161,300 from holding Harel Sal SP or generate 38.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.66% |
| Values | Daily Returns |
Harel Index Funds vs. Harel Sal SP
Performance |
| Timeline |
| Harel Index Funds |
| Harel Sal SP |
Harel Index and Harel Sal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harel Index and Harel Sal
The main advantage of trading using opposite Harel Index and Harel Sal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harel Index position performs unexpectedly, Harel Sal 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 Harel Sal will offset losses from the drop in Harel Sal's long position.| Harel Index vs. Harel Index Funds | Harel Index vs. Harel Sal Tel Bond | Harel Index vs. Harel Index Funds | Harel Index vs. Harel Index Funds |
| Harel Sal vs. Harel Index Funds | Harel Sal vs. Harel Sal Tel Bond | Harel Sal vs. Harel Index Funds | Harel Sal vs. Harel Index Funds |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |