Correlation Between HSBC ETFs and Amundi EUR
Can any of the company-specific risk be diversified away by investing in both HSBC ETFs and Amundi EUR 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 HSBC ETFs and Amundi EUR into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HSBC ETFs Public and Amundi EUR High, you can compare the effects of market volatilities on HSBC ETFs and Amundi EUR 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 HSBC ETFs with a short position of Amundi EUR. Check out your portfolio center. Please also check ongoing floating volatility patterns of HSBC ETFs and Amundi EUR.
Diversification Opportunities for HSBC ETFs and Amundi EUR
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HSBC and Amundi is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HSBC ETFs Public and Amundi EUR High in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amundi EUR High and HSBC ETFs 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 HSBC ETFs Public are associated (or correlated) with Amundi EUR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amundi EUR High has no effect on the direction of HSBC ETFs i.e., HSBC ETFs and Amundi EUR go up and down completely randomly.
Pair Corralation between HSBC ETFs and Amundi EUR
If you would invest 10,096 in Amundi EUR High on August 27, 2024 and sell it today you would earn a total of 578.00 from holding Amundi EUR High or generate 5.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
HSBC ETFs Public vs. Amundi EUR High
Performance |
| Timeline |
| HSBC ETFs Public |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Amundi EUR High |
HSBC ETFs and Amundi EUR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HSBC ETFs and Amundi EUR
The main advantage of trading using opposite HSBC ETFs and Amundi EUR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HSBC ETFs position performs unexpectedly, Amundi EUR 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 Amundi EUR will offset losses from the drop in Amundi EUR's long position.| HSBC ETFs vs. HSBC FTSE EPRA | HSBC ETFs vs. HSBC SP 500 | HSBC ETFs vs. HSBC MSCI Emerging | HSBC ETFs vs. HSBC NASDAQ Global |
| Amundi EUR vs. Leverage Shares 2x | Amundi EUR vs. WisdomTree Silver 3x | Amundi EUR vs. Leverage Shares 2x | Amundi EUR vs. WisdomTree SP 500 |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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