Correlation Between ICC Holdings and 031162DP2
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By analyzing existing cross correlation between ICC Holdings and AMGN 515 02 MAR 28, you can compare the effects of market volatilities on ICC Holdings and 031162DP2 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 ICC Holdings with a short position of 031162DP2. Check out your portfolio center. Please also check ongoing floating volatility patterns of ICC Holdings and 031162DP2.
Diversification Opportunities for ICC Holdings and 031162DP2
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ICC and 031162DP2 is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding ICC Holdings and AMGN 515 02 MAR 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGN 515 02 and ICC Holdings 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 ICC Holdings are associated (or correlated) with 031162DP2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMGN 515 02 has no effect on the direction of ICC Holdings i.e., ICC Holdings and 031162DP2 go up and down completely randomly.
Pair Corralation between ICC Holdings and 031162DP2
Given the investment horizon of 90 days ICC Holdings is expected to generate 133.0 times more return on investment than 031162DP2. However, ICC Holdings is 133.0 times more volatile than AMGN 515 02 MAR 28. It trades about 0.05 of its potential returns per unit of risk. AMGN 515 02 MAR 28 is currently generating about -0.01 per unit of risk. If you would invest 1,575 in ICC Holdings on September 14, 2024 and sell it today you would earn a total of 755.00 from holding ICC Holdings or generate 47.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.22% |
| Values | Daily Returns |
ICC Holdings vs. AMGN 515 02 MAR 28
Performance |
| Timeline |
| ICC Holdings |
| AMGN 515 02 |
ICC Holdings and 031162DP2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ICC Holdings and 031162DP2
The main advantage of trading using opposite ICC Holdings and 031162DP2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ICC Holdings position performs unexpectedly, 031162DP2 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 031162DP2 will offset losses from the drop in 031162DP2's long position.| ICC Holdings vs. Employers Holdings | ICC Holdings vs. AMERISAFE | ICC Holdings vs. NMI Holdings | ICC Holdings vs. Investors Title |
| 031162DP2 vs. High Performance Beverages | 031162DP2 vs. ICC Holdings | 031162DP2 vs. Aegon NV ADR | 031162DP2 vs. Cleantech Power Corp |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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