Correlation Between IShares Expanded and EXELON
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By analyzing existing cross correlation between iShares Expanded Tech Software and EXELON P 51, you can compare the effects of market volatilities on IShares Expanded and EXELON 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 IShares Expanded with a short position of EXELON. Check out your portfolio center. Please also check ongoing floating volatility patterns of IShares Expanded and EXELON.
Diversification Opportunities for IShares Expanded and EXELON
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between IShares and EXELON is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding iShares Expanded Tech Software and EXELON P 51 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXELON P 51 and IShares Expanded 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 iShares Expanded Tech Software are associated (or correlated) with EXELON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXELON P 51 has no effect on the direction of IShares Expanded i.e., IShares Expanded and EXELON go up and down completely randomly.
Pair Corralation between IShares Expanded and EXELON
Considering the 90-day investment horizon iShares Expanded Tech Software is expected to under-perform the EXELON. In addition to that, IShares Expanded is 1.17 times more volatile than EXELON P 51. It trades about -0.09 of its total potential returns per unit of risk. EXELON P 51 is currently generating about 0.16 per unit of volatility. If you would invest 9,086 in EXELON P 51 on November 28, 2024 and sell it today you would earn a total of 352.00 from holding EXELON P 51 or generate 3.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
iShares Expanded Tech Software vs. EXELON P 51
Performance |
| Timeline |
| iShares Expanded Tech |
| EXELON P 51 |
IShares Expanded and EXELON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IShares Expanded and EXELON
The main advantage of trading using opposite IShares Expanded and EXELON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IShares Expanded position performs unexpectedly, EXELON 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 EXELON will offset losses from the drop in EXELON's long position.| IShares Expanded vs. Ultimus Managers Trust | IShares Expanded vs. American Beacon Select | IShares Expanded vs. First Trust Indxx | IShares Expanded vs. Direxion Daily Regional |
| EXELON vs. Amkor Technology | EXELON vs. FARO Technologies | EXELON vs. Western Digital | EXELON vs. The Coca Cola |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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