Correlation Between Intel and DISCOVER
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By analyzing existing cross correlation between Intel and DISCOVER FINL SVCS, you can compare the effects of market volatilities on Intel and DISCOVER 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 Intel with a short position of DISCOVER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and DISCOVER.
Diversification Opportunities for Intel and DISCOVER
Pay attention - limited upside
The 3 months correlation between Intel and DISCOVER is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Intel and DISCOVER FINL SVCS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DISCOVER FINL SVCS and Intel 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 Intel are associated (or correlated) with DISCOVER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DISCOVER FINL SVCS has no effect on the direction of Intel i.e., Intel and DISCOVER go up and down completely randomly.
Pair Corralation between Intel and DISCOVER
If you would invest 1,975 in Intel on November 30, 2024 and sell it today you would earn a total of 334.00 from holding Intel or generate 16.91% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 4.76% |
Values | Daily Returns |
Intel vs. DISCOVER FINL SVCS
Performance |
Timeline |
Intel |
DISCOVER FINL SVCS |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Intel and DISCOVER Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Intel and DISCOVER
The main advantage of trading using opposite Intel and DISCOVER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, DISCOVER 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 DISCOVER will offset losses from the drop in DISCOVER's long position.Intel vs. ASE Industrial Holding | ||
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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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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