Correlation Between Ituran Location and Ardagh
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By analyzing existing cross correlation between Ituran Location and and Ardagh Packaging Finance, you can compare the effects of market volatilities on Ituran Location and Ardagh 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 Ituran Location with a short position of Ardagh. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ituran Location and Ardagh.
Diversification Opportunities for Ituran Location and Ardagh
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ituran and Ardagh is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding Ituran Location and and Ardagh Packaging Finance in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ardagh Packaging Finance and Ituran Location 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 Ituran Location and are associated (or correlated) with Ardagh. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ardagh Packaging Finance has no effect on the direction of Ituran Location i.e., Ituran Location and Ardagh go up and down completely randomly.
Pair Corralation between Ituran Location and Ardagh
Given the investment horizon of 90 days Ituran Location and is expected to generate 0.19 times more return on investment than Ardagh. However, Ituran Location and is 5.21 times less risky than Ardagh. It trades about 0.18 of its potential returns per unit of risk. Ardagh Packaging Finance is currently generating about -0.01 per unit of risk. If you would invest 2,670 in Ituran Location and on September 12, 2024 and sell it today you would earn a total of 433.00 from holding Ituran Location and or generate 16.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 57.81% |
| Values | Daily Returns |
Ituran Location and vs. Ardagh Packaging Finance
Performance |
| Timeline |
| Ituran Location |
| Ardagh Packaging Finance |
Ituran Location and Ardagh Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ituran Location and Ardagh
The main advantage of trading using opposite Ituran Location and Ardagh positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ituran Location position performs unexpectedly, Ardagh 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 Ardagh will offset losses from the drop in Ardagh's long position.| Ituran Location vs. Silicom | Ituran Location vs. Allot Communications | Ituran Location vs. Sapiens International | Ituran Location vs. Formula Systems 1985 |
| Ardagh vs. Old Republic International | Ardagh vs. Sonos Inc | Ardagh vs. Integrated Drilling Equipment | Ardagh vs. Aegon NV ADR |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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