Correlation Between KeyCorp and ALTICE
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By analyzing existing cross correlation between KeyCorp and ALTICE FRANCE S, you can compare the effects of market volatilities on KeyCorp and ALTICE 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 KeyCorp with a short position of ALTICE. Check out your portfolio center. Please also check ongoing floating volatility patterns of KeyCorp and ALTICE.
Diversification Opportunities for KeyCorp and ALTICE
Weak diversification
The 3 months correlation between KeyCorp and ALTICE is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding KeyCorp and ALTICE FRANCE S in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALTICE FRANCE S and KeyCorp 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 KeyCorp are associated (or correlated) with ALTICE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALTICE FRANCE S has no effect on the direction of KeyCorp i.e., KeyCorp and ALTICE go up and down completely randomly.
Pair Corralation between KeyCorp and ALTICE
Assuming the 90 days trading horizon KeyCorp is expected to generate 0.47 times more return on investment than ALTICE. However, KeyCorp is 2.13 times less risky than ALTICE. It trades about 0.05 of its potential returns per unit of risk. ALTICE FRANCE S is currently generating about -0.01 per unit of risk. If you would invest 2,280 in KeyCorp on August 28, 2024 and sell it today you would earn a total of 224.00 from holding KeyCorp or generate 9.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 71.29% |
| Values | Daily Returns |
KeyCorp vs. ALTICE FRANCE S
Performance |
| Timeline |
| KeyCorp |
| ALTICE FRANCE S |
KeyCorp and ALTICE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KeyCorp and ALTICE
The main advantage of trading using opposite KeyCorp and ALTICE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KeyCorp position performs unexpectedly, ALTICE 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 ALTICE will offset losses from the drop in ALTICE's long position.| KeyCorp vs. KeyCorp | KeyCorp vs. Associated Banc Corp | KeyCorp vs. New York Community | KeyCorp vs. Synovus Financial Corp |
| ALTICE vs. Yuexiu Transport Infrastructure | ALTICE vs. JD Sports Fashion | ALTICE vs. East Africa Metals | ALTICE vs. Hooker Furniture |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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