Correlation Between MetLife and 031162DP2
Specify exactly 2 symbols:
By analyzing existing cross correlation between MetLife and AMGN 515 02 MAR 28, you can compare the effects of market volatilities on MetLife 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 MetLife with a short position of 031162DP2. Check out your portfolio center. Please also check ongoing floating volatility patterns of MetLife and 031162DP2.
Diversification Opportunities for MetLife and 031162DP2
Very good diversification
The 3 months correlation between MetLife and 031162DP2 is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding MetLife 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 MetLife 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 MetLife 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 MetLife i.e., MetLife and 031162DP2 go up and down completely randomly.
Pair Corralation between MetLife and 031162DP2
Considering the 90-day investment horizon MetLife is expected to generate 2.27 times more return on investment than 031162DP2. However, MetLife is 2.27 times more volatile than AMGN 515 02 MAR 28. It trades about 0.0 of its potential returns per unit of risk. AMGN 515 02 MAR 28 is currently generating about -0.17 per unit of risk. If you would invest 8,177 in MetLife on September 12, 2024 and sell it today you would lose (3.00) from holding MetLife or give up 0.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
MetLife vs. AMGN 515 02 MAR 28
Performance |
| Timeline |
| MetLife |
| AMGN 515 02 |
MetLife and 031162DP2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MetLife and 031162DP2
The main advantage of trading using opposite MetLife and 031162DP2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MetLife 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.| MetLife vs. Lincoln National | MetLife vs. Aflac Incorporated | MetLife vs. Unum Group | MetLife vs. Manulife Financial Corp |
| 031162DP2 vs. Sea | 031162DP2 vs. Kite Realty Group | 031162DP2 vs. Doubledown Interactive Co | 031162DP2 vs. Boyd Gaming |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Stocks Directory Find actively traded stocks across global markets | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |