Correlation Between MetLife and AVIAGP
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By analyzing existing cross correlation between MetLife and AVIAGP 9 01 DEC 28, you can compare the effects of market volatilities on MetLife and AVIAGP 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 AVIAGP. Check out your portfolio center. Please also check ongoing floating volatility patterns of MetLife and AVIAGP.
Diversification Opportunities for MetLife and AVIAGP
Good diversification
The 3 months correlation between MetLife and AVIAGP is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding MetLife and AVIAGP 9 01 DEC 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AVIAGP 9 01 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 AVIAGP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AVIAGP 9 01 has no effect on the direction of MetLife i.e., MetLife and AVIAGP go up and down completely randomly.
Pair Corralation between MetLife and AVIAGP
Considering the 90-day investment horizon MetLife is expected to generate 1.11 times more return on investment than AVIAGP. However, MetLife is 1.11 times more volatile than AVIAGP 9 01 DEC 28. It trades about 0.08 of its potential returns per unit of risk. AVIAGP 9 01 DEC 28 is currently generating about 0.0 per unit of risk. If you would invest 5,809 in MetLife on September 12, 2024 and sell it today you would earn a total of 2,365 from holding MetLife or generate 40.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 70.45% |
| Values | Daily Returns |
MetLife vs. AVIAGP 9 01 DEC 28
Performance |
| Timeline |
| MetLife |
| AVIAGP 9 01 |
MetLife and AVIAGP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MetLife and AVIAGP
The main advantage of trading using opposite MetLife and AVIAGP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MetLife position performs unexpectedly, AVIAGP 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 AVIAGP will offset losses from the drop in AVIAGP's long position.| MetLife vs. Lincoln National | MetLife vs. Aflac Incorporated | MetLife vs. Unum Group | MetLife vs. Manulife Financial Corp |
| AVIAGP vs. Sealed Air | AVIAGP vs. Ecolab Inc | AVIAGP vs. Axalta Coating Systems | AVIAGP vs. East Africa Metals |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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