Correlation Between MetLife and CARRIER
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By analyzing existing cross correlation between MetLife and CARRIER GLOBAL P, you can compare the effects of market volatilities on MetLife and CARRIER 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 CARRIER. Check out your portfolio center. Please also check ongoing floating volatility patterns of MetLife and CARRIER.
Diversification Opportunities for MetLife and CARRIER
Pay attention - limited upside
The 3 months correlation between MetLife and CARRIER is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding MetLife and CARRIER GLOBAL P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CARRIER GLOBAL P 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 CARRIER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CARRIER GLOBAL P has no effect on the direction of MetLife i.e., MetLife and CARRIER go up and down completely randomly.
Pair Corralation between MetLife and CARRIER
Considering the 90-day investment horizon MetLife is expected to generate 3.41 times more return on investment than CARRIER. However, MetLife is 3.41 times more volatile than CARRIER GLOBAL P. It trades about 0.25 of its potential returns per unit of risk. CARRIER GLOBAL P is currently generating about -0.16 per unit of risk. If you would invest 7,801 in MetLife on September 5, 2024 and sell it today you would earn a total of 771.00 from holding MetLife or generate 9.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
MetLife vs. CARRIER GLOBAL P
Performance |
| Timeline |
| MetLife |
| CARRIER GLOBAL P |
MetLife and CARRIER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MetLife and CARRIER
The main advantage of trading using opposite MetLife and CARRIER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MetLife position performs unexpectedly, CARRIER 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 CARRIER will offset losses from the drop in CARRIER's long position.| MetLife vs. Aflac Incorporated | MetLife vs. Manulife Financial Corp | MetLife vs. Jackson Financial | MetLife vs. CNO Financial Group |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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