Correlation Between MetLife and 189054AY5
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By analyzing existing cross correlation between MetLife and CLX 44 01 MAY 29, you can compare the effects of market volatilities on MetLife and 189054AY5 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 189054AY5. Check out your portfolio center. Please also check ongoing floating volatility patterns of MetLife and 189054AY5.
Diversification Opportunities for MetLife and 189054AY5
Excellent diversification
The 3 months correlation between MetLife and 189054AY5 is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding MetLife and CLX 44 01 MAY 29 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CLX 44 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 189054AY5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CLX 44 01 has no effect on the direction of MetLife i.e., MetLife and 189054AY5 go up and down completely randomly.
Pair Corralation between MetLife and 189054AY5
Considering the 90-day investment horizon MetLife is expected to generate 2.59 times more return on investment than 189054AY5. However, MetLife is 2.59 times more volatile than CLX 44 01 MAY 29. It trades about 0.1 of its potential returns per unit of risk. CLX 44 01 MAY 29 is currently generating about 0.0 per unit of risk. If you would invest 6,296 in MetLife on September 4, 2024 and sell it today you would earn a total of 2,276 from holding MetLife or generate 36.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.79% |
| Values | Daily Returns |
MetLife vs. CLX 44 01 MAY 29
Performance |
| Timeline |
| MetLife |
| CLX 44 01 |
MetLife and 189054AY5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MetLife and 189054AY5
The main advantage of trading using opposite MetLife and 189054AY5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MetLife position performs unexpectedly, 189054AY5 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 189054AY5 will offset losses from the drop in 189054AY5's long position.| MetLife vs. Aflac Incorporated | MetLife vs. Manulife Financial Corp | MetLife vs. Jackson Financial | MetLife vs. Globe Life |
| 189054AY5 vs. Western Union Co | 189054AY5 vs. Arrow Financial | 189054AY5 vs. Yuexiu Transport Infrastructure | 189054AY5 vs. KeyCorp |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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