Correlation Between MetLife and 189054AZ2
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By analyzing existing cross correlation between MetLife and CLX 46 01 MAY 32, you can compare the effects of market volatilities on MetLife and 189054AZ2 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 189054AZ2. Check out your portfolio center. Please also check ongoing floating volatility patterns of MetLife and 189054AZ2.
Diversification Opportunities for MetLife and 189054AZ2
Excellent diversification
The 3 months correlation between MetLife and 189054AZ2 is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding MetLife and CLX 46 01 MAY 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CLX 46 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 189054AZ2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CLX 46 01 has no effect on the direction of MetLife i.e., MetLife and 189054AZ2 go up and down completely randomly.
Pair Corralation between MetLife and 189054AZ2
Considering the 90-day investment horizon MetLife is expected to generate 1.75 times more return on investment than 189054AZ2. However, MetLife is 1.75 times more volatile than CLX 46 01 MAY 32. It trades about 0.1 of its potential returns per unit of risk. CLX 46 01 MAY 32 is currently generating about -0.03 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 | Weak |
| Accuracy | 97.98% |
| Values | Daily Returns |
MetLife vs. CLX 46 01 MAY 32
Performance |
| Timeline |
| MetLife |
| CLX 46 01 |
MetLife and 189054AZ2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MetLife and 189054AZ2
The main advantage of trading using opposite MetLife and 189054AZ2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MetLife position performs unexpectedly, 189054AZ2 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 189054AZ2 will offset losses from the drop in 189054AZ2's long position.| MetLife vs. Aflac Incorporated | MetLife vs. Manulife Financial Corp | MetLife vs. Jackson Financial | MetLife vs. Globe Life |
| 189054AZ2 vs. Playtech plc | 189054AZ2 vs. Transportadora de Gas | 189054AZ2 vs. Xponential Fitness | 189054AZ2 vs. One Gas |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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