Correlation Between MetLife and 26439XAH6
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By analyzing existing cross correlation between MetLife and Duke Energy Field, you can compare the effects of market volatilities on MetLife and 26439XAH6 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 26439XAH6. Check out your portfolio center. Please also check ongoing floating volatility patterns of MetLife and 26439XAH6.
Diversification Opportunities for MetLife and 26439XAH6
Modest diversification
The 3 months correlation between MetLife and 26439XAH6 is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding MetLife and Duke Energy Field in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Duke Energy Field 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 26439XAH6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Duke Energy Field has no effect on the direction of MetLife i.e., MetLife and 26439XAH6 go up and down completely randomly.
Pair Corralation between MetLife and 26439XAH6
Considering the 90-day investment horizon MetLife is expected to generate 229.48 times less return on investment than 26439XAH6. But when comparing it to its historical volatility, MetLife is 80.01 times less risky than 26439XAH6. It trades about 0.04 of its potential returns per unit of risk. Duke Energy Field is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 10,003 in Duke Energy Field on September 3, 2024 and sell it today you would earn a total of 66.00 from holding Duke Energy Field or generate 0.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 40.0% |
| Values | Daily Returns |
MetLife vs. Duke Energy Field
Performance |
| Timeline |
| MetLife |
| Duke Energy Field |
MetLife and 26439XAH6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MetLife and 26439XAH6
The main advantage of trading using opposite MetLife and 26439XAH6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MetLife position performs unexpectedly, 26439XAH6 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 26439XAH6 will offset losses from the drop in 26439XAH6's long position.| MetLife vs. Lincoln National | MetLife vs. Aflac Incorporated | MetLife vs. Unum Group | MetLife vs. Manulife Financial Corp |
| 26439XAH6 vs. AEP TEX INC | 26439XAH6 vs. US BANK NATIONAL | 26439XAH6 vs. MetLife | 26439XAH6 vs. Jackson Financial |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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