Correlation Between MetLife and ENBCN
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By analyzing existing cross correlation between MetLife and ENBCN 57 08 MAR 33, you can compare the effects of market volatilities on MetLife and ENBCN 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 ENBCN. Check out your portfolio center. Please also check ongoing floating volatility patterns of MetLife and ENBCN.
Diversification Opportunities for MetLife and ENBCN
Very good diversification
The 3 months correlation between MetLife and ENBCN is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding MetLife and ENBCN 57 08 MAR 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ENBCN 57 08 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 ENBCN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENBCN 57 08 has no effect on the direction of MetLife i.e., MetLife and ENBCN go up and down completely randomly.
Pair Corralation between MetLife and ENBCN
Considering the 90-day investment horizon MetLife is expected to generate 2.13 times more return on investment than ENBCN. However, MetLife is 2.13 times more volatile than ENBCN 57 08 MAR 33. It trades about 0.08 of its potential returns per unit of risk. ENBCN 57 08 MAR 33 is currently generating about -0.15 per unit of risk. If you would invest 7,494 in MetLife on September 12, 2024 and sell it today you would earn a total of 539.00 from holding MetLife or generate 7.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.31% |
| Values | Daily Returns |
MetLife vs. ENBCN 57 08 MAR 33
Performance |
| Timeline |
| MetLife |
| ENBCN 57 08 |
MetLife and ENBCN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MetLife and ENBCN
The main advantage of trading using opposite MetLife and ENBCN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MetLife position performs unexpectedly, ENBCN 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 ENBCN will offset losses from the drop in ENBCN's long position.| MetLife vs. Lincoln National | MetLife vs. Aflac Incorporated | MetLife vs. Unum Group | MetLife vs. Manulife Financial Corp |
| ENBCN vs. Meli Hotels International | ENBCN vs. Sweetgreen | ENBCN vs. Awilco Drilling PLC | ENBCN vs. Shake Shack |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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