Correlation Between MetLife and 29359UAC3
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By analyzing existing cross correlation between MetLife and ESGR 31 01 SEP 31, you can compare the effects of market volatilities on MetLife and 29359UAC3 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 29359UAC3. Check out your portfolio center. Please also check ongoing floating volatility patterns of MetLife and 29359UAC3.
Diversification Opportunities for MetLife and 29359UAC3
Excellent diversification
The 3 months correlation between MetLife and 29359UAC3 is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding MetLife and ESGR 31 01 SEP 31 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ESGR 31 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 29359UAC3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ESGR 31 01 has no effect on the direction of MetLife i.e., MetLife and 29359UAC3 go up and down completely randomly.
Pair Corralation between MetLife and 29359UAC3
Considering the 90-day investment horizon MetLife is expected to generate 0.81 times more return on investment than 29359UAC3. However, MetLife is 1.23 times less risky than 29359UAC3. It trades about 0.08 of its potential returns per unit of risk. ESGR 31 01 SEP 31 is currently generating about 0.02 per unit of risk. If you would invest 5,809 in MetLife on September 12, 2024 and sell it today you would earn a total of 2,365 from holding MetLife or generate 40.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 93.18% |
| Values | Daily Returns |
MetLife vs. ESGR 31 01 SEP 31
Performance |
| Timeline |
| MetLife |
| ESGR 31 01 |
MetLife and 29359UAC3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MetLife and 29359UAC3
The main advantage of trading using opposite MetLife and 29359UAC3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MetLife position performs unexpectedly, 29359UAC3 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 29359UAC3 will offset losses from the drop in 29359UAC3's long position.| MetLife vs. Lincoln National | MetLife vs. Aflac Incorporated | MetLife vs. Unum Group | MetLife vs. Manulife Financial Corp |
| 29359UAC3 vs. AEP TEX INC | 29359UAC3 vs. US BANK NATIONAL | 29359UAC3 vs. Alphabet Inc Class C | 29359UAC3 vs. InMode |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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