Correlation Between MetLife and 54866NBP3
Specify exactly 2 symbols:
By analyzing existing cross correlation between MetLife and US54866NBP33, you can compare the effects of market volatilities on MetLife and 54866NBP3 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 54866NBP3. Check out your portfolio center. Please also check ongoing floating volatility patterns of MetLife and 54866NBP3.
Diversification Opportunities for MetLife and 54866NBP3
Average diversification
The 3 months correlation between MetLife and 54866NBP3 is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding MetLife and US54866NBP33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US54866NBP33 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 54866NBP3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US54866NBP33 has no effect on the direction of MetLife i.e., MetLife and 54866NBP3 go up and down completely randomly.
Pair Corralation between MetLife and 54866NBP3
Considering the 90-day investment horizon MetLife is expected to generate 2.36 times more return on investment than 54866NBP3. However, MetLife is 2.36 times more volatile than US54866NBP33. It trades about 0.0 of its potential returns per unit of risk. US54866NBP33 is currently generating about -0.31 per unit of risk. If you would invest 8,177 in MetLife on September 12, 2024 and sell it today you would lose (3.00) from holding MetLife or give up 0.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 27.27% |
| Values | Daily Returns |
MetLife vs. US54866NBP33
Performance |
| Timeline |
| MetLife |
| US54866NBP33 |
MetLife and 54866NBP3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MetLife and 54866NBP3
The main advantage of trading using opposite MetLife and 54866NBP3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MetLife position performs unexpectedly, 54866NBP3 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 54866NBP3 will offset losses from the drop in 54866NBP3's long position.| MetLife vs. Lincoln National | MetLife vs. Aflac Incorporated | MetLife vs. Unum Group | MetLife vs. Manulife Financial Corp |
| 54866NBP3 vs. AEP TEX INC | 54866NBP3 vs. US BANK NATIONAL | 54866NBP3 vs. Alphabet Inc Class C | 54866NBP3 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |