Correlation Between MetLife and 62954HAY4
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By analyzing existing cross correlation between MetLife and NXPI 34 01 MAY 30, you can compare the effects of market volatilities on MetLife and 62954HAY4 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 62954HAY4. Check out your portfolio center. Please also check ongoing floating volatility patterns of MetLife and 62954HAY4.
Diversification Opportunities for MetLife and 62954HAY4
Very weak diversification
The 3 months correlation between MetLife and 62954HAY4 is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding MetLife and NXPI 34 01 MAY 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NXPI 34 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 62954HAY4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NXPI 34 01 has no effect on the direction of MetLife i.e., MetLife and 62954HAY4 go up and down completely randomly.
Pair Corralation between MetLife and 62954HAY4
Considering the 90-day investment horizon MetLife is expected to generate 1.72 times more return on investment than 62954HAY4. However, MetLife is 1.72 times more volatile than NXPI 34 01 MAY 30. It trades about 0.09 of its potential returns per unit of risk. NXPI 34 01 MAY 30 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 680.00 from holding MetLife or generate 9.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
MetLife vs. NXPI 34 01 MAY 30
Performance |
| Timeline |
| MetLife |
| NXPI 34 01 |
MetLife and 62954HAY4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MetLife and 62954HAY4
The main advantage of trading using opposite MetLife and 62954HAY4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MetLife position performs unexpectedly, 62954HAY4 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 62954HAY4 will offset losses from the drop in 62954HAY4's long position.| MetLife vs. Lincoln National | MetLife vs. Aflac Incorporated | MetLife vs. Unum Group | MetLife vs. Manulife Financial Corp |
| 62954HAY4 vs. Papaya Growth Opportunity | 62954HAY4 vs. Nasdaq Inc | 62954HAY4 vs. SEI Investments | 62954HAY4 vs. Westrock Coffee |
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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