Correlation Between MetLife and NGGLN
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By analyzing existing cross correlation between MetLife and NGGLN 5783 16 SEP 52, you can compare the effects of market volatilities on MetLife and NGGLN 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 NGGLN. Check out your portfolio center. Please also check ongoing floating volatility patterns of MetLife and NGGLN.
Diversification Opportunities for MetLife and NGGLN
Average diversification
The 3 months correlation between MetLife and NGGLN is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding MetLife and NGGLN 5783 16 SEP 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NGGLN 5783 16 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 NGGLN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NGGLN 5783 16 has no effect on the direction of MetLife i.e., MetLife and NGGLN go up and down completely randomly.
Pair Corralation between MetLife and NGGLN
Considering the 90-day investment horizon MetLife is expected to generate 0.53 times more return on investment than NGGLN. However, MetLife is 1.9 times less risky than NGGLN. It trades about 0.3 of its potential returns per unit of risk. NGGLN 5783 16 SEP 52 is currently generating about -0.26 per unit of risk. If you would invest 7,801 in MetLife on September 4, 2024 and sell it today you would earn a total of 887.00 from holding MetLife or generate 11.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 33.33% |
| Values | Daily Returns |
MetLife vs. NGGLN 5783 16 SEP 52
Performance |
| Timeline |
| MetLife |
| NGGLN 5783 16 |
MetLife and NGGLN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MetLife and NGGLN
The main advantage of trading using opposite MetLife and NGGLN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MetLife position performs unexpectedly, NGGLN 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 NGGLN will offset losses from the drop in NGGLN's long position.| MetLife vs. Aflac Incorporated | MetLife vs. Manulife Financial Corp | MetLife vs. Jackson Financial | MetLife vs. Globe Life |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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