Correlation Between MetLife and NSANY
Specify exactly 2 symbols:
By analyzing existing cross correlation between MetLife and NSANY 2 09 MAR 26, you can compare the effects of market volatilities on MetLife and NSANY 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 NSANY. Check out your portfolio center. Please also check ongoing floating volatility patterns of MetLife and NSANY.
Diversification Opportunities for MetLife and NSANY
Good diversification
The 3 months correlation between MetLife and NSANY is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding MetLife and NSANY 2 09 MAR 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NSANY 2 09 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 NSANY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NSANY 2 09 has no effect on the direction of MetLife i.e., MetLife and NSANY go up and down completely randomly.
Pair Corralation between MetLife and NSANY
Considering the 90-day investment horizon MetLife is expected to generate 1.13 times more return on investment than NSANY. However, MetLife is 1.13 times more volatile than NSANY 2 09 MAR 26. It trades about 0.1 of its potential returns per unit of risk. NSANY 2 09 MAR 26 is currently generating about -0.03 per unit of risk. If you would invest 6,296 in MetLife on September 5, 2024 and sell it today you would earn a total of 2,276 from holding MetLife or generate 36.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 65.32% |
| Values | Daily Returns |
MetLife vs. NSANY 2 09 MAR 26
Performance |
| Timeline |
| MetLife |
| NSANY 2 09 |
MetLife and NSANY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MetLife and NSANY
The main advantage of trading using opposite MetLife and NSANY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MetLife position performs unexpectedly, NSANY 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 NSANY will offset losses from the drop in NSANY's long position.| MetLife vs. Aflac Incorporated | MetLife vs. Manulife Financial Corp | MetLife vs. Jackson Financial | MetLife vs. CNO Financial Group |
| NSANY vs. Highway Holdings Limited | NSANY vs. Citi Trends | NSANY vs. Proficient Auto Logistics, | NSANY vs. Boot Barn Holdings |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |