Correlation Between MetLife and 89832QAE9
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By analyzing existing cross correlation between MetLife and TFC 495, you can compare the effects of market volatilities on MetLife and 89832QAE9 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 89832QAE9. Check out your portfolio center. Please also check ongoing floating volatility patterns of MetLife and 89832QAE9.
Diversification Opportunities for MetLife and 89832QAE9
Good diversification
The 3 months correlation between MetLife and 89832QAE9 is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding MetLife and TFC 495 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 89832QAE9 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 89832QAE9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 89832QAE9 has no effect on the direction of MetLife i.e., MetLife and 89832QAE9 go up and down completely randomly.
Pair Corralation between MetLife and 89832QAE9
Considering the 90-day investment horizon MetLife is expected to generate 3.33 times more return on investment than 89832QAE9. However, MetLife is 3.33 times more volatile than TFC 495. It trades about 0.3 of its potential returns per unit of risk. TFC 495 is currently generating about -0.11 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 Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
MetLife vs. TFC 495
Performance |
| Timeline |
| MetLife |
| 89832QAE9 |
MetLife and 89832QAE9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MetLife and 89832QAE9
The main advantage of trading using opposite MetLife and 89832QAE9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MetLife position performs unexpectedly, 89832QAE9 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 89832QAE9 will offset losses from the drop in 89832QAE9's long position.| MetLife vs. Aflac Incorporated | MetLife vs. Manulife Financial Corp | MetLife vs. Jackson Financial | MetLife vs. Globe Life |
| 89832QAE9 vs. Tyson Foods | 89832QAE9 vs. BBB Foods | 89832QAE9 vs. Digi International | 89832QAE9 vs. National Beverage Corp |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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