Correlation Between MetLife and UNICREDIT
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By analyzing existing cross correlation between MetLife and UNICREDIT SPA 5861, you can compare the effects of market volatilities on MetLife and UNICREDIT 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 UNICREDIT. Check out your portfolio center. Please also check ongoing floating volatility patterns of MetLife and UNICREDIT.
Diversification Opportunities for MetLife and UNICREDIT
Significant diversification
The 3 months correlation between MetLife and UNICREDIT is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding MetLife and UNICREDIT SPA 5861 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNICREDIT SPA 5861 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 UNICREDIT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNICREDIT SPA 5861 has no effect on the direction of MetLife i.e., MetLife and UNICREDIT go up and down completely randomly.
Pair Corralation between MetLife and UNICREDIT
Considering the 90-day investment horizon MetLife is expected to generate 1.32 times more return on investment than UNICREDIT. However, MetLife is 1.32 times more volatile than UNICREDIT SPA 5861. It trades about 0.1 of its potential returns per unit of risk. UNICREDIT SPA 5861 is currently generating about 0.04 per unit of risk. If you would invest 5,977 in MetLife on September 4, 2024 and sell it today you would earn a total of 2,711 from holding MetLife or generate 45.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 78.97% |
| Values | Daily Returns |
MetLife vs. UNICREDIT SPA 5861
Performance |
| Timeline |
| MetLife |
| UNICREDIT SPA 5861 |
MetLife and UNICREDIT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MetLife and UNICREDIT
The main advantage of trading using opposite MetLife and UNICREDIT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MetLife position performs unexpectedly, UNICREDIT 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 UNICREDIT will offset losses from the drop in UNICREDIT's long position.| MetLife vs. Aflac Incorporated | MetLife vs. Manulife Financial Corp | MetLife vs. Jackson Financial | MetLife vs. Globe Life |
| UNICREDIT vs. AEP TEX INC | UNICREDIT vs. US BANK NATIONAL | UNICREDIT vs. Jackson Financial | UNICREDIT vs. MetLife |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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