Correlation Between MetLife and 929089AC4
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By analyzing existing cross correlation between MetLife and VOYA FINL INC, you can compare the effects of market volatilities on MetLife and 929089AC4 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 929089AC4. Check out your portfolio center. Please also check ongoing floating volatility patterns of MetLife and 929089AC4.
Diversification Opportunities for MetLife and 929089AC4
Modest diversification
The 3 months correlation between MetLife and 929089AC4 is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding MetLife and VOYA FINL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VOYA FINL INC 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 929089AC4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VOYA FINL INC has no effect on the direction of MetLife i.e., MetLife and 929089AC4 go up and down completely randomly.
Pair Corralation between MetLife and 929089AC4
Considering the 90-day investment horizon MetLife is expected to generate 43.3 times less return on investment than 929089AC4. But when comparing it to its historical volatility, MetLife is 53.97 times less risky than 929089AC4. It trades about 0.08 of its potential returns per unit of risk. VOYA FINL INC is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 8,257 in VOYA FINL INC on September 12, 2024 and sell it today you would earn a total of 385.00 from holding VOYA FINL INC or generate 4.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 56.25% |
| Values | Daily Returns |
MetLife vs. VOYA FINL INC
Performance |
| Timeline |
| MetLife |
| VOYA FINL INC |
MetLife and 929089AC4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MetLife and 929089AC4
The main advantage of trading using opposite MetLife and 929089AC4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MetLife position performs unexpectedly, 929089AC4 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 929089AC4 will offset losses from the drop in 929089AC4's long position.| MetLife vs. Lincoln National | MetLife vs. Aflac Incorporated | MetLife vs. Unum Group | MetLife vs. Manulife Financial Corp |
| 929089AC4 vs. Summit Hotel Properties | 929089AC4 vs. Freedom Holding Corp | 929089AC4 vs. SEI Investments | 929089AC4 vs. Kite Realty Group |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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