Correlation Between More Mutual and Aura Investments
Specify exactly 2 symbols:
By analyzing existing cross correlation between More Mutual Funds and Aura Investments, you can compare the effects of market volatilities on More Mutual and Aura Investments 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 More Mutual with a short position of Aura Investments. Check out your portfolio center. Please also check ongoing floating volatility patterns of More Mutual and Aura Investments.
Diversification Opportunities for More Mutual and Aura Investments
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between More and Aura is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding More Mutual Funds and Aura Investments in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aura Investments and More Mutual 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 More Mutual Funds are associated (or correlated) with Aura Investments. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aura Investments has no effect on the direction of More Mutual i.e., More Mutual and Aura Investments go up and down completely randomly.
Pair Corralation between More Mutual and Aura Investments
Assuming the 90 days trading horizon More Mutual Funds is expected to generate 0.36 times more return on investment than Aura Investments. However, More Mutual Funds is 2.8 times less risky than Aura Investments. It trades about 0.56 of its potential returns per unit of risk. Aura Investments is currently generating about -0.07 per unit of risk. If you would invest 598,100 in More Mutual Funds on August 31, 2024 and sell it today you would earn a total of 41,100 from holding More Mutual Funds or generate 6.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
More Mutual Funds vs. Aura Investments
Performance |
| Timeline |
| More Mutual Funds |
| Aura Investments |
More Mutual and Aura Investments Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with More Mutual and Aura Investments
The main advantage of trading using opposite More Mutual and Aura Investments positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if More Mutual position performs unexpectedly, Aura Investments 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 Aura Investments will offset losses from the drop in Aura Investments' long position.| More Mutual vs. Nice | More Mutual vs. The Gold Bond | More Mutual vs. Bank Leumi Le Israel | More Mutual vs. ICL Israel Chemicals |
| Aura Investments vs. Melisron | Aura Investments vs. Fattal 1998 Holdings | Aura Investments vs. Azrieli Group | Aura Investments vs. Clal Insurance Enterprises |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Transaction History View history of all your transactions and understand their impact on performance |