Correlation Between Akros Monthly and MAYBANK EMERGING
Can any of the company-specific risk be diversified away by investing in both Akros Monthly and MAYBANK EMERGING at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Akros Monthly and MAYBANK EMERGING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Akros Monthly Payout and MAYBANK EMERGING ETF, you can compare the effects of market volatilities on Akros Monthly and MAYBANK EMERGING 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 Akros Monthly with a short position of MAYBANK EMERGING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akros Monthly and MAYBANK EMERGING.
Diversification Opportunities for Akros Monthly and MAYBANK EMERGING
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Akros and MAYBANK is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Akros Monthly Payout and MAYBANK EMERGING ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MAYBANK EMERGING ETF and Akros Monthly 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 Akros Monthly Payout are associated (or correlated) with MAYBANK EMERGING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MAYBANK EMERGING ETF has no effect on the direction of Akros Monthly i.e., Akros Monthly and MAYBANK EMERGING go up and down completely randomly.
Pair Corralation between Akros Monthly and MAYBANK EMERGING
Given the investment horizon of 90 days Akros Monthly Payout is expected to generate 0.77 times more return on investment than MAYBANK EMERGING. However, Akros Monthly Payout is 1.3 times less risky than MAYBANK EMERGING. It trades about 0.1 of its potential returns per unit of risk. MAYBANK EMERGING ETF is currently generating about 0.05 per unit of risk. If you would invest 2,343 in Akros Monthly Payout on September 1, 2024 and sell it today you would earn a total of 259.00 from holding Akros Monthly Payout or generate 11.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Akros Monthly Payout vs. MAYBANK EMERGING ETF
Performance |
| Timeline |
| Akros Monthly Payout |
| MAYBANK EMERGING ETF |
Akros Monthly and MAYBANK EMERGING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akros Monthly and MAYBANK EMERGING
The main advantage of trading using opposite Akros Monthly and MAYBANK EMERGING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akros Monthly position performs unexpectedly, MAYBANK EMERGING 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 MAYBANK EMERGING will offset losses from the drop in MAYBANK EMERGING's long position.| Akros Monthly vs. iShares Core Growth | Akros Monthly vs. ClearShares OCIO ETF | Akros Monthly vs. Collaborative Investment Series | Akros Monthly vs. Northern Lights |
| MAYBANK EMERGING vs. Xtrackers MSCI Emerging | MAYBANK EMERGING vs. FlexShares Morningstar Emerging | MAYBANK EMERGING vs. First Trust Emerging |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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