Correlation Between Tradegate and Voya Financial
Can any of the company-specific risk be diversified away by investing in both Tradegate and Voya Financial 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 Tradegate and Voya Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tradegate AG Wertpapierhandelsbank and Voya Financial, you can compare the effects of market volatilities on Tradegate and Voya Financial 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 Tradegate with a short position of Voya Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tradegate and Voya Financial.
Diversification Opportunities for Tradegate and Voya Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Tradegate and Voya is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Tradegate AG Wertpapierhandels and Voya Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voya Financial and Tradegate 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 Tradegate AG Wertpapierhandelsbank are associated (or correlated) with Voya Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voya Financial has no effect on the direction of Tradegate i.e., Tradegate and Voya Financial go up and down completely randomly.
Pair Corralation between Tradegate and Voya Financial
If you would invest 8,700 in Tradegate AG Wertpapierhandelsbank on October 13, 2024 and sell it today you would earn a total of 50.00 from holding Tradegate AG Wertpapierhandelsbank or generate 0.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Tradegate AG Wertpapierhandels vs. Voya Financial
Performance |
| Timeline |
| Tradegate AG Wertpap |
| Voya Financial |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Tradegate and Voya Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tradegate and Voya Financial
The main advantage of trading using opposite Tradegate and Voya Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tradegate position performs unexpectedly, Voya Financial 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 Voya Financial will offset losses from the drop in Voya Financial's long position.| Tradegate vs. FRACTAL GAMING GROUP | Tradegate vs. SWISS WATER DECAFFCOFFEE | Tradegate vs. MOVIE GAMES SA | Tradegate vs. Hochschild Mining plc |
| Voya Financial vs. MOVIE GAMES SA | Voya Financial vs. ARDAGH METAL PACDL 0001 | Voya Financial vs. De Grey Mining | Voya Financial vs. GEAR4MUSIC LS 10 |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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