Correlation Between Total SA and ArcelorMittal
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By analyzing existing cross correlation between Total SA and ArcelorMittal, you can compare the effects of market volatilities on Total SA and ArcelorMittal 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 Total SA with a short position of ArcelorMittal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Total SA and ArcelorMittal.
Diversification Opportunities for Total SA and ArcelorMittal
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Total and ArcelorMittal is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Total SA and ArcelorMittal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ArcelorMittal and Total SA 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 Total SA are associated (or correlated) with ArcelorMittal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ArcelorMittal has no effect on the direction of Total SA i.e., Total SA and ArcelorMittal go up and down completely randomly.
Pair Corralation between Total SA and ArcelorMittal
If you would invest (100.00) in ArcelorMittal on September 1, 2024 and sell it today you would earn a total of 100.00 from holding ArcelorMittal or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Total SA vs. ArcelorMittal
Performance |
| Timeline |
| Total SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| ArcelorMittal |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Total SA and ArcelorMittal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Total SA and ArcelorMittal
The main advantage of trading using opposite Total SA and ArcelorMittal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Total SA position performs unexpectedly, ArcelorMittal 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 ArcelorMittal will offset losses from the drop in ArcelorMittal's long position.| Total SA vs. OPUS GLOBAL Nyrt | Total SA vs. OTP Bank Nyrt | Total SA vs. Infineon Technologies AG | Total SA vs. Appeninn Nyrt |
| ArcelorMittal vs. Nutex Investments PLC | ArcelorMittal vs. OTP Bank Nyrt | ArcelorMittal vs. Infineon Technologies AG | ArcelorMittal vs. NordTelekom Telecommunications Service |
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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