Correlation Between Travelers Companies and ATHENE
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By analyzing existing cross correlation between The Travelers Companies and ATHENE HLDG LTD, you can compare the effects of market volatilities on Travelers Companies and ATHENE 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 Travelers Companies with a short position of ATHENE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Travelers Companies and ATHENE.
Diversification Opportunities for Travelers Companies and ATHENE
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Travelers and ATHENE is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding The Travelers Companies and ATHENE HLDG LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATHENE HLDG LTD and Travelers Companies 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 The Travelers Companies are associated (or correlated) with ATHENE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATHENE HLDG LTD has no effect on the direction of Travelers Companies i.e., Travelers Companies and ATHENE go up and down completely randomly.
Pair Corralation between Travelers Companies and ATHENE
Considering the 90-day investment horizon The Travelers Companies is expected to generate 1.71 times more return on investment than ATHENE. However, Travelers Companies is 1.71 times more volatile than ATHENE HLDG LTD. It trades about 0.06 of its potential returns per unit of risk. ATHENE HLDG LTD is currently generating about 0.01 per unit of risk. If you would invest 18,034 in The Travelers Companies on September 3, 2024 and sell it today you would earn a total of 8,570 from holding The Travelers Companies or generate 47.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.39% |
| Values | Daily Returns |
The Travelers Companies vs. ATHENE HLDG LTD
Performance |
| Timeline |
| The Travelers Companies |
| ATHENE HLDG LTD |
Travelers Companies and ATHENE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Travelers Companies and ATHENE
The main advantage of trading using opposite Travelers Companies and ATHENE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Travelers Companies position performs unexpectedly, ATHENE 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 ATHENE will offset losses from the drop in ATHENE's long position.| Travelers Companies vs. Chubb | Travelers Companies vs. SPACE | Travelers Companies vs. Ampleforth | Travelers Companies vs. ionet |
| ATHENE vs. WPP PLC ADR | ATHENE vs. Marchex | ATHENE vs. AmTrust Financial Services | ATHENE vs. Dolphin Entertainment |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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