Correlation Between Under Armour and EXELON
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By analyzing existing cross correlation between Under Armour C and EXELON GENERATION LLC, you can compare the effects of market volatilities on Under Armour and EXELON 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 Under Armour with a short position of EXELON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Under Armour and EXELON.
Diversification Opportunities for Under Armour and EXELON
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Under and EXELON is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Under Armour C and EXELON GENERATION LLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXELON GENERATION LLC and Under Armour 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 Under Armour C are associated (or correlated) with EXELON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXELON GENERATION LLC has no effect on the direction of Under Armour i.e., Under Armour and EXELON go up and down completely randomly.
Pair Corralation between Under Armour and EXELON
Allowing for the 90-day total investment horizon Under Armour C is expected to generate 2.75 times more return on investment than EXELON. However, Under Armour is 2.75 times more volatile than EXELON GENERATION LLC. It trades about 0.02 of its potential returns per unit of risk. EXELON GENERATION LLC is currently generating about -0.01 per unit of risk. If you would invest 827.00 in Under Armour C on August 28, 2024 and sell it today you would earn a total of 64.00 from holding Under Armour C or generate 7.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 93.74% |
| Values | Daily Returns |
Under Armour C vs. EXELON GENERATION LLC
Performance |
| Timeline |
| Under Armour C |
| EXELON GENERATION LLC |
Under Armour and EXELON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Under Armour and EXELON
The main advantage of trading using opposite Under Armour and EXELON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Under Armour position performs unexpectedly, EXELON 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 EXELON will offset losses from the drop in EXELON's long position.| Under Armour vs. Levi Strauss Co | Under Armour vs. Columbia Sportswear | Under Armour vs. Hanesbrands | Under Armour vs. PVH Corp |
| EXELON vs. Toro Co | EXELON vs. Estee Lauder Companies | EXELON vs. Univest Pennsylvania | EXELON vs. Glacier Bancorp |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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