Correlation Between Unipol Gruppo and Athene Holding
Can any of the company-specific risk be diversified away by investing in both Unipol Gruppo and Athene Holding 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 Unipol Gruppo and Athene Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Unipol Gruppo SpA and Athene Holding, you can compare the effects of market volatilities on Unipol Gruppo and Athene Holding 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 Unipol Gruppo with a short position of Athene Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unipol Gruppo and Athene Holding.
Diversification Opportunities for Unipol Gruppo and Athene Holding
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Unipol and Athene is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Unipol Gruppo SpA and Athene Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Athene Holding and Unipol Gruppo 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 Unipol Gruppo SpA are associated (or correlated) with Athene Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Athene Holding has no effect on the direction of Unipol Gruppo i.e., Unipol Gruppo and Athene Holding go up and down completely randomly.
Pair Corralation between Unipol Gruppo and Athene Holding
Assuming the 90 days horizon Unipol Gruppo SpA is expected to generate 14.12 times more return on investment than Athene Holding. However, Unipol Gruppo is 14.12 times more volatile than Athene Holding. It trades about 0.08 of its potential returns per unit of risk. Athene Holding is currently generating about 0.1 per unit of risk. If you would invest 242.00 in Unipol Gruppo SpA on September 19, 2024 and sell it today you would earn a total of 231.00 from holding Unipol Gruppo SpA or generate 95.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 53.79% |
| Values | Daily Returns |
Unipol Gruppo SpA vs. Athene Holding
Performance |
| Timeline |
| Unipol Gruppo SpA |
| Athene Holding |
Unipol Gruppo and Athene Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unipol Gruppo and Athene Holding
The main advantage of trading using opposite Unipol Gruppo and Athene Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unipol Gruppo position performs unexpectedly, Athene Holding 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 Holding will offset losses from the drop in Athene Holding's long position.| Unipol Gruppo vs. Athene Holding | Unipol Gruppo vs. Assicurazioni Generali SpA | Unipol Gruppo vs. AXA SA | Unipol Gruppo vs. Assicurazioni Generali SpA |
| Athene Holding vs. Enstar Group Limited | Athene Holding vs. Berkshire Hathaway | Athene Holding vs. Athene Holding | Athene Holding vs. Athene Holding |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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