Correlation Between UNIQA INSURANCE and COREBRIDGE FINANCIAL
Can any of the company-specific risk be diversified away by investing in both UNIQA INSURANCE and COREBRIDGE 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 UNIQA INSURANCE and COREBRIDGE FINANCIAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between UNIQA INSURANCE GR and COREBRIDGE FINANCIAL INC, you can compare the effects of market volatilities on UNIQA INSURANCE and COREBRIDGE 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 UNIQA INSURANCE with a short position of COREBRIDGE FINANCIAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNIQA INSURANCE and COREBRIDGE FINANCIAL.
Diversification Opportunities for UNIQA INSURANCE and COREBRIDGE FINANCIAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between UNIQA and COREBRIDGE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UNIQA INSURANCE GR and COREBRIDGE FINANCIAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COREBRIDGE FINANCIAL INC and UNIQA INSURANCE 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 UNIQA INSURANCE GR are associated (or correlated) with COREBRIDGE FINANCIAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COREBRIDGE FINANCIAL INC has no effect on the direction of UNIQA INSURANCE i.e., UNIQA INSURANCE and COREBRIDGE FINANCIAL go up and down completely randomly.
Pair Corralation between UNIQA INSURANCE and COREBRIDGE FINANCIAL
Assuming the 90 days trading horizon UNIQA INSURANCE GR is expected to generate 0.39 times more return on investment than COREBRIDGE FINANCIAL. However, UNIQA INSURANCE GR is 2.54 times less risky than COREBRIDGE FINANCIAL. It trades about 0.68 of its potential returns per unit of risk. COREBRIDGE FINANCIAL INC is currently generating about 0.06 per unit of risk. If you would invest 743.00 in UNIQA INSURANCE GR on October 18, 2024 and sell it today you would earn a total of 54.00 from holding UNIQA INSURANCE GR or generate 7.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
UNIQA INSURANCE GR vs. COREBRIDGE FINANCIAL INC
Performance |
| Timeline |
| UNIQA INSURANCE GR |
| COREBRIDGE FINANCIAL INC |
UNIQA INSURANCE and COREBRIDGE FINANCIAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNIQA INSURANCE and COREBRIDGE FINANCIAL
The main advantage of trading using opposite UNIQA INSURANCE and COREBRIDGE FINANCIAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNIQA INSURANCE position performs unexpectedly, COREBRIDGE 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 COREBRIDGE FINANCIAL will offset losses from the drop in COREBRIDGE FINANCIAL's long position.| UNIQA INSURANCE vs. Fast Retailing Co | UNIQA INSURANCE vs. SPARTAN STORES | UNIQA INSURANCE vs. PICKN PAY STORES | UNIQA INSURANCE vs. Ross Stores |
| COREBRIDGE FINANCIAL vs. YOOMA WELLNESS INC | COREBRIDGE FINANCIAL vs. Virtu Financial | COREBRIDGE FINANCIAL vs. Commonwealth Bank of | COREBRIDGE FINANCIAL vs. UNIQA INSURANCE GR |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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