Correlation Between 00108WAF7 and GLENLN
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By analyzing existing cross correlation between AEP TEX INC and GLENLN 1625 27 APR 26, you can compare the effects of market volatilities on 00108WAF7 and GLENLN 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 00108WAF7 with a short position of GLENLN. Check out your portfolio center. Please also check ongoing floating volatility patterns of 00108WAF7 and GLENLN.
Diversification Opportunities for 00108WAF7 and GLENLN
Good diversification
The 3 months correlation between 00108WAF7 and GLENLN is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding AEP TEX INC and GLENLN 1625 27 APR 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GLENLN 1625 27 and 00108WAF7 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 AEP TEX INC are associated (or correlated) with GLENLN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GLENLN 1625 27 has no effect on the direction of 00108WAF7 i.e., 00108WAF7 and GLENLN go up and down completely randomly.
Pair Corralation between 00108WAF7 and GLENLN
Assuming the 90 days trading horizon AEP TEX INC is expected to generate 1453.74 times more return on investment than GLENLN. However, 00108WAF7 is 1453.74 times more volatile than GLENLN 1625 27 APR 26. It trades about 0.13 of its potential returns per unit of risk. GLENLN 1625 27 APR 26 is currently generating about 0.04 per unit of risk. If you would invest 7,746 in AEP TEX INC on September 12, 2024 and sell it today you would lose (78.00) from holding AEP TEX INC or give up 1.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AEP TEX INC vs. GLENLN 1625 27 APR 26
Performance |
| Timeline |
| AEP TEX INC |
| GLENLN 1625 27 |
00108WAF7 and GLENLN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 00108WAF7 and GLENLN
The main advantage of trading using opposite 00108WAF7 and GLENLN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 00108WAF7 position performs unexpectedly, GLENLN 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 GLENLN will offset losses from the drop in GLENLN's long position.| 00108WAF7 vs. Dream Finders Homes | 00108WAF7 vs. ReTo Eco Solutions | 00108WAF7 vs. Magna International | 00108WAF7 vs. Tyson Foods |
| GLENLN vs. Paiute Oil Mining | GLENLN vs. Sun Country Airlines | GLENLN vs. Mangazeya Mining | GLENLN vs. Chester Mining |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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