Correlation Between 00108WAF7 and Graphic
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By analyzing existing cross correlation between AEP TEX INC and Graphic Packaging International, you can compare the effects of market volatilities on 00108WAF7 and Graphic 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 Graphic. Check out your portfolio center. Please also check ongoing floating volatility patterns of 00108WAF7 and Graphic.
Diversification Opportunities for 00108WAF7 and Graphic
Good diversification
The 3 months correlation between 00108WAF7 and Graphic is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding AEP TEX INC and Graphic Packaging Internationa in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Graphic Packaging 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 Graphic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Graphic Packaging has no effect on the direction of 00108WAF7 i.e., 00108WAF7 and Graphic go up and down completely randomly.
Pair Corralation between 00108WAF7 and Graphic
Assuming the 90 days trading horizon AEP TEX INC is expected to generate 336.17 times more return on investment than Graphic. However, 00108WAF7 is 336.17 times more volatile than Graphic Packaging International. It trades about 0.09 of its potential returns per unit of risk. Graphic Packaging International is currently generating about 0.0 per unit of risk. If you would invest 7,210 in AEP TEX INC on September 1, 2024 and sell it today you would lose (121.00) from holding AEP TEX INC or give up 1.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 74.16% |
| Values | Daily Returns |
AEP TEX INC vs. Graphic Packaging Internationa
Performance |
| Timeline |
| AEP TEX INC |
| Graphic Packaging |
00108WAF7 and Graphic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 00108WAF7 and Graphic
The main advantage of trading using opposite 00108WAF7 and Graphic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 00108WAF7 position performs unexpectedly, Graphic 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 Graphic will offset losses from the drop in Graphic's long position.| 00108WAF7 vs. AKITA Drilling | 00108WAF7 vs. GameStop Corp | 00108WAF7 vs. Contagious Gaming | 00108WAF7 vs. Awilco Drilling PLC |
| Graphic vs. Simon Property Group | Graphic vs. Acumen Pharmaceuticals | Graphic vs. Asbury Automotive Group | Graphic vs. LB Foster |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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