Correlation Between 00108WAF7 and International
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By analyzing existing cross correlation between AEP TEX INC and International Game Technology, you can compare the effects of market volatilities on 00108WAF7 and International 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 International. Check out your portfolio center. Please also check ongoing floating volatility patterns of 00108WAF7 and International.
Diversification Opportunities for 00108WAF7 and International
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between 00108WAF7 and International is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding AEP TEX INC and International Game Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on International Game 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 International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of International Game has no effect on the direction of 00108WAF7 i.e., 00108WAF7 and International go up and down completely randomly.
Pair Corralation between 00108WAF7 and International
Assuming the 90 days trading horizon AEP TEX INC is expected to generate 1.98 times more return on investment than International. However, 00108WAF7 is 1.98 times more volatile than International Game Technology. It trades about 0.14 of its potential returns per unit of risk. International Game Technology is currently generating about 0.07 per unit of risk. If you would invest 7,469 in AEP TEX INC on August 31, 2024 and sell it today you would lose (380.00) from holding AEP TEX INC or give up 5.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 75.63% |
| Values | Daily Returns |
AEP TEX INC vs. International Game Technology
Performance |
| Timeline |
| AEP TEX INC |
| International Game |
00108WAF7 and International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 00108WAF7 and International
The main advantage of trading using opposite 00108WAF7 and International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 00108WAF7 position performs unexpectedly, International 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 International will offset losses from the drop in International's long position.| 00108WAF7 vs. Asure Software | 00108WAF7 vs. Casio Computer Co | 00108WAF7 vs. Haverty Furniture Companies | 00108WAF7 vs. SL Green Realty |
| International vs. AEP TEX INC | International vs. US BANK NATIONAL | International vs. Bank of America | International vs. GE Aerospace |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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