Correlation Between 001192AH6 and Dow Jones
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By analyzing existing cross correlation between AGL CAP P and Dow Jones Industrial, you can compare the effects of market volatilities on 001192AH6 and Dow Jones 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 001192AH6 with a short position of Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of 001192AH6 and Dow Jones.
Diversification Opportunities for 001192AH6 and Dow Jones
Modest diversification
The 3 months correlation between 001192AH6 and Dow is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding AGL CAP P and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial and 001192AH6 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 AGL CAP P are associated (or correlated) with Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of 001192AH6 i.e., 001192AH6 and Dow Jones go up and down completely randomly.
Pair Corralation between 001192AH6 and Dow Jones
Assuming the 90 days trading horizon AGL CAP P is expected to under-perform the Dow Jones. In addition to that, 001192AH6 is 1.87 times more volatile than Dow Jones Industrial. It trades about 0.0 of its total potential returns per unit of risk. Dow Jones Industrial is currently generating about 0.37 per unit of volatility. If you would invest 4,176,346 in Dow Jones Industrial on September 1, 2024 and sell it today you would earn a total of 314,719 from holding Dow Jones Industrial or generate 7.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 66.67% |
| Values | Daily Returns |
AGL CAP P vs. Dow Jones Industrial
Performance |
| Timeline |
001192AH6 and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
AGL CAP P
Pair trading matchups for 001192AH6
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with 001192AH6 and Dow Jones
The main advantage of trading using opposite 001192AH6 and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 001192AH6 position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.| 001192AH6 vs. PennantPark Floating Rate | 001192AH6 vs. Citizens Bancorp Investment | 001192AH6 vs. Uber Technologies | 001192AH6 vs. Summit Hotel Properties |
| Dow Jones vs. Catalyst Pharmaceuticals | Dow Jones vs. Sphere Entertainment Co | Dow Jones vs. National CineMedia | Dow Jones vs. Mink Therapeutics |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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