Correlation Between 01748TAC5 and Ainsworth Game
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By analyzing existing cross correlation between ALLE 5411 01 JUL 32 and Ainsworth Game Technology, you can compare the effects of market volatilities on 01748TAC5 and Ainsworth Game 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 01748TAC5 with a short position of Ainsworth Game. Check out your portfolio center. Please also check ongoing floating volatility patterns of 01748TAC5 and Ainsworth Game.
Diversification Opportunities for 01748TAC5 and Ainsworth Game
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 01748TAC5 and Ainsworth is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding ALLE 5411 01 JUL 32 and Ainsworth Game Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ainsworth Game Technology and 01748TAC5 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 ALLE 5411 01 JUL 32 are associated (or correlated) with Ainsworth Game. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ainsworth Game Technology has no effect on the direction of 01748TAC5 i.e., 01748TAC5 and Ainsworth Game go up and down completely randomly.
Pair Corralation between 01748TAC5 and Ainsworth Game
Assuming the 90 days trading horizon ALLE 5411 01 JUL 32 is expected to generate 0.33 times more return on investment than Ainsworth Game. However, ALLE 5411 01 JUL 32 is 3.05 times less risky than Ainsworth Game. It trades about 0.01 of its potential returns per unit of risk. Ainsworth Game Technology is currently generating about -0.01 per unit of risk. If you would invest 9,782 in ALLE 5411 01 JUL 32 on September 3, 2024 and sell it today you would earn a total of 361.00 from holding ALLE 5411 01 JUL 32 or generate 3.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 77.78% |
| Values | Daily Returns |
ALLE 5411 01 JUL 32 vs. Ainsworth Game Technology
Performance |
| Timeline |
| ALLE 5411 01 |
| Ainsworth Game Technology |
01748TAC5 and Ainsworth Game Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 01748TAC5 and Ainsworth Game
The main advantage of trading using opposite 01748TAC5 and Ainsworth Game positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 01748TAC5 position performs unexpectedly, Ainsworth Game 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 Ainsworth Game will offset losses from the drop in Ainsworth Game's long position.| 01748TAC5 vs. Ainsworth Game Technology | 01748TAC5 vs. Jabil Circuit | 01748TAC5 vs. Arrow Electronics | 01748TAC5 vs. Flex |
| Ainsworth Game vs. Intema Solutions | Ainsworth Game vs. 888 Holdings | Ainsworth Game vs. Royal Wins | Ainsworth Game vs. Real Luck Group |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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