Correlation Between ARCHER and Stagwell
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By analyzing existing cross correlation between ARCHER DANIELS MIDLAND 45 and Stagwell, you can compare the effects of market volatilities on ARCHER and Stagwell 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 ARCHER with a short position of Stagwell. Check out your portfolio center. Please also check ongoing floating volatility patterns of ARCHER and Stagwell.
Diversification Opportunities for ARCHER and Stagwell
Very good diversification
The 3 months correlation between ARCHER and Stagwell is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding ARCHER DANIELS MIDLAND 45 and Stagwell in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Stagwell and ARCHER 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 ARCHER DANIELS MIDLAND 45 are associated (or correlated) with Stagwell. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Stagwell has no effect on the direction of ARCHER i.e., ARCHER and Stagwell go up and down completely randomly.
Pair Corralation between ARCHER and Stagwell
Assuming the 90 days trading horizon ARCHER is expected to generate 1.67 times less return on investment than Stagwell. But when comparing it to its historical volatility, ARCHER DANIELS MIDLAND 45 is 1.25 times less risky than Stagwell. It trades about 0.27 of its potential returns per unit of risk. Stagwell is currently generating about 0.36 of returns per unit of risk over similar time horizon. If you would invest 659.00 in Stagwell on September 3, 2024 and sell it today you would earn a total of 127.00 from holding Stagwell or generate 19.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 60.0% |
| Values | Daily Returns |
ARCHER DANIELS MIDLAND 45 vs. Stagwell
Performance |
| Timeline |
| ARCHER DANIELS MIDLAND |
| Stagwell |
ARCHER and Stagwell Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ARCHER and Stagwell
The main advantage of trading using opposite ARCHER and Stagwell positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ARCHER position performs unexpectedly, Stagwell 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 Stagwell will offset losses from the drop in Stagwell's long position.| ARCHER vs. Stagwell | ARCHER vs. Diageo PLC ADR | ARCHER vs. Anheuser Busch Inbev | ARCHER vs. National Beverage Corp |
| Stagwell vs. Innovid Corp | Stagwell vs. Interpublic Group of | Stagwell vs. Cimpress NV | Stagwell vs. Omnicom 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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