Correlation Between ATMOS and Aegon NV
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By analyzing existing cross correlation between ATMOS ENERGY P and Aegon NV ADR, you can compare the effects of market volatilities on ATMOS and Aegon NV 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 ATMOS with a short position of Aegon NV. Check out your portfolio center. Please also check ongoing floating volatility patterns of ATMOS and Aegon NV.
Diversification Opportunities for ATMOS and Aegon NV
Very weak diversification
The 3 months correlation between ATMOS and Aegon is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding ATMOS ENERGY P and Aegon NV ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aegon NV ADR and ATMOS 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 ATMOS ENERGY P are associated (or correlated) with Aegon NV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aegon NV ADR has no effect on the direction of ATMOS i.e., ATMOS and Aegon NV go up and down completely randomly.
Pair Corralation between ATMOS and Aegon NV
Assuming the 90 days trading horizon ATMOS ENERGY P is expected to generate 0.67 times more return on investment than Aegon NV. However, ATMOS ENERGY P is 1.48 times less risky than Aegon NV. It trades about 0.32 of its potential returns per unit of risk. Aegon NV ADR is currently generating about 0.0 per unit of risk. If you would invest 8,467 in ATMOS ENERGY P on September 15, 2024 and sell it today you would earn a total of 360.00 from holding ATMOS ENERGY P or generate 4.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 66.67% |
| Values | Daily Returns |
ATMOS ENERGY P vs. Aegon NV ADR
Performance |
| Timeline |
| ATMOS ENERGY P |
| Aegon NV ADR |
ATMOS and Aegon NV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ATMOS and Aegon NV
The main advantage of trading using opposite ATMOS and Aegon NV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ATMOS position performs unexpectedly, Aegon NV 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 Aegon NV will offset losses from the drop in Aegon NV's long position.| ATMOS vs. Aegon NV ADR | ATMOS vs. CapitaLand Investment Limited | ATMOS vs. NetEase | ATMOS vs. CTS Corporation |
| Aegon NV vs. Hartford Financial Services | Aegon NV vs. Goosehead Insurance | Aegon NV vs. International General Insurance | Aegon NV vs. Enstar Group Limited |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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