Correlation Between 05464HAC4 and Dow Jones
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By analyzing existing cross correlation between AXIS SPECIALTY FIN and Dow Jones Industrial, you can compare the effects of market volatilities on 05464HAC4 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 05464HAC4 with a short position of Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of 05464HAC4 and Dow Jones.
Diversification Opportunities for 05464HAC4 and Dow Jones
Excellent diversification
The 3 months correlation between 05464HAC4 and Dow is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding AXIS SPECIALTY FIN 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 05464HAC4 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 AXIS SPECIALTY FIN 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 05464HAC4 i.e., 05464HAC4 and Dow Jones go up and down completely randomly.
Pair Corralation between 05464HAC4 and Dow Jones
Assuming the 90 days trading horizon AXIS SPECIALTY FIN is expected to generate 90.31 times more return on investment than Dow Jones. However, 05464HAC4 is 90.31 times more volatile than Dow Jones Industrial. It trades about 0.05 of its potential returns per unit of risk. Dow Jones Industrial is currently generating about 0.12 per unit of risk. If you would invest 9,527 in AXIS SPECIALTY FIN on August 31, 2024 and sell it today you would earn a total of 365.00 from holding AXIS SPECIALTY FIN or generate 3.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 72.99% |
| Values | Daily Returns |
AXIS SPECIALTY FIN vs. Dow Jones Industrial
Performance |
| Timeline |
05464HAC4 and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
AXIS SPECIALTY FIN
Pair trading matchups for 05464HAC4
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with 05464HAC4 and Dow Jones
The main advantage of trading using opposite 05464HAC4 and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 05464HAC4 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.| 05464HAC4 vs. AEP TEX INC | 05464HAC4 vs. US BANK NATIONAL | 05464HAC4 vs. American Express | 05464HAC4 vs. Chevron Corp |
| Dow Jones vs. Aerofoam Metals | Dow Jones vs. ACG Metals Limited | Dow Jones vs. China Clean Energy | Dow Jones vs. Fast Retailing Co |
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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