Correlation Between 126408HL0 and Sea
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By analyzing existing cross correlation between CSX P 465 and Sea, you can compare the effects of market volatilities on 126408HL0 and Sea 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 126408HL0 with a short position of Sea. Check out your portfolio center. Please also check ongoing floating volatility patterns of 126408HL0 and Sea.
Diversification Opportunities for 126408HL0 and Sea
Very good diversification
The 3 months correlation between 126408HL0 and Sea is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding CSX P 465 and Sea in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sea and 126408HL0 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 CSX P 465 are associated (or correlated) with Sea. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sea has no effect on the direction of 126408HL0 i.e., 126408HL0 and Sea go up and down completely randomly.
Pair Corralation between 126408HL0 and Sea
Assuming the 90 days trading horizon CSX P 465 is expected to under-perform the Sea. But the bond apears to be less risky and, when comparing its historical volatility, CSX P 465 is 1.99 times less risky than Sea. The bond trades about -0.03 of its potential returns per unit of risk. The Sea is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 7,008 in Sea on September 2, 2024 and sell it today you would earn a total of 4,372 from holding Sea or generate 62.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 70.63% |
| Values | Daily Returns |
CSX P 465 vs. Sea
Performance |
| Timeline |
| CSX P 465 |
| Sea |
126408HL0 and Sea Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 126408HL0 and Sea
The main advantage of trading using opposite 126408HL0 and Sea positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 126408HL0 position performs unexpectedly, Sea 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 Sea will offset losses from the drop in Sea's long position.| 126408HL0 vs. AEP TEX INC | 126408HL0 vs. US BANK NATIONAL | 126408HL0 vs. Bank of America | 126408HL0 vs. GE Aerospace |
| Sea vs. Atari SA | Sea vs. Victory Square Technologies | Sea vs. Motorsport Gaming Us | Sea vs. Alpha Esports Tech |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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