Correlation Between 26439XAH6 and Analog Devices
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By analyzing existing cross correlation between Duke Energy Field and Analog Devices, you can compare the effects of market volatilities on 26439XAH6 and Analog Devices 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 26439XAH6 with a short position of Analog Devices. Check out your portfolio center. Please also check ongoing floating volatility patterns of 26439XAH6 and Analog Devices.
Diversification Opportunities for 26439XAH6 and Analog Devices
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 26439XAH6 and Analog is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Duke Energy Field and Analog Devices in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Analog Devices and 26439XAH6 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 Duke Energy Field are associated (or correlated) with Analog Devices. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Analog Devices has no effect on the direction of 26439XAH6 i.e., 26439XAH6 and Analog Devices go up and down completely randomly.
Pair Corralation between 26439XAH6 and Analog Devices
Assuming the 90 days trading horizon Duke Energy Field is expected to generate 0.92 times more return on investment than Analog Devices. However, Duke Energy Field is 1.09 times less risky than Analog Devices. It trades about 0.01 of its potential returns per unit of risk. Analog Devices is currently generating about -0.1 per unit of risk. If you would invest 10,585 in Duke Energy Field on September 13, 2024 and sell it today you would earn a total of 3.00 from holding Duke Energy Field or generate 0.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 51.16% |
| Values | Daily Returns |
Duke Energy Field vs. Analog Devices
Performance |
| Timeline |
| Duke Energy Field |
| Analog Devices |
26439XAH6 and Analog Devices Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 26439XAH6 and Analog Devices
The main advantage of trading using opposite 26439XAH6 and Analog Devices positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 26439XAH6 position performs unexpectedly, Analog Devices 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 Analog Devices will offset losses from the drop in Analog Devices' long position.| 26439XAH6 vs. Allegiant Travel | 26439XAH6 vs. National CineMedia | 26439XAH6 vs. Magnite | 26439XAH6 vs. Organic Sales and |
| Analog Devices vs. ON Semiconductor | Analog Devices vs. Monolithic Power Systems | Analog Devices vs. Globalfoundries | Analog Devices vs. Wisekey International Holding |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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