Correlation Between 30040WAP3 and Federal Home
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By analyzing existing cross correlation between ES 3375 01 MAR 32 and Federal Home 530, you can compare the effects of market volatilities on 30040WAP3 and Federal Home 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 30040WAP3 with a short position of Federal Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of 30040WAP3 and Federal Home.
Diversification Opportunities for 30040WAP3 and Federal Home
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between 30040WAP3 and Federal is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding ES 3375 01 MAR 32 and Federal Home 530 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Federal Home 530 and 30040WAP3 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 ES 3375 01 MAR 32 are associated (or correlated) with Federal Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Federal Home 530 has no effect on the direction of 30040WAP3 i.e., 30040WAP3 and Federal Home go up and down completely randomly.
Pair Corralation between 30040WAP3 and Federal Home
Assuming the 90 days trading horizon ES 3375 01 MAR 32 is expected to under-perform the Federal Home. But the bond apears to be less risky and, when comparing its historical volatility, ES 3375 01 MAR 32 is 7.8 times less risky than Federal Home. The bond trades about -0.01 of its potential returns per unit of risk. The Federal Home 530 is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 300.00 in Federal Home 530 on December 12, 2024 and sell it today you would earn a total of 1,350 from holding Federal Home 530 or generate 450.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 89.47% |
| Values | Daily Returns |
ES 3375 01 MAR 32 vs. Federal Home 530
Performance |
| Timeline |
| ES 3375 01 |
| Federal Home 530 |
30040WAP3 and Federal Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 30040WAP3 and Federal Home
The main advantage of trading using opposite 30040WAP3 and Federal Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 30040WAP3 position performs unexpectedly, Federal Home 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 Federal Home will offset losses from the drop in Federal Home's long position.| 30040WAP3 vs. Sysco | ||
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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