Correlation Between 361448AU7 and Dow Jones
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By analyzing existing cross correlation between GATX P 52 and Dow Jones Industrial, you can compare the effects of market volatilities on 361448AU7 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 361448AU7 with a short position of Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of 361448AU7 and Dow Jones.
Diversification Opportunities for 361448AU7 and Dow Jones
Weak diversification
The 3 months correlation between 361448AU7 and Dow is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding GATX P 52 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 361448AU7 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 GATX P 52 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 361448AU7 i.e., 361448AU7 and Dow Jones go up and down completely randomly.
Pair Corralation between 361448AU7 and Dow Jones
Assuming the 90 days trading horizon GATX P 52 is expected to under-perform the Dow Jones. In addition to that, 361448AU7 is 2.89 times more volatile than Dow Jones Industrial. It trades about -0.02 of its total potential returns per unit of risk. Dow Jones Industrial is currently generating about 0.08 per unit of volatility. If you would invest 3,359,634 in Dow Jones Industrial on August 27, 2024 and sell it today you would earn a total of 1,070,017 from holding Dow Jones Industrial or generate 31.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 23.59% |
| Values | Daily Returns |
GATX P 52 vs. Dow Jones Industrial
Performance |
| Timeline |
361448AU7 and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
GATX P 52
Pair trading matchups for 361448AU7
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with 361448AU7 and Dow Jones
The main advantage of trading using opposite 361448AU7 and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 361448AU7 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.| 361448AU7 vs. Arrow Electronics | 361448AU7 vs. Lipocine | 361448AU7 vs. Payoneer Global | 361448AU7 vs. Harmony Gold Mining |
| Dow Jones vs. Meiwu Technology Co | Dow Jones vs. 17 Education Technology | Dow Jones vs. 51Talk Online Education | Dow Jones vs. Afya |
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 Stocks Directory module to find actively traded stocks across global markets.
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