Correlation Between 361448BJ1 and Asbury Automotive
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By analyzing existing cross correlation between GMT 35 01 JUN 32 and Asbury Automotive Group, you can compare the effects of market volatilities on 361448BJ1 and Asbury Automotive 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 361448BJ1 with a short position of Asbury Automotive. Check out your portfolio center. Please also check ongoing floating volatility patterns of 361448BJ1 and Asbury Automotive.
Diversification Opportunities for 361448BJ1 and Asbury Automotive
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between 361448BJ1 and Asbury is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding GMT 35 01 JUN 32 and Asbury Automotive Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asbury Automotive and 361448BJ1 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 GMT 35 01 JUN 32 are associated (or correlated) with Asbury Automotive. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asbury Automotive has no effect on the direction of 361448BJ1 i.e., 361448BJ1 and Asbury Automotive go up and down completely randomly.
Pair Corralation between 361448BJ1 and Asbury Automotive
Assuming the 90 days trading horizon GMT 35 01 JUN 32 is expected to under-perform the Asbury Automotive. But the bond apears to be less risky and, when comparing its historical volatility, GMT 35 01 JUN 32 is 1.42 times less risky than Asbury Automotive. The bond trades about -0.05 of its potential returns per unit of risk. The Asbury Automotive Group is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 24,168 in Asbury Automotive Group on August 28, 2024 and sell it today you would earn a total of 2,514 from holding Asbury Automotive Group or generate 10.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 74.6% |
| Values | Daily Returns |
GMT 35 01 JUN 32 vs. Asbury Automotive Group
Performance |
| Timeline |
| GMT 35 01 |
| Asbury Automotive |
361448BJ1 and Asbury Automotive Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 361448BJ1 and Asbury Automotive
The main advantage of trading using opposite 361448BJ1 and Asbury Automotive positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 361448BJ1 position performs unexpectedly, Asbury Automotive 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 Asbury Automotive will offset losses from the drop in Asbury Automotive's long position.| 361448BJ1 vs. AEP TEX INC | 361448BJ1 vs. US BANK NATIONAL | 361448BJ1 vs. 3M Company | 361448BJ1 vs. Alcoa Corp |
| Asbury Automotive vs. Kingsway Financial Services | Asbury Automotive vs. KAR Auction Services | Asbury Automotive vs. Cango Inc | Asbury Automotive vs. Vroom Inc |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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