Correlation Between 37045XCM6 and NETGEAR
Specify exactly 2 symbols:
By analyzing existing cross correlation between GM 65 and NETGEAR, you can compare the effects of market volatilities on 37045XCM6 and NETGEAR 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 37045XCM6 with a short position of NETGEAR. Check out your portfolio center. Please also check ongoing floating volatility patterns of 37045XCM6 and NETGEAR.
Diversification Opportunities for 37045XCM6 and NETGEAR
Very good diversification
The 3 months correlation between 37045XCM6 and NETGEAR is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding GM 65 and NETGEAR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NETGEAR and 37045XCM6 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 GM 65 are associated (or correlated) with NETGEAR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NETGEAR has no effect on the direction of 37045XCM6 i.e., 37045XCM6 and NETGEAR go up and down completely randomly.
Pair Corralation between 37045XCM6 and NETGEAR
Assuming the 90 days trading horizon GM 65 is expected to generate 0.49 times more return on investment than NETGEAR. However, GM 65 is 2.04 times less risky than NETGEAR. It trades about -0.01 of its potential returns per unit of risk. NETGEAR is currently generating about -0.09 per unit of risk. If you would invest 9,984 in GM 65 on December 1, 2024 and sell it today you would lose (34.00) from holding GM 65 or give up 0.34% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GM 65 vs. NETGEAR
Performance |
| Timeline |
| 37045XCM6 |
| NETGEAR |
37045XCM6 and NETGEAR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 37045XCM6 and NETGEAR
The main advantage of trading using opposite 37045XCM6 and NETGEAR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 37045XCM6 position performs unexpectedly, NETGEAR 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 NETGEAR will offset losses from the drop in NETGEAR's long position.| 37045XCM6 vs. AEP TEX INC | 37045XCM6 vs. KORE Mining | 37045XCM6 vs. iShares Global Consumer | 37045XCM6 vs. Exxon Mobil Corp |
| NETGEAR vs. KVH Industries | NETGEAR vs. Ituran Location and | NETGEAR vs. Aviat Networks | NETGEAR vs. Mynaric AG ADR |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |