Correlation Between Genworth and Acco Brands
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By analyzing existing cross correlation between Genworth Financial 7629 and Acco Brands, you can compare the effects of market volatilities on Genworth and Acco Brands 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 Genworth with a short position of Acco Brands. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genworth and Acco Brands.
Diversification Opportunities for Genworth and Acco Brands
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Genworth and Acco is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Genworth Financial 7629 and Acco Brands in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Acco Brands and Genworth 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 Genworth Financial 7629 are associated (or correlated) with Acco Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acco Brands has no effect on the direction of Genworth i.e., Genworth and Acco Brands go up and down completely randomly.
Pair Corralation between Genworth and Acco Brands
Assuming the 90 days trading horizon Genworth is expected to generate 1.21 times less return on investment than Acco Brands. In addition to that, Genworth is 1.91 times more volatile than Acco Brands. It trades about 0.02 of its total potential returns per unit of risk. Acco Brands is currently generating about 0.05 per unit of volatility. If you would invest 504.00 in Acco Brands on September 3, 2024 and sell it today you would earn a total of 78.00 from holding Acco Brands or generate 15.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 71.08% |
| Values | Daily Returns |
Genworth Financial 7629 vs. Acco Brands
Performance |
| Timeline |
| Genworth Financial 7629 |
| Acco Brands |
Genworth and Acco Brands Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genworth and Acco Brands
The main advantage of trading using opposite Genworth and Acco Brands positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genworth position performs unexpectedly, Acco Brands 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 Acco Brands will offset losses from the drop in Acco Brands' long position.| Genworth vs. Insteel Industries | Genworth vs. Kaltura | Genworth vs. Senmiao Technology | Genworth vs. Grupo Simec SAB |
| Acco Brands vs. HNI Corp | Acco Brands vs. Steelcase | Acco Brands vs. Ennis Inc | Acco Brands vs. Acacia Research |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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