Correlation Between 49456BAW1 and Afya
Specify exactly 2 symbols:
By analyzing existing cross correlation between KMI 545 01 AUG 52 and Afya, you can compare the effects of market volatilities on 49456BAW1 and Afya 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 49456BAW1 with a short position of Afya. Check out your portfolio center. Please also check ongoing floating volatility patterns of 49456BAW1 and Afya.
Diversification Opportunities for 49456BAW1 and Afya
Good diversification
The 3 months correlation between 49456BAW1 and Afya is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding KMI 545 01 AUG 52 and Afya in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Afya and 49456BAW1 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 KMI 545 01 AUG 52 are associated (or correlated) with Afya. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Afya has no effect on the direction of 49456BAW1 i.e., 49456BAW1 and Afya go up and down completely randomly.
Pair Corralation between 49456BAW1 and Afya
Assuming the 90 days trading horizon KMI 545 01 AUG 52 is expected to generate 0.55 times more return on investment than Afya. However, KMI 545 01 AUG 52 is 1.82 times less risky than Afya. It trades about 0.06 of its potential returns per unit of risk. Afya is currently generating about -0.19 per unit of risk. If you would invest 9,347 in KMI 545 01 AUG 52 on September 4, 2024 and sell it today you would earn a total of 128.00 from holding KMI 545 01 AUG 52 or generate 1.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
KMI 545 01 AUG 52 vs. Afya
Performance |
| Timeline |
| KMI 545 01 |
| Afya |
49456BAW1 and Afya Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 49456BAW1 and Afya
The main advantage of trading using opposite 49456BAW1 and Afya positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 49456BAW1 position performs unexpectedly, Afya 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 Afya will offset losses from the drop in Afya's long position.| 49456BAW1 vs. Afya | 49456BAW1 vs. Peoples Educational Holdings | 49456BAW1 vs. Turning Point Brands | 49456BAW1 vs. Coursera |
| Afya vs. Laureate Education | Afya vs. Lincoln Educational Services | Afya vs. Adtalem Global Education | Afya vs. Strategic Education |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |