Correlation Between 693304AH0 and Dow Jones
Specify exactly 2 symbols:
By analyzing existing cross correlation between PECO ENERGY 595 and Dow Jones Industrial, you can compare the effects of market volatilities on 693304AH0 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 693304AH0 with a short position of Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of 693304AH0 and Dow Jones.
Diversification Opportunities for 693304AH0 and Dow Jones
Significant diversification
The 3 months correlation between 693304AH0 and Dow is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding PECO ENERGY 595 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 693304AH0 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 PECO ENERGY 595 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 693304AH0 i.e., 693304AH0 and Dow Jones go up and down completely randomly.
Pair Corralation between 693304AH0 and Dow Jones
Assuming the 90 days trading horizon PECO ENERGY 595 is expected to generate 171.89 times more return on investment than Dow Jones. However, 693304AH0 is 171.89 times more volatile than Dow Jones Industrial. It trades about 0.1 of its potential returns per unit of risk. Dow Jones Industrial is currently generating about 0.12 per unit of risk. If you would invest 10,609 in PECO ENERGY 595 on August 31, 2024 and sell it today you would lose (181.00) from holding PECO ENERGY 595 or give up 1.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 40.11% |
| Values | Daily Returns |
PECO ENERGY 595 vs. Dow Jones Industrial
Performance |
| Timeline |
693304AH0 and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
PECO ENERGY 595
Pair trading matchups for 693304AH0
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with 693304AH0 and Dow Jones
The main advantage of trading using opposite 693304AH0 and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 693304AH0 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.| 693304AH0 vs. AEP TEX INC | 693304AH0 vs. US BANK NATIONAL | 693304AH0 vs. International Business Machines | 693304AH0 vs. Intel |
| Dow Jones vs. Aerofoam Metals | Dow Jones vs. ACG Metals Limited | Dow Jones vs. China Clean Energy | Dow Jones vs. Fast Retailing Co |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |