Correlation Between 70082LAB3 and Argo Group
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By analyzing existing cross correlation between US70082LAB36 and Argo Group International, you can compare the effects of market volatilities on 70082LAB3 and Argo Group 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 70082LAB3 with a short position of Argo Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of 70082LAB3 and Argo Group.
Diversification Opportunities for 70082LAB3 and Argo Group
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 70082LAB3 and Argo is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding US70082LAB36 and Argo Group International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Argo Group International and 70082LAB3 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 US70082LAB36 are associated (or correlated) with Argo Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Argo Group International has no effect on the direction of 70082LAB3 i.e., 70082LAB3 and Argo Group go up and down completely randomly.
Pair Corralation between 70082LAB3 and Argo Group
Assuming the 90 days trading horizon US70082LAB36 is expected to under-perform the Argo Group. In addition to that, 70082LAB3 is 6.69 times more volatile than Argo Group International. It trades about -0.24 of its total potential returns per unit of risk. Argo Group International is currently generating about 0.15 per unit of volatility. If you would invest 2,483 in Argo Group International on August 26, 2024 and sell it today you would earn a total of 22.00 from holding Argo Group International or generate 0.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 50.0% |
| Values | Daily Returns |
US70082LAB36 vs. Argo Group International
Performance |
| Timeline |
| US70082LAB36 |
| Argo Group International |
70082LAB3 and Argo Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 70082LAB3 and Argo Group
The main advantage of trading using opposite 70082LAB3 and Argo Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 70082LAB3 position performs unexpectedly, Argo Group 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 Argo Group will offset losses from the drop in Argo Group's long position.| 70082LAB3 vs. NL Industries | 70082LAB3 vs. Burlington Stores | 70082LAB3 vs. Victorias Secret Co | 70082LAB3 vs. Steven Madden |
| Argo Group vs. Loews Corp | Argo Group vs. Chubb | Argo Group vs. American Financial Group | Argo Group vs. Assurant |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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