Correlation Between 902613AP3 and KeyCorp
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By analyzing existing cross correlation between UBS 4751 12 MAY 28 and KeyCorp, you can compare the effects of market volatilities on 902613AP3 and KeyCorp 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 902613AP3 with a short position of KeyCorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of 902613AP3 and KeyCorp.
Diversification Opportunities for 902613AP3 and KeyCorp
Modest diversification
The 3 months correlation between 902613AP3 and KeyCorp is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding UBS 4751 12 MAY 28 and KeyCorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KeyCorp and 902613AP3 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 UBS 4751 12 MAY 28 are associated (or correlated) with KeyCorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KeyCorp has no effect on the direction of 902613AP3 i.e., 902613AP3 and KeyCorp go up and down completely randomly.
Pair Corralation between 902613AP3 and KeyCorp
Assuming the 90 days trading horizon UBS 4751 12 MAY 28 is expected to generate 1.96 times more return on investment than KeyCorp. However, 902613AP3 is 1.96 times more volatile than KeyCorp. It trades about -0.04 of its potential returns per unit of risk. KeyCorp is currently generating about -0.11 per unit of risk. If you would invest 9,951 in UBS 4751 12 MAY 28 on September 4, 2024 and sell it today you would lose (137.00) from holding UBS 4751 12 MAY 28 or give up 1.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 76.19% |
| Values | Daily Returns |
UBS 4751 12 MAY 28 vs. KeyCorp
Performance |
| Timeline |
| UBS 4751 12 |
| KeyCorp |
902613AP3 and KeyCorp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 902613AP3 and KeyCorp
The main advantage of trading using opposite 902613AP3 and KeyCorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 902613AP3 position performs unexpectedly, KeyCorp 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 KeyCorp will offset losses from the drop in KeyCorp's long position.| 902613AP3 vs. AEP TEX INC | 902613AP3 vs. US BANK NATIONAL | 902613AP3 vs. MetLife | 902613AP3 vs. Brera Holdings PLC |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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