Correlation Between 94973VAT4 and Axa Equitable
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By analyzing existing cross correlation between ELV 58 15 AUG 40 and Axa Equitable Holdings, you can compare the effects of market volatilities on 94973VAT4 and Axa Equitable 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 94973VAT4 with a short position of Axa Equitable. Check out your portfolio center. Please also check ongoing floating volatility patterns of 94973VAT4 and Axa Equitable.
Diversification Opportunities for 94973VAT4 and Axa Equitable
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between 94973VAT4 and Axa is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding ELV 58 15 AUG 40 and Axa Equitable Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Axa Equitable Holdings and 94973VAT4 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 ELV 58 15 AUG 40 are associated (or correlated) with Axa Equitable. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axa Equitable Holdings has no effect on the direction of 94973VAT4 i.e., 94973VAT4 and Axa Equitable go up and down completely randomly.
Pair Corralation between 94973VAT4 and Axa Equitable
Assuming the 90 days trading horizon ELV 58 15 AUG 40 is expected to generate 2.69 times more return on investment than Axa Equitable. However, 94973VAT4 is 2.69 times more volatile than Axa Equitable Holdings. It trades about 0.72 of its potential returns per unit of risk. Axa Equitable Holdings is currently generating about 0.43 per unit of risk. If you would invest 9,850 in ELV 58 15 AUG 40 on October 21, 2024 and sell it today you would earn a total of 1,009 from holding ELV 58 15 AUG 40 or generate 10.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 21.05% |
| Values | Daily Returns |
ELV 58 15 AUG 40 vs. Axa Equitable Holdings
Performance |
| Timeline |
| ELV 58 15 |
| Axa Equitable Holdings |
94973VAT4 and Axa Equitable Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 94973VAT4 and Axa Equitable
The main advantage of trading using opposite 94973VAT4 and Axa Equitable positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 94973VAT4 position performs unexpectedly, Axa Equitable 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 Axa Equitable will offset losses from the drop in Axa Equitable's long position.| 94973VAT4 vs. AEP TEX INC | 94973VAT4 vs. US BANK NATIONAL | 94973VAT4 vs. Bank of Montreal | 94973VAT4 vs. Tonix Pharmaceuticals Holding |
| Axa Equitable vs. American International Group | Axa Equitable vs. Arch Capital Group | Axa Equitable vs. Old Republic International | Axa Equitable vs. Sun Life Financial |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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