Correlation Between 94973VAT4 and UGI
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By analyzing existing cross correlation between ELV 58 15 AUG 40 and UGI Corporation, you can compare the effects of market volatilities on 94973VAT4 and UGI 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 UGI. Check out your portfolio center. Please also check ongoing floating volatility patterns of 94973VAT4 and UGI.
Diversification Opportunities for 94973VAT4 and UGI
Excellent diversification
The 3 months correlation between 94973VAT4 and UGI is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding ELV 58 15 AUG 40 and UGI Corp. in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UGI Corporation 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 UGI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UGI Corporation has no effect on the direction of 94973VAT4 i.e., 94973VAT4 and UGI go up and down completely randomly.
Pair Corralation between 94973VAT4 and UGI
Assuming the 90 days trading horizon ELV 58 15 AUG 40 is expected to generate 1.23 times more return on investment than UGI. However, 94973VAT4 is 1.23 times more volatile than UGI Corporation. It trades about 0.07 of its potential returns per unit of risk. UGI Corporation is currently generating about 0.0 per unit of risk. If you would invest 9,748 in ELV 58 15 AUG 40 on November 2, 2024 and sell it today you would earn a total of 1,111 from holding ELV 58 15 AUG 40 or generate 11.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 15.38% |
| Values | Daily Returns |
ELV 58 15 AUG 40 vs. UGI Corp.
Performance |
| Timeline |
| ELV 58 15 |
| UGI Corporation |
94973VAT4 and UGI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 94973VAT4 and UGI
The main advantage of trading using opposite 94973VAT4 and UGI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 94973VAT4 position performs unexpectedly, UGI 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 UGI will offset losses from the drop in UGI's long position.The idea behind ELV 58 15 AUG 40 and UGI Corporation pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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