Correlation Between Univest Pennsylvania and APPLE
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By analyzing existing cross correlation between Univest Pennsylvania and APPLE INC 245, you can compare the effects of market volatilities on Univest Pennsylvania and APPLE 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 Univest Pennsylvania with a short position of APPLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Univest Pennsylvania and APPLE.
Diversification Opportunities for Univest Pennsylvania and APPLE
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Univest and APPLE is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Univest Pennsylvania and APPLE INC 245 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPLE INC 245 and Univest Pennsylvania 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 Univest Pennsylvania are associated (or correlated) with APPLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPLE INC 245 has no effect on the direction of Univest Pennsylvania i.e., Univest Pennsylvania and APPLE go up and down completely randomly.
Pair Corralation between Univest Pennsylvania and APPLE
Given the investment horizon of 90 days Univest Pennsylvania is expected to generate 6.89 times more return on investment than APPLE. However, Univest Pennsylvania is 6.89 times more volatile than APPLE INC 245. It trades about 0.03 of its potential returns per unit of risk. APPLE INC 245 is currently generating about 0.01 per unit of risk. If you would invest 2,474 in Univest Pennsylvania on September 2, 2024 and sell it today you would earn a total of 702.00 from holding Univest Pennsylvania or generate 28.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Univest Pennsylvania vs. APPLE INC 245
Performance |
| Timeline |
| Univest Pennsylvania |
| APPLE INC 245 |
Univest Pennsylvania and APPLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Univest Pennsylvania and APPLE
The main advantage of trading using opposite Univest Pennsylvania and APPLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Univest Pennsylvania position performs unexpectedly, APPLE 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 APPLE will offset losses from the drop in APPLE's long position.| Univest Pennsylvania vs. Waterstone Financial | Univest Pennsylvania vs. Mid Penn Bancorp | Univest Pennsylvania vs. ST Bancorp | Univest Pennsylvania vs. Republic Bancorp |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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