Correlation Between VanEck Solana and Amundi Index
Can any of the company-specific risk be diversified away by investing in both VanEck Solana and Amundi Index at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining VanEck Solana and Amundi Index into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between VanEck Solana ETN and Amundi Index Solutions, you can compare the effects of market volatilities on VanEck Solana and Amundi Index 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 VanEck Solana with a short position of Amundi Index. Check out your portfolio center. Please also check ongoing floating volatility patterns of VanEck Solana and Amundi Index.
Diversification Opportunities for VanEck Solana and Amundi Index
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between VanEck and Amundi is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding VanEck Solana ETN and Amundi Index Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amundi Index Solutions and VanEck Solana 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 VanEck Solana ETN are associated (or correlated) with Amundi Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amundi Index Solutions has no effect on the direction of VanEck Solana i.e., VanEck Solana and Amundi Index go up and down completely randomly.
Pair Corralation between VanEck Solana and Amundi Index
Assuming the 90 days trading horizon VanEck Solana ETN is expected to generate 26.63 times more return on investment than Amundi Index. However, VanEck Solana is 26.63 times more volatile than Amundi Index Solutions. It trades about 0.27 of its potential returns per unit of risk. Amundi Index Solutions is currently generating about 0.17 per unit of risk. If you would invest 875.00 in VanEck Solana ETN on August 29, 2024 and sell it today you would earn a total of 350.00 from holding VanEck Solana ETN or generate 40.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
VanEck Solana ETN vs. Amundi Index Solutions
Performance |
| Timeline |
| VanEck Solana ETN |
| Amundi Index Solutions |
VanEck Solana and Amundi Index Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with VanEck Solana and Amundi Index
The main advantage of trading using opposite VanEck Solana and Amundi Index positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if VanEck Solana position performs unexpectedly, Amundi Index 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 Amundi Index will offset losses from the drop in Amundi Index's long position.| VanEck Solana vs. Lyxor UCITS Japan | VanEck Solana vs. Lyxor UCITS Japan | VanEck Solana vs. Lyxor UCITS Stoxx | VanEck Solana vs. Amundi CAC 40 |
| Amundi Index vs. Amundi Index Solutions | Amundi Index vs. Manitou BF SA | Amundi Index vs. Ossiam Minimum Variance | Amundi Index vs. Ekinops SA |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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