Correlation Between Xtrackers and Amundi Euro
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By analyzing existing cross correlation between Xtrackers II and Amundi Euro Stoxx, you can compare the effects of market volatilities on Xtrackers and Amundi Euro 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 Xtrackers with a short position of Amundi Euro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xtrackers and Amundi Euro.
Diversification Opportunities for Xtrackers and Amundi Euro
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xtrackers and Amundi is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Xtrackers II and Amundi Euro Stoxx in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amundi Euro Stoxx and Xtrackers 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 Xtrackers II are associated (or correlated) with Amundi Euro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amundi Euro Stoxx has no effect on the direction of Xtrackers i.e., Xtrackers and Amundi Euro go up and down completely randomly.
Pair Corralation between Xtrackers and Amundi Euro
Assuming the 90 days trading horizon Xtrackers II is expected to under-perform the Amundi Euro. But the etf apears to be less risky and, when comparing its historical volatility, Xtrackers II is 1.24 times less risky than Amundi Euro. The etf trades about -0.03 of its potential returns per unit of risk. The Amundi Euro Stoxx is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 3,344 in Amundi Euro Stoxx on September 12, 2024 and sell it today you would lose (2.00) from holding Amundi Euro Stoxx or give up 0.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xtrackers II vs. Amundi Euro Stoxx
Performance |
| Timeline |
| Xtrackers II |
| Amundi Euro Stoxx |
Xtrackers and Amundi Euro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xtrackers and Amundi Euro
The main advantage of trading using opposite Xtrackers and Amundi Euro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xtrackers position performs unexpectedly, Amundi Euro 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 Euro will offset losses from the drop in Amundi Euro's long position.| Xtrackers vs. Xtrackers II Global | Xtrackers vs. Xtrackers FTSE | Xtrackers vs. Xtrackers SP 500 | Xtrackers vs. Xtrackers MSCI |
| Amundi Euro vs. UBS Fund Solutions | Amundi Euro vs. Xtrackers II | Amundi Euro vs. Xtrackers Nikkei 225 | Amundi Euro vs. iShares VII 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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