Correlation Between Amundi EUR and Amundi ETF
Can any of the company-specific risk be diversified away by investing in both Amundi EUR and Amundi ETF 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 Amundi EUR and Amundi ETF into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amundi EUR High and Amundi ETF MSCI, you can compare the effects of market volatilities on Amundi EUR and Amundi ETF 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 Amundi EUR with a short position of Amundi ETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amundi EUR and Amundi ETF.
Diversification Opportunities for Amundi EUR and Amundi ETF
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Amundi and Amundi is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Amundi EUR High and Amundi ETF MSCI in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amundi ETF MSCI and Amundi EUR 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 Amundi EUR High are associated (or correlated) with Amundi ETF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amundi ETF MSCI has no effect on the direction of Amundi EUR i.e., Amundi EUR and Amundi ETF go up and down completely randomly.
Pair Corralation between Amundi EUR and Amundi ETF
If you would invest 10,262 in Amundi EUR High on August 30, 2024 and sell it today you would earn a total of 452.00 from holding Amundi EUR High or generate 4.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Amundi EUR High vs. Amundi ETF MSCI
Performance |
| Timeline |
| Amundi EUR High |
| Amundi ETF MSCI |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Amundi EUR and Amundi ETF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amundi EUR and Amundi ETF
The main advantage of trading using opposite Amundi EUR and Amundi ETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amundi EUR position performs unexpectedly, Amundi ETF 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 ETF will offset losses from the drop in Amundi ETF's long position.| Amundi EUR vs. Vanguard FTSE Developed | Amundi EUR vs. Leverage Shares 2x | Amundi EUR vs. Amundi Index Solutions | Amundi EUR vs. Amundi Index Solutions |
| Amundi ETF vs. Amundi EUR High | Amundi ETF vs. Amundi Index Solutions | Amundi ETF vs. Amundi MSCI Pacific | Amundi ETF vs. Amundi MSCI Europe |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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