Correlation Analysis Between All Ords and Madrid Gnrl

This module allows you to analyze existing cross correlation between All Ords and Madrid Gnrl. You can compare the effects of market volatilities on All Ords and Madrid Gnrl 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 All Ords with a short position of Madrid Gnrl. See also your portfolio center. Please also check ongoing floating volatility patterns of All Ords and Madrid Gnrl.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 
      Returns 

All Ords  vs.  Madrid Gnrl

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, All Ords is expected to under-perform the Madrid Gnrl. But the index apears to be less risky and, when comparing its historical volatility, All Ords is 1.13 times less risky than Madrid Gnrl. The index trades about -0.01 of its potential returns per unit of risk. The Madrid Gnrl is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest  93,229  in Madrid Gnrl on September 21, 2019 and sell it today you would lose (131.00)  from holding Madrid Gnrl or give up 0.14% of portfolio value over 30 days.

Pair Corralation between All Ords and Madrid Gnrl

-0.08
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for All Ords and Madrid Gnrl

All Ords diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding All Ords and Madrid Gnrl in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Madrid Gnrl and All Ords 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 All Ords are associated (or correlated) with Madrid Gnrl. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Madrid Gnrl has no effect on the direction of All Ords i.e. All Ords and Madrid Gnrl go up and down completely randomly.
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