This module allows you to analyze existing cross correlation between ATX and NQPH. You can compare the effects of market volatilities on ATX and NQPH 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 ATX with a short position of NQPH. See also your portfolio center
. Please also check ongoing floating volatility patterns of ATX
ATX vs. NQPH
Given the investment horizon of 30 days, ATX is expected to generate 0.58 times more return on investment than NQPH. However, ATX is 1.71 times less risky than NQPH. It trades about -0.02 of its potential returns per unit of risk. NQPH is currently generating about -0.04 per unit of risk. If you would invest 330,944 in ATX on June 17, 2018 and sell it today you would lose (1,812) from holding ATX or give up 0.55% of portfolio value over 30 days.
Pair Corralation between ATX and NQPH
|Time Period||1 Month [change]|
Very good diversification
Overlapping area represents the amount of risk that can be diversified away by holding ATX and NQPH in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NQPH and ATX 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 ATX are associated (or correlated) with NQPH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NQPH has no effect on the direction of ATX i.e. ATX and NQPH go up and down completely randomly.
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