Pair Correlation Between Bovespa and ATX

This module allows you to analyze existing cross correlation between Bovespa and ATX. You can compare the effects of market volatilities on Bovespa and ATX 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 Bovespa with a short position of ATX. See also your portfolio center. Please also check ongoing floating volatility patterns of Bovespa and ATX.
 Time Horizon     30 Days    Login   to change
 Bovespa  vs   ATX
 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, Bovespa is expected to under-perform the ATX. In addition to that, Bovespa is 1.03 times more volatile than ATX. It trades about -0.1 of its total potential returns per unit of risk. ATX is currently generating about 0.14 per unit of volatility. If you would invest  340,296  in ATX on February 20, 2018 and sell it today you would earn a total of  8,073  from holding ATX or generate 2.37% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Bovespa and ATX


Time Period1 Month [change]
StrengthVery Strong
ValuesDaily Returns


No risk reduction

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

Comparative Volatility

 Predicted Return Density