Correlation Between AGND and ETF Managers
Can any of the company-specific risk be diversified away by investing in both AGND and ETF Managers 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 AGND and ETF Managers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AGND and ETF Managers Group, you can compare the effects of market volatilities on AGND and ETF Managers 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 AGND with a short position of ETF Managers. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGND and ETF Managers.
Diversification Opportunities for AGND and ETF Managers
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AGND and ETF is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AGND and ETF Managers Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ETF Managers Group and AGND 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 AGND are associated (or correlated) with ETF Managers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ETF Managers Group has no effect on the direction of AGND i.e., AGND and ETF Managers go up and down completely randomly.
Pair Corralation between AGND and ETF Managers
If you would invest (100.00) in ETF Managers Group on January 24, 2024 and sell it today you would earn a total of 100.00 from holding ETF Managers Group or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AGND vs. ETF Managers Group
Performance |
| Timeline |
| AGND |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| ETF Managers Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
AGND and ETF Managers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGND and ETF Managers
The main advantage of trading using opposite AGND and ETF Managers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGND position performs unexpectedly, ETF Managers 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 ETF Managers will offset losses from the drop in ETF Managers' long position.| AGND vs. WisdomTree SmallCap Quality | AGND vs. WisdomTree Emerging Markets | AGND vs. WisdomTree Emerging Markets | AGND vs. VictoryShares Discovery Enhanced |
| ETF Managers vs. WisdomTree SmallCap Quality | ETF Managers vs. WisdomTree Emerging Markets | ETF Managers vs. WisdomTree Emerging Markets | ETF Managers vs. VictoryShares Discovery Enhanced |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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