Two Equities Correlation Analysis
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This model provides you with a quick lookup of cross correlation between two equities. Please specify two instruments to run the correlation.
Diversification Opportunities for Blackrock Muniyield and NYSE Composite
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Blackrock and NYSE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Blackrock Muniyield Investment and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and Blackrock Muniyield 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 Blackrock Muniyield Investment are associated (or correlated) with NYSE Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE Composite has no effect on the direction of Blackrock Muniyield i.e., Blackrock Muniyield and NYSE Composite go up and down completely randomly.
Pair Corralation between Blackrock Muniyield and NYSE Composite
If you would invest (100.00) in Blackrock Muniyield Investment on January 25, 2024 and sell it today you would earn a total of 100.00 from holding Blackrock Muniyield Investment or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Blackrock Muniyield Investment vs. NYSE Composite
Performance |
Timeline |
Blackrock Muniyield and NYSE Composite Volatility Contrast
Predicted Return Density |
Returns |
Blackrock Muniyield Investment
Pair trading matchups for Blackrock Muniyield
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with Blackrock Muniyield and NYSE Composite
The main advantage of trading using opposite Blackrock Muniyield and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blackrock Muniyield position performs unexpectedly, NYSE Composite 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 NYSE Composite will offset losses from the drop in NYSE Composite's long position.Blackrock Muniyield vs. Mirova Global Green | Blackrock Muniyield vs. Ab Global Real | Blackrock Muniyield vs. 361 Global Longshort | Blackrock Muniyield vs. Aqr Global Equity |
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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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