Two Equities Correlation Analysis
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UGAZ
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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 UGAZ and NYSE Composite
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between UGAZ and NYSE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UGAZ and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and UGAZ 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 UGAZ 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 UGAZ i.e., UGAZ and NYSE Composite go up and down completely randomly.
Pair Corralation between UGAZ and NYSE Composite
If you would invest (100.00) in UGAZ on January 24, 2024 and sell it today you would earn a total of 100.00 from holding UGAZ 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 |
UGAZ vs. NYSE Composite
Performance |
| Timeline |
UGAZ and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
UGAZ
Pair trading matchups for UGAZ
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with UGAZ and NYSE Composite
The main advantage of trading using opposite UGAZ and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UGAZ 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.The idea behind UGAZ and NYSE Composite pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| NYSE Composite vs. The Wendys Co | NYSE Composite vs. Dine Brands Global | NYSE Composite vs. BJs Restaurants | NYSE Composite vs. Rave Restaurant Group |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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