Correlation Analysis Between NQEGT and SP 500

This module allows you to analyze existing cross correlation between NQEGT and S&P 500. You can compare the effects of market volatilities on NQEGT and SP 500 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 NQEGT with a short position of SP 500. See also your portfolio center. Please also check ongoing floating volatility patterns of NQEGT and SP 500.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

 Predicted Return Density 
      Returns 

NQEGT  vs.  S&P 500

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, NQEGT is expected to generate 0.6 times more return on investment than SP 500. However, NQEGT is 1.67 times less risky than SP 500. It trades about 0.58 of its potential returns per unit of risk. S&P 500 is currently generating about 0.29 per unit of risk. If you would invest  103,934  in NQEGT on January 21, 2019 and sell it today you would earn a total of  24,949  from holding NQEGT or generate 24.0% return on investment over 30 days.

Pair Corralation between NQEGT and SP 500

0.68
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy97.22%
ValuesDaily Returns

Diversification Opportunities for NQEGT and SP 500

NQEGT diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding NQEGT and S&P 500 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on SP 500 and NQEGT 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 NQEGT are associated (or correlated) with SP 500. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SP 500 has no effect on the direction of NQEGT i.e. NQEGT and SP 500 go up and down completely randomly.
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