Correlation Analysis Between ANTOFAGASTA and DOW

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

 Predicted Return Density 
      Returns 

ANTOFAGASTA  vs.  DOW

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, ANTOFAGASTA is expected to generate 3.35 times more return on investment than DOW. However, ANTOFAGASTA is 3.35 times more volatile than DOW. It trades about 0.15 of its potential returns per unit of risk. DOW is currently generating about 0.17 per unit of risk. If you would invest  970.00  in ANTOFAGASTA on October 23, 2019 and sell it today you would earn a total of  197.00  from holding ANTOFAGASTA or generate 20.31% return on investment over 30 days.

Pair Corralation between ANTOFAGASTA and DOW

0.85
Time Period3 Months [change]
DirectionPositive 
StrengthStrong
Accuracy96.88%
ValuesDaily Returns

Diversification Opportunities for ANTOFAGASTA and DOW

ANTOFAGASTA diversification synergy

Very poor diversification

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