Two Equities Correlation Analysis
Specify exactly 2 symbols:
COIMRA.CO
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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 Coop Opsparing and NYSE Composite
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Coop and NYSE is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Coop Opsparing Moderat and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and Coop Opsparing 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 Coop Opsparing Moderat 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 Coop Opsparing i.e., Coop Opsparing and NYSE Composite go up and down completely randomly.
Pair Corralation between Coop Opsparing and NYSE Composite
Assuming the 90 days trading horizon Coop Opsparing Moderat is expected to generate 0.5 times more return on investment than NYSE Composite. However, Coop Opsparing Moderat is 2.0 times less risky than NYSE Composite. It trades about 0.1 of its potential returns per unit of risk. NYSE Composite is currently generating about 0.03 per unit of risk. If you would invest 11,905 in Coop Opsparing Moderat on January 25, 2024 and sell it today you would earn a total of 1,415 from holding Coop Opsparing Moderat or generate 11.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 47.17% |
| Values | Daily Returns |
Coop Opsparing Moderat vs. NYSE Composite
Performance |
| Timeline |
Coop Opsparing and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
Coop Opsparing Moderat
Pair trading matchups for Coop Opsparing
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with Coop Opsparing and NYSE Composite
The main advantage of trading using opposite Coop Opsparing and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coop Opsparing 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.| Coop Opsparing vs. Novo Nordisk AS | Coop Opsparing vs. Nordea Bank Abp | Coop Opsparing vs. DSV Panalpina AS | Coop Opsparing vs. AP Mller |
| 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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