Correlation Between SANTANDER GENERACION and TITULOS XALKARRA

By analyzing existing cross correlation between SANTANDER GENERACION 1 and TITULOS XALKARRA SICAV you can compare the effects of market volatilities on SANTANDER GENERACION and TITULOS XALKARRA 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 SANTANDER GENERACION with a short position of TITULOS XALKARRA. Check out your portfolio center. Please also check ongoing floating volatility patterns of SANTANDER GENERACION and TITULOS XALKARRA.

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Can any of the company-specific risk be diversified away by investing in both SANTANDER GENERACION and TITULOS XALKARRA at the same time? Although using correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combing SANTANDER GENERACION and TITULOS XALKARRA into the same portfolio which is an essential part of fundamental portfolio management process.

Diversification Opportunities for SANTANDER GENERACION and TITULOS XALKARRA

-0.06
Correlation
SG
TX

Good diversification

The 3 months correlation between SANTANDER and TITULOS is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding SANTANDER GENERACION 1 CLSAE R and TITULOS XALKARRA SICAV in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on TITULOS XALKARRA SICAV and SANTANDER GENERACION 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 SANTANDER GENERACION 1 are associated (or correlated) with TITULOS XALKARRA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TITULOS XALKARRA SICAV has no effect on the direction of SANTANDER GENERACION i.e. SANTANDER GENERACION and TITULOS XALKARRA go up and down completely randomly.

Pair Corralation between SANTANDER GENERACION and TITULOS XALKARRA

Assuming 30 trading days horizon, SANTANDER GENERACION 1 is expected to under-perform the TITULOS XALKARRA. But the fund apears to be less risky and, when comparing its historical volatility, SANTANDER GENERACION 1 is 3.51 times less risky than TITULOS XALKARRA. The fund trades about -0.18 of its potential returns per unit of risk. The TITULOS XALKARRA SICAV is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest  208.00  in TITULOS XALKARRA SICAV on April 24, 2020 and sell it today you would lose (22.00)  from holding TITULOS XALKARRA SICAV or give up 10.58% of portfolio value over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy32.08%
ValuesDaily Returns

SANTANDER GENERACION 1 CLSAE R  vs.  TITULOS XALKARRA SICAV

 Performance (%) 
      Timeline 
SANTANDER GENERACION 
00

Risk-Adjusted Fund Performance

Over the last 30 days SANTANDER GENERACION 1 has generated negative risk-adjusted returns adding no value to fund investors. Despite weak performance in the last few months, the Fund's basic indicators remain somewhat strong which may send shares a bit higher in June 2020. The current disturbance may also be a sign of long term up-swing for the fund investors.
TITULOS XALKARRA SICAV 
00

Risk-Adjusted Fund Performance

Over the last 30 days TITULOS XALKARRA SICAV has generated negative risk-adjusted returns adding no value to fund investors. Even with considerably steady technical indicators, TITULOS XALKARRA is not utilizing all of its potentials. The current stock price chaos, may contribute to medium term losses for the stakeholders.

SANTANDER GENERACION and TITULOS XALKARRA Volatility Contrast

 Predicted Return Density 
      Returns 
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