Correlation Between AGL Resources and Elbit Imaging
Can any of the company-specific risk be diversified away by investing in both AGL Resources and Elbit Imaging at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining AGL Resources and Elbit Imaging into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AGL Resources and Elbit Imaging, you can compare the effects of market volatilities on AGL Resources and Elbit Imaging 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 AGL Resources with a short position of Elbit Imaging. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGL Resources and Elbit Imaging.
Diversification Opportunities for AGL Resources and Elbit Imaging
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AGL and Elbit is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AGL Resources and Elbit Imaging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elbit Imaging and AGL Resources 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 AGL Resources are associated (or correlated) with Elbit Imaging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elbit Imaging has no effect on the direction of AGL Resources i.e., AGL Resources and Elbit Imaging go up and down completely randomly.
Pair Corralation between AGL Resources and Elbit Imaging
If you would invest (100.00) in AGL Resources on January 17, 2024 and sell it today you would earn a total of 100.00 from holding AGL Resources 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 |
AGL Resources vs. Elbit Imaging
Performance |
| Timeline |
| AGL Resources |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Elbit Imaging |
AGL Resources and Elbit Imaging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGL Resources and Elbit Imaging
The main advantage of trading using opposite AGL Resources and Elbit Imaging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGL Resources position performs unexpectedly, Elbit Imaging 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 Elbit Imaging will offset losses from the drop in Elbit Imaging's long position.| AGL Resources vs. SunOpta | AGL Resources vs. Yips Chemical Holdings | AGL Resources vs. Hawkins | AGL Resources vs. The Mosaic |
| Elbit Imaging vs. B Communications | Elbit Imaging vs. Rapac Communication Infrastructure | Elbit Imaging vs. Allot Communications | Elbit Imaging vs. Suny Cellular Communication |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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