Correlation Analysis Between ETFMG Prime and All Ords

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

 Predicted Return Density 
      Returns 

ETFMG Prime Mobile Payments ET  vs.  All Ords

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, ETFMG Prime Mobile Payments ETF is expected to generate 1.36 times more return on investment than All Ords. However, ETFMG Prime is 1.36 times more volatile than All Ords. It trades about 0.05 of its potential returns per unit of risk. All Ords is currently generating about -0.04 per unit of risk. If you would invest  4,616  in ETFMG Prime Mobile Payments ETF on July 25, 2019 and sell it today you would earn a total of  112.00  from holding ETFMG Prime Mobile Payments ETF or generate 2.43% return on investment over 30 days.

Pair Corralation between ETFMG Prime and All Ords

0.36
Time Period2 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy81.82%
ValuesDaily Returns

Diversification Opportunities for ETFMG Prime and All Ords

ETFMG Prime Mobile Payments ET diversification synergy

Weak diversification

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