Correlation Analysis Between ETFMG Prime and NZSE

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

 Predicted Return Density 
      Returns 

ETFMG Prime Mobile Payments ET  vs.  NZSE

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, ETFMG Prime Mobile Payments ETF is expected to generate 1.49 times more return on investment than NZSE. However, ETFMG Prime is 1.49 times more volatile than NZSE. It trades about 0.04 of its potential returns per unit of risk. NZSE is currently generating about 0.0 per unit of risk. If you would invest  4,648  in ETFMG Prime Mobile Payments ETF on July 27, 2019 and sell it today you would earn a total of  80.00  from holding ETFMG Prime Mobile Payments ETF or generate 1.72% return on investment over 30 days.

Pair Corralation between ETFMG Prime and NZSE

0.41
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy79.07%
ValuesDaily Returns

Diversification Opportunities for ETFMG Prime and NZSE

ETFMG Prime Mobile Payments ET diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding ETFMG Prime Mobile Payments ET and NZSE in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NZSE 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 NZSE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NZSE has no effect on the direction of ETFMG Prime i.e. ETFMG Prime and NZSE go up and down completely randomly.
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See also your portfolio center. Please also try Aroon Oscillator module to analyze current equity momentum using aroon oscillator and other momentum ratios.


 
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