Correlation Between 00108WAF7 and Grab Holdings
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By analyzing existing cross correlation between AEP TEX INC and Grab Holdings, you can compare the effects of market volatilities on 00108WAF7 and Grab Holdings 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 00108WAF7 with a short position of Grab Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of 00108WAF7 and Grab Holdings.
Diversification Opportunities for 00108WAF7 and Grab Holdings
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 00108WAF7 and Grab is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding AEP TEX INC and Grab Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grab Holdings and 00108WAF7 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 AEP TEX INC are associated (or correlated) with Grab Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grab Holdings has no effect on the direction of 00108WAF7 i.e., 00108WAF7 and Grab Holdings go up and down completely randomly.
Pair Corralation between 00108WAF7 and Grab Holdings
Assuming the 90 days trading horizon AEP TEX INC is expected to generate 6.06 times more return on investment than Grab Holdings. However, 00108WAF7 is 6.06 times more volatile than Grab Holdings. It trades about 0.07 of its potential returns per unit of risk. Grab Holdings is currently generating about 0.04 per unit of risk. If you would invest 7,255 in AEP TEX INC on March 16, 2024 and sell it today you would earn a total of 247.00 from holding AEP TEX INC or generate 3.4% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 68.18% |
Values | Daily Returns |
AEP TEX INC vs. Grab Holdings
Performance |
Timeline |
AEP TEX INC |
Grab Holdings |
00108WAF7 and Grab Holdings Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with 00108WAF7 and Grab Holdings
The main advantage of trading using opposite 00108WAF7 and Grab Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 00108WAF7 position performs unexpectedly, Grab Holdings 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 Grab Holdings will offset losses from the drop in Grab Holdings' long position.00108WAF7 vs. US BANK NATIONAL | 00108WAF7 vs. The Coca Cola | 00108WAF7 vs. Dupont De Nemours | 00108WAF7 vs. Intel |
Grab Holdings vs. Zoom Video Communications | Grab Holdings vs. Snowflake | Grab Holdings vs. Workday | Grab Holdings vs. C3 Ai Inc |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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