Correlation Between Aegon NV and Adynxx
Can any of the company-specific risk be diversified away by investing in both Aegon NV and Adynxx 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 Aegon NV and Adynxx into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aegon NV ADR and Adynxx Inc, you can compare the effects of market volatilities on Aegon NV and Adynxx 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 Aegon NV with a short position of Adynxx. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aegon NV and Adynxx.
Diversification Opportunities for Aegon NV and Adynxx
Pay attention - limited upside
The 3 months correlation between Aegon and Adynxx is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aegon NV ADR and Adynxx Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Adynxx Inc and Aegon NV 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 Aegon NV ADR are associated (or correlated) with Adynxx. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Adynxx Inc has no effect on the direction of Aegon NV i.e., Aegon NV and Adynxx go up and down completely randomly.
Pair Corralation between Aegon NV and Adynxx
If you would invest 410.00 in Aegon NV ADR on December 2, 2024 and sell it today you would earn a total of 218.00 from holding Aegon NV ADR or generate 53.17% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Aegon NV ADR vs. Adynxx Inc
Performance |
Timeline |
Aegon NV ADR |
Adynxx Inc |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Aegon NV and Adynxx Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Aegon NV and Adynxx
The main advantage of trading using opposite Aegon NV and Adynxx positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aegon NV position performs unexpectedly, Adynxx 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 Adynxx will offset losses from the drop in Adynxx's long position.Aegon NV vs. Hartford Financial Services | Aegon NV vs. Goosehead Insurance | Aegon NV vs. International General Insurance | Aegon NV vs. Enstar Group Limited |
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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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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