Correlation Between Elfun Trusts and 025816DA4
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By analyzing existing cross correlation between Elfun Trusts Elfun and AXP 442 03 AUG 33, you can compare the effects of market volatilities on Elfun Trusts and 025816DA4 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 Elfun Trusts with a short position of 025816DA4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elfun Trusts and 025816DA4.
Diversification Opportunities for Elfun Trusts and 025816DA4
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Elfun and 025816DA4 is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Elfun Trusts Elfun and AXP 442 03 AUG 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AXP 442 03 and Elfun Trusts 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 Elfun Trusts Elfun are associated (or correlated) with 025816DA4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AXP 442 03 has no effect on the direction of Elfun Trusts i.e., Elfun Trusts and 025816DA4 go up and down completely randomly.
Pair Corralation between Elfun Trusts and 025816DA4
Assuming the 90 days horizon Elfun Trusts Elfun is expected to generate 0.38 times more return on investment than 025816DA4. However, Elfun Trusts Elfun is 2.63 times less risky than 025816DA4. It trades about 0.15 of its potential returns per unit of risk. AXP 442 03 AUG 33 is currently generating about -0.01 per unit of risk. If you would invest 9,348 in Elfun Trusts Elfun on September 12, 2024 and sell it today you would earn a total of 607.00 from holding Elfun Trusts Elfun or generate 6.49% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 98.44% |
Values | Daily Returns |
Elfun Trusts Elfun vs. AXP 442 03 AUG 33
Performance |
Timeline |
Elfun Trusts Elfun |
AXP 442 03 |
Elfun Trusts and 025816DA4 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Elfun Trusts and 025816DA4
The main advantage of trading using opposite Elfun Trusts and 025816DA4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elfun Trusts position performs unexpectedly, 025816DA4 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 025816DA4 will offset losses from the drop in 025816DA4's long position.Elfun Trusts vs. Elfun Government Money | Elfun Trusts vs. Elfun International Equity | Elfun Trusts vs. Elfun Income Fund | Elfun Trusts vs. Elfun Diversified Fund |
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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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