Correlation Between Elfun Trusts and INGEVITY
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By analyzing existing cross correlation between Elfun Trusts Elfun and INGEVITY P 3875, you can compare the effects of market volatilities on Elfun Trusts and INGEVITY 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 INGEVITY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elfun Trusts and INGEVITY.
Diversification Opportunities for Elfun Trusts and INGEVITY
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Elfun and INGEVITY is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Elfun Trusts Elfun and INGEVITY P 3875 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INGEVITY P 3875 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 INGEVITY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INGEVITY P 3875 has no effect on the direction of Elfun Trusts i.e., Elfun Trusts and INGEVITY go up and down completely randomly.
Pair Corralation between Elfun Trusts and INGEVITY
Assuming the 90 days horizon Elfun Trusts Elfun is expected to generate 0.21 times more return on investment than INGEVITY. However, Elfun Trusts Elfun is 4.7 times less risky than INGEVITY. It trades about 0.27 of its potential returns per unit of risk. INGEVITY P 3875 is currently generating about -0.22 per unit of risk. If you would invest 9,722 in Elfun Trusts Elfun on September 19, 2024 and sell it today you would earn a total of 265.00 from holding Elfun Trusts Elfun or generate 2.73% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Elfun Trusts Elfun vs. INGEVITY P 3875
Performance |
Timeline |
Elfun Trusts Elfun |
INGEVITY P 3875 |
Elfun Trusts and INGEVITY Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Elfun Trusts and INGEVITY
The main advantage of trading using opposite Elfun Trusts and INGEVITY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elfun Trusts position performs unexpectedly, INGEVITY 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 INGEVITY will offset losses from the drop in INGEVITY's long position.Elfun Trusts vs. State Street Target | Elfun Trusts vs. State Street Target | Elfun Trusts vs. Ssga International Stock | Elfun Trusts vs. State Street Target |
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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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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