Correlation Between Elfun Trusts and Sothebys
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By analyzing existing cross correlation between Elfun Trusts Elfun and Sothebys 7375 percent, you can compare the effects of market volatilities on Elfun Trusts and Sothebys 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 Sothebys. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elfun Trusts and Sothebys.
Diversification Opportunities for Elfun Trusts and Sothebys
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Elfun and Sothebys is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Elfun Trusts Elfun and Sothebys 7375 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sothebys 7375 percent 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 Sothebys. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sothebys 7375 percent has no effect on the direction of Elfun Trusts i.e., Elfun Trusts and Sothebys go up and down completely randomly.
Pair Corralation between Elfun Trusts and Sothebys
Assuming the 90 days horizon Elfun Trusts Elfun is expected to generate 0.59 times more return on investment than Sothebys. However, Elfun Trusts Elfun is 1.69 times less risky than Sothebys. It trades about -0.35 of its potential returns per unit of risk. Sothebys 7375 percent is currently generating about -0.23 per unit of risk. If you would invest 9,047 in Elfun Trusts Elfun on December 10, 2024 and sell it today you would lose (702.00) from holding Elfun Trusts Elfun or give up 7.76% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 90.0% |
Values | Daily Returns |
Elfun Trusts Elfun vs. Sothebys 7375 percent
Performance |
Timeline |
Elfun Trusts Elfun |
Sothebys 7375 percent |
Elfun Trusts and Sothebys Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Elfun Trusts and Sothebys
The main advantage of trading using opposite Elfun Trusts and Sothebys positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elfun Trusts position performs unexpectedly, Sothebys 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 Sothebys will offset losses from the drop in Sothebys' long position.Elfun Trusts vs. State Street Institutional | Elfun Trusts vs. State Street Target | Elfun Trusts vs. State Street Target | Elfun Trusts vs. Ssga International Stock |
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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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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