Correlation Between Elfun Trusts and WPLAU
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By analyzing existing cross correlation between Elfun Trusts Elfun and WPLAU 37 15 SEP 26, you can compare the effects of market volatilities on Elfun Trusts and WPLAU 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 WPLAU. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elfun Trusts and WPLAU.
Diversification Opportunities for Elfun Trusts and WPLAU
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Elfun and WPLAU is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Elfun Trusts Elfun and WPLAU 37 15 SEP 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WPLAU 37 15 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 WPLAU. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WPLAU 37 15 has no effect on the direction of Elfun Trusts i.e., Elfun Trusts and WPLAU go up and down completely randomly.
Pair Corralation between Elfun Trusts and WPLAU
Assuming the 90 days horizon Elfun Trusts Elfun is expected to under-perform the WPLAU. In addition to that, Elfun Trusts is 1.29 times more volatile than WPLAU 37 15 SEP 26. It trades about -0.1 of its total potential returns per unit of risk. WPLAU 37 15 SEP 26 is currently generating about 0.23 per unit of volatility. If you would invest 9,428 in WPLAU 37 15 SEP 26 on December 29, 2024 and sell it today you would earn a total of 430.00 from holding WPLAU 37 15 SEP 26 or generate 4.56% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 38.71% |
Values | Daily Returns |
Elfun Trusts Elfun vs. WPLAU 37 15 SEP 26
Performance |
Timeline |
Elfun Trusts Elfun |
WPLAU 37 15 |
Elfun Trusts and WPLAU Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Elfun Trusts and WPLAU
The main advantage of trading using opposite Elfun Trusts and WPLAU positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elfun Trusts position performs unexpectedly, WPLAU 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 WPLAU will offset losses from the drop in WPLAU's long position.Elfun Trusts vs. Morgan Stanley Institutional | Elfun Trusts vs. Fundvantage Trust | Elfun Trusts vs. Us Government Plus | Elfun Trusts vs. Baird Quality Intermediate |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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