Correlation Between ESGL Holdings and 532457BU1
Specify exactly 2 symbols:
By analyzing existing cross correlation between ESGL Holdings Limited and ELI LILLY AND, you can compare the effects of market volatilities on ESGL Holdings and 532457BU1 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 ESGL Holdings with a short position of 532457BU1. Check out your portfolio center. Please also check ongoing floating volatility patterns of ESGL Holdings and 532457BU1.
Diversification Opportunities for ESGL Holdings and 532457BU1
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ESGL and 532457BU1 is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding ESGL Holdings Limited and ELI LILLY AND in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ELI LILLY AND and ESGL Holdings 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 ESGL Holdings Limited are associated (or correlated) with 532457BU1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ELI LILLY AND has no effect on the direction of ESGL Holdings i.e., ESGL Holdings and 532457BU1 go up and down completely randomly.
Pair Corralation between ESGL Holdings and 532457BU1
Assuming the 90 days horizon ESGL Holdings Limited is expected to generate 6.47 times more return on investment than 532457BU1. However, ESGL Holdings is 6.47 times more volatile than ELI LILLY AND. It trades about 0.12 of its potential returns per unit of risk. ELI LILLY AND is currently generating about -0.07 per unit of risk. If you would invest 1.00 in ESGL Holdings Limited on October 16, 2024 and sell it today you would earn a total of 0.37 from holding ESGL Holdings Limited or generate 37.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 81.63% |
Values | Daily Returns |
ESGL Holdings Limited vs. ELI LILLY AND
Performance |
Timeline |
ESGL Holdings Limited |
ELI LILLY AND |
ESGL Holdings and 532457BU1 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ESGL Holdings and 532457BU1
The main advantage of trading using opposite ESGL Holdings and 532457BU1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ESGL Holdings position performs unexpectedly, 532457BU1 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 532457BU1 will offset losses from the drop in 532457BU1's long position.ESGL Holdings vs. Hurco Companies | ||
ESGL Holdings vs. Allegion PLC | ||
ESGL Holdings vs. Proficient Auto Logistics, | ||
ESGL Holdings vs. Bowhead Specialty Holdings |
532457BU1 vs. AEP TEX INC | ||
532457BU1 vs. US BANK NATIONAL | ||
532457BU1 vs. Design Therapeutics | ||
532457BU1 vs. Jfrog |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |