Correlation Between Voya Stock and 958102AR6
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By analyzing existing cross correlation between Voya Stock Index and WDC 31 01 FEB 32, you can compare the effects of market volatilities on Voya Stock and 958102AR6 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 Voya Stock with a short position of 958102AR6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voya Stock and 958102AR6.
Diversification Opportunities for Voya Stock and 958102AR6
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Voya and 958102AR6 is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Voya Stock Index and WDC 31 01 FEB 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WDC 31 01 and Voya Stock 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 Voya Stock Index are associated (or correlated) with 958102AR6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WDC 31 01 has no effect on the direction of Voya Stock i.e., Voya Stock and 958102AR6 go up and down completely randomly.
Pair Corralation between Voya Stock and 958102AR6
Assuming the 90 days horizon Voya Stock Index is expected to generate 1.05 times more return on investment than 958102AR6. However, Voya Stock is 1.05 times more volatile than WDC 31 01 FEB 32. It trades about 0.06 of its potential returns per unit of risk. WDC 31 01 FEB 32 is currently generating about 0.02 per unit of risk. If you would invest 1,532 in Voya Stock Index on September 23, 2024 and sell it today you would earn a total of 475.00 from holding Voya Stock Index or generate 31.01% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 93.96% |
Values | Daily Returns |
Voya Stock Index vs. WDC 31 01 FEB 32
Performance |
Timeline |
Voya Stock Index |
WDC 31 01 |
Voya Stock and 958102AR6 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Voya Stock and 958102AR6
The main advantage of trading using opposite Voya Stock and 958102AR6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voya Stock position performs unexpectedly, 958102AR6 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 958102AR6 will offset losses from the drop in 958102AR6's long position.Voya Stock vs. Voya Bond Index | Voya Stock vs. Voya Bond Index | Voya Stock vs. Voya Limited Maturity | Voya Stock vs. Voya Limited Maturity |
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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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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