Correlation Between INTUITIVE SURGICAL and Amundi Convictions
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By analyzing existing cross correlation between INTUITIVE SURGICAL and Amundi Convictions ESR, you can compare the effects of market volatilities on INTUITIVE SURGICAL and Amundi Convictions 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 INTUITIVE SURGICAL with a short position of Amundi Convictions. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTUITIVE SURGICAL and Amundi Convictions.
Diversification Opportunities for INTUITIVE SURGICAL and Amundi Convictions
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between INTUITIVE and Amundi is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding INTUITIVE SURGICAL and Amundi Convictions ESR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amundi Convictions ESR and INTUITIVE SURGICAL 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 INTUITIVE SURGICAL are associated (or correlated) with Amundi Convictions. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amundi Convictions ESR has no effect on the direction of INTUITIVE SURGICAL i.e., INTUITIVE SURGICAL and Amundi Convictions go up and down completely randomly.
Pair Corralation between INTUITIVE SURGICAL and Amundi Convictions
Assuming the 90 days trading horizon INTUITIVE SURGICAL is expected to generate 2.9 times more return on investment than Amundi Convictions. However, INTUITIVE SURGICAL is 2.9 times more volatile than Amundi Convictions ESR. It trades about 0.17 of its potential returns per unit of risk. Amundi Convictions ESR is currently generating about 0.06 per unit of risk. If you would invest 42,790 in INTUITIVE SURGICAL on October 8, 2024 and sell it today you would earn a total of 8,110 from holding INTUITIVE SURGICAL or generate 18.95% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 95.0% |
Values | Daily Returns |
INTUITIVE SURGICAL vs. Amundi Convictions ESR
Performance |
Timeline |
INTUITIVE SURGICAL |
Amundi Convictions ESR |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Insignificant
INTUITIVE SURGICAL and Amundi Convictions Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with INTUITIVE SURGICAL and Amundi Convictions
The main advantage of trading using opposite INTUITIVE SURGICAL and Amundi Convictions positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTUITIVE SURGICAL position performs unexpectedly, Amundi Convictions 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 Amundi Convictions will offset losses from the drop in Amundi Convictions' long position.INTUITIVE SURGICAL vs. ATRESMEDIA | INTUITIVE SURGICAL vs. TYSON FOODS A | INTUITIVE SURGICAL vs. Performance Food Group | INTUITIVE SURGICAL vs. Fuji Media Holdings |
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 CEOs Directory module to screen CEOs from public companies around the world.
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