Correlation Between IShares Technology and HEALTHPEAK
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By analyzing existing cross correlation between iShares Technology ETF and HEALTHPEAK PROPERTIES INC, you can compare the effects of market volatilities on IShares Technology and HEALTHPEAK 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 IShares Technology with a short position of HEALTHPEAK. Check out your portfolio center. Please also check ongoing floating volatility patterns of IShares Technology and HEALTHPEAK.
Diversification Opportunities for IShares Technology and HEALTHPEAK
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between IShares and HEALTHPEAK is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding iShares Technology ETF and HEALTHPEAK PROPERTIES INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HEALTHPEAK PROPERTIES INC and IShares Technology 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 iShares Technology ETF are associated (or correlated) with HEALTHPEAK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HEALTHPEAK PROPERTIES INC has no effect on the direction of IShares Technology i.e., IShares Technology and HEALTHPEAK go up and down completely randomly.
Pair Corralation between IShares Technology and HEALTHPEAK
Considering the 90-day investment horizon iShares Technology ETF is expected to generate 2.15 times more return on investment than HEALTHPEAK. However, IShares Technology is 2.15 times more volatile than HEALTHPEAK PROPERTIES INC. It trades about 0.1 of its potential returns per unit of risk. HEALTHPEAK PROPERTIES INC is currently generating about 0.03 per unit of risk. If you would invest 11,925 in iShares Technology ETF on September 25, 2024 and sell it today you would earn a total of 4,277 from holding iShares Technology ETF or generate 35.87% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 91.09% |
Values | Daily Returns |
iShares Technology ETF vs. HEALTHPEAK PROPERTIES INC
Performance |
Timeline |
iShares Technology ETF |
HEALTHPEAK PROPERTIES INC |
IShares Technology and HEALTHPEAK Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with IShares Technology and HEALTHPEAK
The main advantage of trading using opposite IShares Technology and HEALTHPEAK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IShares Technology position performs unexpectedly, HEALTHPEAK 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 HEALTHPEAK will offset losses from the drop in HEALTHPEAK's long position.IShares Technology vs. Technology Select Sector | IShares Technology vs. Financial Select Sector | IShares Technology vs. Consumer Discretionary Select | IShares Technology vs. Industrial Select Sector |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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