Correlation Between Remitly Global and ATHENE
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By analyzing existing cross correlation between Remitly Global and ATHENE HLDG LTD, you can compare the effects of market volatilities on Remitly Global and ATHENE 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 Remitly Global with a short position of ATHENE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Remitly Global and ATHENE.
Diversification Opportunities for Remitly Global and ATHENE
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Remitly and ATHENE is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Remitly Global and ATHENE HLDG LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATHENE HLDG LTD and Remitly Global 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 Remitly Global are associated (or correlated) with ATHENE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATHENE HLDG LTD has no effect on the direction of Remitly Global i.e., Remitly Global and ATHENE go up and down completely randomly.
Pair Corralation between Remitly Global and ATHENE
Given the investment horizon of 90 days Remitly Global is expected to generate 1.8 times more return on investment than ATHENE. However, Remitly Global is 1.8 times more volatile than ATHENE HLDG LTD. It trades about 0.25 of its potential returns per unit of risk. ATHENE HLDG LTD is currently generating about -0.22 per unit of risk. If you would invest 2,052 in Remitly Global on September 24, 2024 and sell it today you would earn a total of 209.00 from holding Remitly Global or generate 10.19% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 95.24% |
Values | Daily Returns |
Remitly Global vs. ATHENE HLDG LTD
Performance |
Timeline |
Remitly Global |
ATHENE HLDG LTD |
Remitly Global and ATHENE Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Remitly Global and ATHENE
The main advantage of trading using opposite Remitly Global and ATHENE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Remitly Global position performs unexpectedly, ATHENE 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 ATHENE will offset losses from the drop in ATHENE's long position.Remitly Global vs. Lesaka Technologies | Remitly Global vs. CSG Systems International | Remitly Global vs. OneSpan | Remitly Global vs. Sangoma Technologies Corp |
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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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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