Correlation Between UNIQA INSURANCE and Atmos Energy
Can any of the company-specific risk be diversified away by investing in both UNIQA INSURANCE and Atmos Energy at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining UNIQA INSURANCE and Atmos Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between UNIQA INSURANCE GR and Atmos Energy, you can compare the effects of market volatilities on UNIQA INSURANCE and Atmos Energy 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 UNIQA INSURANCE with a short position of Atmos Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNIQA INSURANCE and Atmos Energy.
Diversification Opportunities for UNIQA INSURANCE and Atmos Energy
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between UNIQA and Atmos is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding UNIQA INSURANCE GR and Atmos Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Atmos Energy and UNIQA INSURANCE 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 UNIQA INSURANCE GR are associated (or correlated) with Atmos Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Atmos Energy has no effect on the direction of UNIQA INSURANCE i.e., UNIQA INSURANCE and Atmos Energy go up and down completely randomly.
Pair Corralation between UNIQA INSURANCE and Atmos Energy
Assuming the 90 days trading horizon UNIQA INSURANCE GR is expected to generate 1.17 times more return on investment than Atmos Energy. However, UNIQA INSURANCE is 1.17 times more volatile than Atmos Energy. It trades about 0.22 of its potential returns per unit of risk. Atmos Energy is currently generating about -0.31 per unit of risk. If you would invest 731.00 in UNIQA INSURANCE GR on September 25, 2024 and sell it today you would earn a total of 37.00 from holding UNIQA INSURANCE GR or generate 5.06% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.45% |
Values | Daily Returns |
UNIQA INSURANCE GR vs. Atmos Energy
Performance |
Timeline |
UNIQA INSURANCE GR |
Atmos Energy |
UNIQA INSURANCE and Atmos Energy Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with UNIQA INSURANCE and Atmos Energy
The main advantage of trading using opposite UNIQA INSURANCE and Atmos Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNIQA INSURANCE position performs unexpectedly, Atmos Energy 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 Atmos Energy will offset losses from the drop in Atmos Energy's long position.UNIQA INSURANCE vs. National Storage Affiliates | UNIQA INSURANCE vs. Data3 Limited | UNIQA INSURANCE vs. Soken Chemical Engineering | UNIQA INSURANCE vs. Datalogic SpA |
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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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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