Correlation Between US Bancorp and Grupo Elektra
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By analyzing existing cross correlation between US Bancorp and Grupo Elektra SAB, you can compare the effects of market volatilities on US Bancorp and Grupo Elektra 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 US Bancorp with a short position of Grupo Elektra. Check out your portfolio center. Please also check ongoing floating volatility patterns of US Bancorp and Grupo Elektra.
Diversification Opportunities for US Bancorp and Grupo Elektra
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between USB and Grupo is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding US Bancorp and Grupo Elektra SAB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grupo Elektra SAB and US Bancorp 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 US Bancorp are associated (or correlated) with Grupo Elektra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grupo Elektra SAB has no effect on the direction of US Bancorp i.e., US Bancorp and Grupo Elektra go up and down completely randomly.
Pair Corralation between US Bancorp and Grupo Elektra
Assuming the 90 days trading horizon US Bancorp is expected to generate 0.62 times more return on investment than Grupo Elektra. However, US Bancorp is 1.62 times less risky than Grupo Elektra. It trades about 0.03 of its potential returns per unit of risk. Grupo Elektra SAB is currently generating about -0.03 per unit of risk. If you would invest 78,160 in US Bancorp on September 24, 2024 and sell it today you would earn a total of 22,290 from holding US Bancorp or generate 28.52% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 99.8% |
Values | Daily Returns |
US Bancorp vs. Grupo Elektra SAB
Performance |
Timeline |
US Bancorp |
Grupo Elektra SAB |
US Bancorp and Grupo Elektra Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with US Bancorp and Grupo Elektra
The main advantage of trading using opposite US Bancorp and Grupo Elektra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if US Bancorp position performs unexpectedly, Grupo Elektra 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 Grupo Elektra will offset losses from the drop in Grupo Elektra's long position.US Bancorp vs. Netflix | US Bancorp vs. Honeywell International | US Bancorp vs. The Goodyear Tire | US Bancorp vs. The Walt Disney |
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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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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