Correlation Between PEPTONIC MEDICAL and AXA SA
Can any of the company-specific risk be diversified away by investing in both PEPTONIC MEDICAL and AXA SA 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 PEPTONIC MEDICAL and AXA SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PEPTONIC MEDICAL and AXA SA, you can compare the effects of market volatilities on PEPTONIC MEDICAL and AXA SA 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 PEPTONIC MEDICAL with a short position of AXA SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of PEPTONIC MEDICAL and AXA SA.
Diversification Opportunities for PEPTONIC MEDICAL and AXA SA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PEPTONIC and AXA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PEPTONIC MEDICAL and AXA SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AXA SA and PEPTONIC MEDICAL 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 PEPTONIC MEDICAL are associated (or correlated) with AXA SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AXA SA has no effect on the direction of PEPTONIC MEDICAL i.e., PEPTONIC MEDICAL and AXA SA go up and down completely randomly.
Pair Corralation between PEPTONIC MEDICAL and AXA SA
If you would invest 3,823 in AXA SA on April 25, 2025 and sell it today you would earn a total of 397.00 from holding AXA SA or generate 10.38% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
PEPTONIC MEDICAL vs. AXA SA
Performance |
Timeline |
PEPTONIC MEDICAL |
AXA SA |
PEPTONIC MEDICAL and AXA SA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with PEPTONIC MEDICAL and AXA SA
The main advantage of trading using opposite PEPTONIC MEDICAL and AXA SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PEPTONIC MEDICAL position performs unexpectedly, AXA SA 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 AXA SA will offset losses from the drop in AXA SA's long position.PEPTONIC MEDICAL vs. Olympic Steel | PEPTONIC MEDICAL vs. Perma Fix Environmental Services | PEPTONIC MEDICAL vs. The Japan Steel | PEPTONIC MEDICAL vs. Veolia Environnement SA |
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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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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