Two Equities Correlation Analysis
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ATEN
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This model provides you with a quick lookup of cross correlation between two equities. Please specify two instruments to run the correlation.
Diversification Opportunities for A10 Network and NYSE Composite
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between A10 and NYSE is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding A10 Network and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and A10 Network 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 A10 Network are associated (or correlated) with NYSE Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE Composite has no effect on the direction of A10 Network i.e., A10 Network and NYSE Composite go up and down completely randomly.
Pair Corralation between A10 Network and NYSE Composite
Given the investment horizon of 90 days A10 Network is expected to generate 1.17 times less return on investment than NYSE Composite. In addition to that, A10 Network is 2.44 times more volatile than NYSE Composite. It trades about 0.01 of its total potential returns per unit of risk. NYSE Composite is currently generating about 0.04 per unit of volatility. If you would invest 1,505,787 in NYSE Composite on January 27, 2024 and sell it today you would earn a total of 267,369 from holding NYSE Composite or generate 17.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
A10 Network vs. NYSE Composite
Performance |
| Timeline |
A10 Network and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
A10 Network
Pair trading matchups for A10 Network
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with A10 Network and NYSE Composite
The main advantage of trading using opposite A10 Network and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if A10 Network position performs unexpectedly, NYSE Composite 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 NYSE Composite will offset losses from the drop in NYSE Composite's long position.| A10 Network vs. Crowdstrike Holdings | A10 Network vs. Block Inc | A10 Network vs. Adobe Systems Incorporated | A10 Network vs. Cloudflare |
| NYSE Composite vs. Nike Inc | NYSE Composite vs. Zoom Video Communications | NYSE Composite vs. Vera Bradley | NYSE Composite vs. Torm PLC Class |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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