Correlation Between South West and MetLife
Specify exactly 2 symbols:
By analyzing existing cross correlation between South West Pinnacle and MetLife, you can compare the effects of market volatilities on South West and MetLife 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 South West with a short position of MetLife. Check out your portfolio center. Please also check ongoing floating volatility patterns of South West and MetLife.
Diversification Opportunities for South West and MetLife
-0.85 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between South and MetLife is -0.85. Overlapping area represents the amount of risk that can be diversified away by holding South West Pinnacle and MetLife in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MetLife and South West 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 South West Pinnacle are associated (or correlated) with MetLife. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MetLife has no effect on the direction of South West i.e., South West and MetLife go up and down completely randomly.
Pair Corralation between South West and MetLife
Assuming the 90 days trading horizon South West Pinnacle is expected to under-perform the MetLife. In addition to that, South West is 2.39 times more volatile than MetLife. It trades about -0.08 of its total potential returns per unit of risk. MetLife is currently generating about -0.17 per unit of volatility. If you would invest 7,321 in MetLife on February 7, 2024 and sell it today you would lose (324.00) from holding MetLife or give up 4.43% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Significant |
Accuracy | 90.48% |
Values | Daily Returns |
South West Pinnacle vs. MetLife
Performance |
Timeline |
South West Pinnacle |
MetLife |
South West and MetLife Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with South West and MetLife
The main advantage of trading using opposite South West and MetLife positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if South West position performs unexpectedly, MetLife 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 MetLife will offset losses from the drop in MetLife's long position.South West vs. Reliance Industries Limited | South West vs. Punjab Sind Bank | South West vs. ICICI Bank Limited | South West vs. Oil Natural Gas |
MetLife vs. Lincoln National | MetLife vs. Aflac Incorporated | MetLife vs. Unum Group | MetLife vs. Manulife Financial Corp |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
Money Managers Screen money managers from public funds and ETFs managed around the world | |
Bonds Directory Find actively traded corporate debentures issued by US companies | |
Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |