Correlation Between AIM ETF and KEYCORP
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By analyzing existing cross correlation between AIM ETF Products and KEYCORP MEDIUM TERM, you can compare the effects of market volatilities on AIM ETF and KEYCORP 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 AIM ETF with a short position of KEYCORP. Check out your portfolio center. Please also check ongoing floating volatility patterns of AIM ETF and KEYCORP.
Diversification Opportunities for AIM ETF and KEYCORP
Excellent diversification
The 3 months correlation between AIM and KEYCORP is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding AIM ETF Products and KEYCORP MEDIUM TERM in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KEYCORP MEDIUM TERM and AIM ETF 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 AIM ETF Products are associated (or correlated) with KEYCORP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KEYCORP MEDIUM TERM has no effect on the direction of AIM ETF i.e., AIM ETF and KEYCORP go up and down completely randomly.
Pair Corralation between AIM ETF and KEYCORP
Given the investment horizon of 90 days AIM ETF Products is expected to generate 0.36 times more return on investment than KEYCORP. However, AIM ETF Products is 2.76 times less risky than KEYCORP. It trades about 0.16 of its potential returns per unit of risk. KEYCORP MEDIUM TERM is currently generating about 0.0 per unit of risk. If you would invest 2,636 in AIM ETF Products on September 24, 2024 and sell it today you would earn a total of 715.00 from holding AIM ETF Products or generate 27.12% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
AIM ETF Products vs. KEYCORP MEDIUM TERM
Performance |
Timeline |
AIM ETF Products |
KEYCORP MEDIUM TERM |
AIM ETF and KEYCORP Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with AIM ETF and KEYCORP
The main advantage of trading using opposite AIM ETF and KEYCORP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AIM ETF position performs unexpectedly, KEYCORP 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 KEYCORP will offset losses from the drop in KEYCORP's long position.AIM ETF vs. First Trust Exchange Traded | AIM ETF vs. First Trust Exchange Traded | AIM ETF vs. FT Cboe Vest | AIM ETF vs. FT Cboe Vest |
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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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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