Correlation Between BNP Paribas and HANetf ICAV
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By analyzing existing cross correlation between BNP Paribas Easy and HANetf ICAV , you can compare the effects of market volatilities on BNP Paribas and HANetf ICAV 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 BNP Paribas with a short position of HANetf ICAV. Check out your portfolio center. Please also check ongoing floating volatility patterns of BNP Paribas and HANetf ICAV.
Diversification Opportunities for BNP Paribas and HANetf ICAV
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between BNP and HANetf is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding BNP Paribas Easy and HANetf ICAV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HANetf ICAV and BNP Paribas 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 BNP Paribas Easy are associated (or correlated) with HANetf ICAV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HANetf ICAV has no effect on the direction of BNP Paribas i.e., BNP Paribas and HANetf ICAV go up and down completely randomly.
Pair Corralation between BNP Paribas and HANetf ICAV
Assuming the 90 days trading horizon BNP Paribas is expected to generate 2.16 times less return on investment than HANetf ICAV. But when comparing it to its historical volatility, BNP Paribas Easy is 2.04 times less risky than HANetf ICAV. It trades about 0.15 of its potential returns per unit of risk. HANetf ICAV is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 1,195 in HANetf ICAV on September 25, 2024 and sell it today you would earn a total of 213.00 from holding HANetf ICAV or generate 17.82% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
BNP Paribas Easy vs. HANetf ICAV
Performance |
Timeline |
BNP Paribas Easy |
HANetf ICAV |
BNP Paribas and HANetf ICAV Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with BNP Paribas and HANetf ICAV
The main advantage of trading using opposite BNP Paribas and HANetf ICAV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BNP Paribas position performs unexpectedly, HANetf ICAV 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 HANetf ICAV will offset losses from the drop in HANetf ICAV's long position.BNP Paribas vs. UBS Fund Solutions | BNP Paribas vs. Xtrackers II | BNP Paribas vs. Xtrackers Nikkei 225 | BNP Paribas vs. iShares VII PLC |
HANetf ICAV vs. UBS Fund Solutions | HANetf ICAV vs. Xtrackers II | HANetf ICAV vs. Xtrackers Nikkei 225 | HANetf ICAV vs. iShares VII PLC |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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