Correlation Between Symbotic and Assurant
Can any of the company-specific risk be diversified away by investing in both Symbotic and Assurant 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 Symbotic and Assurant into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Symbotic and Assurant, you can compare the effects of market volatilities on Symbotic and Assurant 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 Symbotic with a short position of Assurant. Check out your portfolio center. Please also check ongoing floating volatility patterns of Symbotic and Assurant.
Diversification Opportunities for Symbotic and Assurant
Weak diversification
The 3 months correlation between Symbotic and Assurant is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Symbotic and Assurant in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Assurant and Symbotic 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 Symbotic are associated (or correlated) with Assurant. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Assurant has no effect on the direction of Symbotic i.e., Symbotic and Assurant go up and down completely randomly.
Pair Corralation between Symbotic and Assurant
Considering the 90-day investment horizon Symbotic is expected to generate 5.11 times more return on investment than Assurant. However, Symbotic is 5.11 times more volatile than Assurant. It trades about 0.39 of its potential returns per unit of risk. Assurant is currently generating about -0.21 per unit of risk. If you would invest 2,948 in Symbotic on April 4, 2025 and sell it today you would earn a total of 1,843 from holding Symbotic or generate 62.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Symbotic vs. Assurant
Performance |
| Timeline |
| Symbotic |
| Assurant |
Symbotic and Assurant Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Symbotic and Assurant
The main advantage of trading using opposite Symbotic and Assurant positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Symbotic position performs unexpectedly, Assurant 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 Assurant will offset losses from the drop in Assurant's long position.| Symbotic vs. Integrated Media Technology | Symbotic vs. Valens | Symbotic vs. CarsalesCom Ltd ADR | Symbotic vs. IPG Photonics |
| Assurant vs. National Beverage Corp | Assurant vs. Diageo PLC ADR | Assurant vs. Scholastic | Assurant vs. Panache Beverage |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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