Correlation Between Zayo Group and ATT
Can any of the company-specific risk be diversified away by investing in both Zayo Group and ATT 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 Zayo Group and ATT into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Zayo Group Holdings and ATT Inc, you can compare the effects of market volatilities on Zayo Group and ATT 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 Zayo Group with a short position of ATT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zayo Group and ATT.
Diversification Opportunities for Zayo Group and ATT
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Zayo and ATT is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Zayo Group Holdings and ATT Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATT Inc and Zayo Group 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 Zayo Group Holdings are associated (or correlated) with ATT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATT Inc has no effect on the direction of Zayo Group i.e., Zayo Group and ATT go up and down completely randomly.
Pair Corralation between Zayo Group and ATT
If you would invest 1,730 in ATT Inc on December 30, 2023 and sell it today you would earn a total of 30.00 from holding ATT Inc or generate 1.73% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Zayo Group Holdings vs. ATT Inc
Performance |
Timeline |
Zayo Group Holdings |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
ATT Inc |
Zayo Group and ATT Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Zayo Group and ATT
The main advantage of trading using opposite Zayo Group and ATT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zayo Group position performs unexpectedly, ATT 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 ATT will offset losses from the drop in ATT's long position.Zayo Group vs. Edgewell Personal Care | Zayo Group vs. Lincoln Electric Holdings | Zayo Group vs. Playtika Holding Corp | Zayo Group vs. Integrated Media Technology |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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