Correlation Between Mynaric AG and Jacquet Metal
Can any of the company-specific risk be diversified away by investing in both Mynaric AG and Jacquet Metal 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 Mynaric AG and Jacquet Metal into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mynaric AG and Jacquet Metal Service, you can compare the effects of market volatilities on Mynaric AG and Jacquet Metal 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 Mynaric AG with a short position of Jacquet Metal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mynaric AG and Jacquet Metal.
Diversification Opportunities for Mynaric AG and Jacquet Metal
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Mynaric and Jacquet is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Mynaric AG and Jacquet Metal Service in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jacquet Metal Service and Mynaric AG 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 Mynaric AG are associated (or correlated) with Jacquet Metal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jacquet Metal Service has no effect on the direction of Mynaric AG i.e., Mynaric AG and Jacquet Metal go up and down completely randomly.
Pair Corralation between Mynaric AG and Jacquet Metal
Assuming the 90 days trading horizon Mynaric AG is expected to generate 9.19 times more return on investment than Jacquet Metal. However, Mynaric AG is 9.19 times more volatile than Jacquet Metal Service. It trades about 0.02 of its potential returns per unit of risk. Jacquet Metal Service is currently generating about -0.01 per unit of risk. If you would invest 2,420 in Mynaric AG on September 12, 2024 and sell it today you would lose (1,918) from holding Mynaric AG or give up 79.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.44% |
| Values | Daily Returns |
Mynaric AG vs. Jacquet Metal Service
Performance |
| Timeline |
| Mynaric AG |
| Jacquet Metal Service |
Mynaric AG and Jacquet Metal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mynaric AG and Jacquet Metal
The main advantage of trading using opposite Mynaric AG and Jacquet Metal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mynaric AG position performs unexpectedly, Jacquet Metal 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 Jacquet Metal will offset losses from the drop in Jacquet Metal's long position.| Mynaric AG vs. Jacquet Metal Service | Mynaric AG vs. Fulcrum Metals PLC | Mynaric AG vs. European Metals Holdings | Mynaric AG vs. Cornish Metals |
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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 CEOs Directory module to screen CEOs from public companies around the world.
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