Correlation Between Mawer Global and Mawer Canadien
Specify exactly 2 symbols:
By analyzing existing cross correlation between Mawer Global Small and Mawer Canadien actions, you can compare the effects of market volatilities on Mawer Global and Mawer Canadien 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 Mawer Global with a short position of Mawer Canadien. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mawer Global and Mawer Canadien.
Diversification Opportunities for Mawer Global and Mawer Canadien
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Mawer and Mawer is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Mawer Global Small and Mawer Canadien actions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mawer Canadien actions and Mawer Global 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 Mawer Global Small are associated (or correlated) with Mawer Canadien. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mawer Canadien actions has no effect on the direction of Mawer Global i.e., Mawer Global and Mawer Canadien go up and down completely randomly.
Pair Corralation between Mawer Global and Mawer Canadien
Assuming the 90 days trading horizon Mawer Global is expected to generate 2.76 times less return on investment than Mawer Canadien. In addition to that, Mawer Global is 1.04 times more volatile than Mawer Canadien actions. It trades about 0.02 of its total potential returns per unit of risk. Mawer Canadien actions is currently generating about 0.06 per unit of volatility. If you would invest 8,454 in Mawer Canadien actions on November 27, 2024 and sell it today you would earn a total of 1,574 from holding Mawer Canadien actions or generate 18.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mawer Global Small vs. Mawer Canadien actions
Performance |
| Timeline |
| Mawer Global Small |
| Mawer Canadien actions |
Mawer Global and Mawer Canadien Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mawer Global and Mawer Canadien
The main advantage of trading using opposite Mawer Global and Mawer Canadien positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mawer Global position performs unexpectedly, Mawer Canadien 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 Mawer Canadien will offset losses from the drop in Mawer Canadien's long position.| Mawer Global vs. Fidelity Small Cap | Mawer Global vs. Fidelity Tactical High | Mawer Global vs. Fidelity ClearPath 2045 | Mawer Global vs. Bloom Select Income |
| Mawer Canadien vs. CI Global Resource | Mawer Canadien vs. CI Global Unconstrained | Mawer Canadien vs. Renaissance Global Science | Mawer Canadien vs. Manulife Global Equity |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Stocks Directory Find actively traded stocks across global markets | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |