Correlation Between PHN Multi and Big Rock
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By analyzing existing cross correlation between PHN Multi Style All Cap and Big Rock Brewery, you can compare the effects of market volatilities on PHN Multi and Big Rock 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 PHN Multi with a short position of Big Rock. Check out your portfolio center. Please also check ongoing floating volatility patterns of PHN Multi and Big Rock.
Diversification Opportunities for PHN Multi and Big Rock
Very good diversification
The 3 months correlation between PHN and Big is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding PHN Multi Style All Cap and Big Rock Brewery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Big Rock Brewery and PHN Multi 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 PHN Multi Style All Cap are associated (or correlated) with Big Rock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Big Rock Brewery has no effect on the direction of PHN Multi i.e., PHN Multi and Big Rock go up and down completely randomly.
Pair Corralation between PHN Multi and Big Rock
Assuming the 90 days trading horizon PHN Multi is expected to generate 4.87 times less return on investment than Big Rock. But when comparing it to its historical volatility, PHN Multi Style All Cap is 8.34 times less risky than Big Rock. It trades about 0.23 of its potential returns per unit of risk. Big Rock Brewery is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 110.00 in Big Rock Brewery on September 13, 2024 and sell it today you would earn a total of 14.00 from holding Big Rock Brewery or generate 12.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
PHN Multi Style All Cap vs. Big Rock Brewery
Performance |
| Timeline |
| PHN Multi Style |
| Big Rock Brewery |
PHN Multi and Big Rock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PHN Multi and Big Rock
The main advantage of trading using opposite PHN Multi and Big Rock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PHN Multi position performs unexpectedly, Big Rock 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 Big Rock will offset losses from the drop in Big Rock's long position.| PHN Multi vs. Fidelity Tactical High | PHN Multi vs. Fidelity ClearPath 2045 | PHN Multi vs. Bloom Select Income | PHN Multi vs. Mackenzie Ivy European |
| Big Rock vs. Corby Spirit and | Big Rock vs. Gamehost | Big Rock vs. Andrew Peller Limited | Big Rock vs. Buhler Industries |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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