Correlation Between Esfera Robotics and CM AM
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By analyzing existing cross correlation between Esfera Robotics R and CM AM Monplus NE, you can compare the effects of market volatilities on Esfera Robotics and CM AM 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 Esfera Robotics with a short position of CM AM. Check out your portfolio center. Please also check ongoing floating volatility patterns of Esfera Robotics and CM AM.
Diversification Opportunities for Esfera Robotics and CM AM
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Esfera and 0P0001F96C is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Esfera Robotics R and CM AM Monplus NE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CM AM Monplus and Esfera Robotics 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 Esfera Robotics R are associated (or correlated) with CM AM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CM AM Monplus has no effect on the direction of Esfera Robotics i.e., Esfera Robotics and CM AM go up and down completely randomly.
Pair Corralation between Esfera Robotics and CM AM
Assuming the 90 days trading horizon Esfera Robotics R is expected to generate 124.63 times more return on investment than CM AM. However, Esfera Robotics is 124.63 times more volatile than CM AM Monplus NE. It trades about 0.26 of its potential returns per unit of risk. CM AM Monplus NE is currently generating about 1.48 per unit of risk. If you would invest 29,600 in Esfera Robotics R on August 29, 2024 and sell it today you would earn a total of 5,907 from holding Esfera Robotics R or generate 19.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 98.46% |
| Values | Daily Returns |
Esfera Robotics R vs. CM AM Monplus NE
Performance |
| Timeline |
| Esfera Robotics R |
| CM AM Monplus |
Esfera Robotics and CM AM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Esfera Robotics and CM AM
The main advantage of trading using opposite Esfera Robotics and CM AM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Esfera Robotics position performs unexpectedly, CM AM 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 CM AM will offset losses from the drop in CM AM's long position.| Esfera Robotics vs. R co Valor F | Esfera Robotics vs. CM AM Monplus NE | Esfera Robotics vs. IE00B0H4TS55 | Esfera Robotics vs. Echiquier Entrepreneurs G |
| CM AM vs. Esfera Robotics R | CM AM vs. R co Valor F | CM AM vs. IE00B0H4TS55 | CM AM vs. Echiquier Entrepreneurs G |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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