Correlation Between CM AM and Esfera Robotics
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By analyzing existing cross correlation between CM AM Monplus NE and Esfera Robotics R, you can compare the effects of market volatilities on CM AM and Esfera Robotics 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 CM AM with a short position of Esfera Robotics. Check out your portfolio center. Please also check ongoing floating volatility patterns of CM AM and Esfera Robotics.
Diversification Opportunities for CM AM and Esfera Robotics
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 0P0001F96C and Esfera is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding CM AM Monplus NE and Esfera Robotics R in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Esfera Robotics R and CM AM 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 CM AM Monplus NE are associated (or correlated) with Esfera Robotics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Esfera Robotics R has no effect on the direction of CM AM i.e., CM AM and Esfera Robotics go up and down completely randomly.
Pair Corralation between CM AM and Esfera Robotics
Assuming the 90 days trading horizon CM AM is expected to generate 7.89 times less return on investment than Esfera Robotics. But when comparing it to its historical volatility, CM AM Monplus NE is 114.88 times less risky than Esfera Robotics. It trades about 1.4 of its potential returns per unit of risk. Esfera Robotics R is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 21,109 in Esfera Robotics R on August 29, 2024 and sell it today you would earn a total of 14,398 from holding Esfera Robotics R or generate 68.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.8% |
| Values | Daily Returns |
CM AM Monplus NE vs. Esfera Robotics R
Performance |
| Timeline |
| CM AM Monplus |
| Esfera Robotics R |
CM AM and Esfera Robotics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CM AM and Esfera Robotics
The main advantage of trading using opposite CM AM and Esfera Robotics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CM AM position performs unexpectedly, Esfera Robotics 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 Esfera Robotics will offset losses from the drop in Esfera Robotics' long position.| CM AM vs. Esfera Robotics R | CM AM vs. R co Valor F | CM AM vs. IE00B0H4TS55 | CM AM vs. Echiquier Entrepreneurs G |
| Esfera Robotics vs. R co Valor F | Esfera Robotics vs. CM AM Monplus NE | Esfera Robotics vs. IE00B0H4TS55 | Esfera Robotics 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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