Correlation Between Maniker F and Coloray International
Can any of the company-specific risk be diversified away by investing in both Maniker F and Coloray International 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 Maniker F and Coloray International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Maniker F G and Coloray International Investment, you can compare the effects of market volatilities on Maniker F and Coloray International 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 Maniker F with a short position of Coloray International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maniker F and Coloray International.
Diversification Opportunities for Maniker F and Coloray International
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Maniker and Coloray is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Maniker F G and Coloray International Investme in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Coloray International and Maniker F 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 Maniker F G are associated (or correlated) with Coloray International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coloray International has no effect on the direction of Maniker F i.e., Maniker F and Coloray International go up and down completely randomly.
Pair Corralation between Maniker F and Coloray International
If you would invest 52,500 in Coloray International Investment on October 9, 2024 and sell it today you would earn a total of 8,900 from holding Coloray International Investment or generate 16.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Maniker F G vs. Coloray International Investme
Performance |
| Timeline |
| Maniker F G |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Coloray International |
Maniker F and Coloray International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maniker F and Coloray International
The main advantage of trading using opposite Maniker F and Coloray International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maniker F position performs unexpectedly, Coloray International 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 Coloray International will offset losses from the drop in Coloray International's long position.| Maniker F vs. Daejung Chemicals Metals | Maniker F vs. Seoyon Topmetal Co | Maniker F vs. Kyeryong Construction Industrial | Maniker F vs. Namhwa Industrial Co |
| Coloray International vs. LG Chem | Coloray International vs. Chunbo Co | Coloray International vs. DukSan Neolux CoLtd | Coloray International vs. Hyosung Chemical Corp |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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