Correlation Between MOBILE FACTORY and Cohen Steers
Can any of the company-specific risk be diversified away by investing in both MOBILE FACTORY and Cohen Steers 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 MOBILE FACTORY and Cohen Steers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MOBILE FACTORY INC and Cohen Steers, you can compare the effects of market volatilities on MOBILE FACTORY and Cohen Steers 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 MOBILE FACTORY with a short position of Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of MOBILE FACTORY and Cohen Steers.
Diversification Opportunities for MOBILE FACTORY and Cohen Steers
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between MOBILE and Cohen is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding MOBILE FACTORY INC and Cohen Steers in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers and MOBILE FACTORY 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 MOBILE FACTORY INC are associated (or correlated) with Cohen Steers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen Steers has no effect on the direction of MOBILE FACTORY i.e., MOBILE FACTORY and Cohen Steers go up and down completely randomly.
Pair Corralation between MOBILE FACTORY and Cohen Steers
Assuming the 90 days horizon MOBILE FACTORY INC is expected to generate 0.54 times more return on investment than Cohen Steers. However, MOBILE FACTORY INC is 1.86 times less risky than Cohen Steers. It trades about -0.03 of its potential returns per unit of risk. Cohen Steers is currently generating about -0.06 per unit of risk. If you would invest 550.00 in MOBILE FACTORY INC on October 20, 2024 and sell it today you would lose (5.00) from holding MOBILE FACTORY INC or give up 0.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 94.44% |
| Values | Daily Returns |
MOBILE FACTORY INC vs. Cohen Steers
Performance |
| Timeline |
| MOBILE FACTORY INC |
| Cohen Steers |
MOBILE FACTORY and Cohen Steers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MOBILE FACTORY and Cohen Steers
The main advantage of trading using opposite MOBILE FACTORY and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MOBILE FACTORY position performs unexpectedly, Cohen Steers 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 Cohen Steers will offset losses from the drop in Cohen Steers' long position.| MOBILE FACTORY vs. Nintendo Co | MOBILE FACTORY vs. Nintendo Co | MOBILE FACTORY vs. Sea Limited | MOBILE FACTORY vs. Electronic Arts |
| Cohen Steers vs. MOBILE FACTORY INC | Cohen Steers vs. Virtus Investment Partners | Cohen Steers vs. Entravision Communications | Cohen Steers vs. Chengdu PUTIAN Telecommunications |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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