Correlation Between HYBRIGENICS and MHP Hotel
Specify exactly 2 symbols:
By analyzing existing cross correlation between HYBRIGENICS A and MHP Hotel AG, you can compare the effects of market volatilities on HYBRIGENICS and MHP Hotel 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 HYBRIGENICS with a short position of MHP Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of HYBRIGENICS and MHP Hotel.
Diversification Opportunities for HYBRIGENICS and MHP Hotel
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HYBRIGENICS and MHP is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HYBRIGENICS A and MHP Hotel AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MHP Hotel AG and HYBRIGENICS 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 HYBRIGENICS A are associated (or correlated) with MHP Hotel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MHP Hotel AG has no effect on the direction of HYBRIGENICS i.e., HYBRIGENICS and MHP Hotel go up and down completely randomly.
Pair Corralation between HYBRIGENICS and MHP Hotel
Assuming the 90 days trading horizon HYBRIGENICS A is expected to under-perform the MHP Hotel. In addition to that, HYBRIGENICS is 3.38 times more volatile than MHP Hotel AG. It trades about -0.01 of its total potential returns per unit of risk. MHP Hotel AG is currently generating about 0.01 per unit of volatility. If you would invest 121.00 in MHP Hotel AG on August 30, 2024 and sell it today you would lose (4.00) from holding MHP Hotel AG or give up 3.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HYBRIGENICS A vs. MHP Hotel AG
Performance |
| Timeline |
| HYBRIGENICS A |
| MHP Hotel AG |
HYBRIGENICS and MHP Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HYBRIGENICS and MHP Hotel
The main advantage of trading using opposite HYBRIGENICS and MHP Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HYBRIGENICS position performs unexpectedly, MHP Hotel 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 MHP Hotel will offset losses from the drop in MHP Hotel's long position.| HYBRIGENICS vs. Sims Metal Management | HYBRIGENICS vs. Coor Service Management | HYBRIGENICS vs. InPlay Oil Corp | HYBRIGENICS vs. Q2M Managementberatung AG |
| MHP Hotel vs. Magnis Energy Technologies | MHP Hotel vs. Iron Road Limited | MHP Hotel vs. HYBRIGENICS A | MHP Hotel vs. Superior Plus 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |