Correlation Between Southern PublishingMedia and MayAir Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Southern PublishingMedia Co and MayAir Technology Co, you can compare the effects of market volatilities on Southern PublishingMedia and MayAir Technology 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 Southern PublishingMedia with a short position of MayAir Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Southern PublishingMedia and MayAir Technology.
Diversification Opportunities for Southern PublishingMedia and MayAir Technology
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Southern and MayAir is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Southern PublishingMedia Co and MayAir Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MayAir Technology and Southern PublishingMedia 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 Southern PublishingMedia Co are associated (or correlated) with MayAir Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MayAir Technology has no effect on the direction of Southern PublishingMedia i.e., Southern PublishingMedia and MayAir Technology go up and down completely randomly.
Pair Corralation between Southern PublishingMedia and MayAir Technology
Assuming the 90 days trading horizon Southern PublishingMedia Co is expected to generate 0.9 times more return on investment than MayAir Technology. However, Southern PublishingMedia Co is 1.11 times less risky than MayAir Technology. It trades about 0.53 of its potential returns per unit of risk. MayAir Technology Co is currently generating about 0.14 per unit of risk. If you would invest 1,428 in Southern PublishingMedia Co on November 8, 2024 and sell it today you would earn a total of 216.00 from holding Southern PublishingMedia Co or generate 15.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Southern PublishingMedia Co vs. MayAir Technology Co
Performance |
| Timeline |
| Southern PublishingMedia |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
| MayAir Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Southern PublishingMedia and MayAir Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Southern PublishingMedia and MayAir Technology
The main advantage of trading using opposite Southern PublishingMedia and MayAir Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Southern PublishingMedia position performs unexpectedly, MayAir Technology 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 MayAir Technology will offset losses from the drop in MayAir Technology's long position.The idea behind Southern PublishingMedia Co and MayAir Technology Co pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| 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 |