Correlation Between Beken Corp and MayAir Technology
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By analyzing existing cross correlation between Beken Corp and MayAir Technology Co, you can compare the effects of market volatilities on Beken Corp 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 Beken Corp with a short position of MayAir Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beken Corp and MayAir Technology.
Diversification Opportunities for Beken Corp and MayAir Technology
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Beken and MayAir is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Beken Corp and MayAir Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MayAir Technology and Beken Corp 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 Beken Corp 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 Beken Corp i.e., Beken Corp and MayAir Technology go up and down completely randomly.
Pair Corralation between Beken Corp and MayAir Technology
Assuming the 90 days trading horizon Beken Corp is expected to generate 1.23 times more return on investment than MayAir Technology. However, Beken Corp is 1.23 times more volatile than MayAir Technology Co. It trades about 0.05 of its potential returns per unit of risk. MayAir Technology Co is currently generating about 0.01 per unit of risk. If you would invest 2,802 in Beken Corp on November 8, 2024 and sell it today you would earn a total of 1,397 from holding Beken Corp or generate 49.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.7% |
| Values | Daily Returns |
Beken Corp vs. MayAir Technology Co
Performance |
| Timeline |
| Beken Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| MayAir Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Beken Corp and MayAir Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beken Corp and MayAir Technology
The main advantage of trading using opposite Beken Corp and MayAir Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beken Corp 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 Beken Corp 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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