Correlation Between PennyMac Mortgage and YOOMA WELLNESS
Can any of the company-specific risk be diversified away by investing in both PennyMac Mortgage and YOOMA WELLNESS 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 PennyMac Mortgage and YOOMA WELLNESS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PennyMac Mortgage Investment and YOOMA WELLNESS INC, you can compare the effects of market volatilities on PennyMac Mortgage and YOOMA WELLNESS 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 PennyMac Mortgage with a short position of YOOMA WELLNESS. Check out your portfolio center. Please also check ongoing floating volatility patterns of PennyMac Mortgage and YOOMA WELLNESS.
Diversification Opportunities for PennyMac Mortgage and YOOMA WELLNESS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PennyMac and YOOMA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PennyMac Mortgage Investment and YOOMA WELLNESS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on YOOMA WELLNESS INC and PennyMac Mortgage 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 PennyMac Mortgage Investment are associated (or correlated) with YOOMA WELLNESS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of YOOMA WELLNESS INC has no effect on the direction of PennyMac Mortgage i.e., PennyMac Mortgage and YOOMA WELLNESS go up and down completely randomly.
Pair Corralation between PennyMac Mortgage and YOOMA WELLNESS
If you would invest 1,194 in PennyMac Mortgage Investment on September 19, 2024 and sell it today you would earn a total of 86.00 from holding PennyMac Mortgage Investment or generate 7.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PennyMac Mortgage Investment vs. YOOMA WELLNESS INC
Performance |
| Timeline |
| PennyMac Mortgage |
| YOOMA WELLNESS INC |
PennyMac Mortgage and YOOMA WELLNESS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PennyMac Mortgage and YOOMA WELLNESS
The main advantage of trading using opposite PennyMac Mortgage and YOOMA WELLNESS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PennyMac Mortgage position performs unexpectedly, YOOMA WELLNESS 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 YOOMA WELLNESS will offset losses from the drop in YOOMA WELLNESS's long position.| PennyMac Mortgage vs. Superior Plus Corp | PennyMac Mortgage vs. SIVERS SEMICONDUCTORS AB | PennyMac Mortgage vs. CHINA HUARONG ENERHD 50 | PennyMac Mortgage vs. NORDIC HALIBUT AS |
| YOOMA WELLNESS vs. Apple Inc | YOOMA WELLNESS vs. Apple Inc | YOOMA WELLNESS vs. Apple Inc | YOOMA WELLNESS vs. Apple Inc |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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