Correlation Between Autocorp Holding and Major Cineplex
Specify exactly 2 symbols:
By analyzing existing cross correlation between Autocorp Holding Public and Major Cineplex Group, you can compare the effects of market volatilities on Autocorp Holding and Major Cineplex 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 Autocorp Holding with a short position of Major Cineplex. Check out your portfolio center. Please also check ongoing floating volatility patterns of Autocorp Holding and Major Cineplex.
Diversification Opportunities for Autocorp Holding and Major Cineplex
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Autocorp and Major is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Autocorp Holding Public and Major Cineplex Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Major Cineplex Group and Autocorp Holding 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 Autocorp Holding Public are associated (or correlated) with Major Cineplex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Major Cineplex Group has no effect on the direction of Autocorp Holding i.e., Autocorp Holding and Major Cineplex go up and down completely randomly.
Pair Corralation between Autocorp Holding and Major Cineplex
Assuming the 90 days trading horizon Autocorp Holding Public is expected to under-perform the Major Cineplex. In addition to that, Autocorp Holding is 3.2 times more volatile than Major Cineplex Group. It trades about -0.3 of its total potential returns per unit of risk. Major Cineplex Group is currently generating about 0.0 per unit of volatility. If you would invest 1,450 in Major Cineplex Group on September 3, 2024 and sell it today you would earn a total of 0.00 from holding Major Cineplex Group or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Autocorp Holding Public vs. Major Cineplex Group
Performance |
| Timeline |
| Autocorp Holding Public |
| Major Cineplex Group |
Autocorp Holding and Major Cineplex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Autocorp Holding and Major Cineplex
The main advantage of trading using opposite Autocorp Holding and Major Cineplex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Autocorp Holding position performs unexpectedly, Major Cineplex 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 Major Cineplex will offset losses from the drop in Major Cineplex's long position.| Autocorp Holding vs. Amanah Leasing Public | Autocorp Holding vs. Asia Fiber Public | Autocorp Holding vs. Ingress Industrial Public | Autocorp Holding vs. Ekarat Engineering Public |
| Major Cineplex vs. Food Moments PCL | Major Cineplex vs. Delta Electronics Public | Major Cineplex vs. INET Leasehold REIT | Major Cineplex vs. Asia Sermkij Leasing |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |