Correlation Between Alta Equipment and MONDELEZ
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By analyzing existing cross correlation between Alta Equipment Group and MONDELEZ INTERNATIONAL INC, you can compare the effects of market volatilities on Alta Equipment and MONDELEZ 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 Alta Equipment with a short position of MONDELEZ. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alta Equipment and MONDELEZ.
Diversification Opportunities for Alta Equipment and MONDELEZ
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Alta and MONDELEZ is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Alta Equipment Group and MONDELEZ INTERNATIONAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MONDELEZ INTERNATIONAL and Alta Equipment 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 Alta Equipment Group are associated (or correlated) with MONDELEZ. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MONDELEZ INTERNATIONAL has no effect on the direction of Alta Equipment i.e., Alta Equipment and MONDELEZ go up and down completely randomly.
Pair Corralation between Alta Equipment and MONDELEZ
Given the investment horizon of 90 days Alta Equipment Group is expected to under-perform the MONDELEZ. But the stock apears to be less risky and, when comparing its historical volatility, Alta Equipment Group is 14.22 times less risky than MONDELEZ. The stock trades about 0.0 of its potential returns per unit of risk. The MONDELEZ INTERNATIONAL INC is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 6,743 in MONDELEZ INTERNATIONAL INC on August 29, 2024 and sell it today you would lose (194.00) from holding MONDELEZ INTERNATIONAL INC or give up 2.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 81.01% |
| Values | Daily Returns |
Alta Equipment Group vs. MONDELEZ INTERNATIONAL INC
Performance |
| Timeline |
| Alta Equipment Group |
| MONDELEZ INTERNATIONAL |
Alta Equipment and MONDELEZ Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Alta Equipment and MONDELEZ
The main advantage of trading using opposite Alta Equipment and MONDELEZ positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alta Equipment position performs unexpectedly, MONDELEZ 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 MONDELEZ will offset losses from the drop in MONDELEZ's long position.| Alta Equipment vs. PROG Holdings | Alta Equipment vs. McGrath RentCorp | Alta Equipment vs. Mega Matrix Corp | Alta Equipment vs. FTAI Aviation Ltd |
| MONDELEZ vs. Modine Manufacturing | MONDELEZ vs. Custom Truck One | MONDELEZ vs. Alta Equipment Group | MONDELEZ vs. China Aircraft 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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