Correlation Between ASML Holding and Manaris Corp
Can any of the company-specific risk be diversified away by investing in both ASML Holding and Manaris Corp 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 ASML Holding and Manaris Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ASML Holding NV and Manaris Corp, you can compare the effects of market volatilities on ASML Holding and Manaris Corp 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 ASML Holding with a short position of Manaris Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of ASML Holding and Manaris Corp.
Diversification Opportunities for ASML Holding and Manaris Corp
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ASML and Manaris is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ASML Holding NV and Manaris Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manaris Corp and ASML 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 ASML Holding NV are associated (or correlated) with Manaris Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manaris Corp has no effect on the direction of ASML Holding i.e., ASML Holding and Manaris Corp go up and down completely randomly.
Pair Corralation between ASML Holding and Manaris Corp
If you would invest 69,615 in ASML Holding NV on October 29, 2024 and sell it today you would earn a total of 3,610 from holding ASML Holding NV or generate 5.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ASML Holding NV vs. Manaris Corp
Performance |
| Timeline |
| ASML Holding NV |
| Manaris Corp |
ASML Holding and Manaris Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ASML Holding and Manaris Corp
The main advantage of trading using opposite ASML Holding and Manaris Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ASML Holding position performs unexpectedly, Manaris Corp 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 Manaris Corp will offset losses from the drop in Manaris Corp's long position.| ASML Holding vs. Applied Materials | ASML Holding vs. KLA Tencor | ASML Holding vs. Axcelis Technologies | ASML Holding vs. Teradyne |
| Manaris Corp vs. MYT Netherlands Parent | Manaris Corp vs. BOS Better Online | Manaris Corp vs. Sea | Manaris Corp vs. Weyco Group |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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