Correlation Between AUTO HALL and MAGHREB OXYGENE
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By analyzing existing cross correlation between AUTO HALL and MAGHREB OXYGENE, you can compare the effects of market volatilities on AUTO HALL and MAGHREB OXYGENE 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 AUTO HALL with a short position of MAGHREB OXYGENE. Check out your portfolio center. Please also check ongoing floating volatility patterns of AUTO HALL and MAGHREB OXYGENE.
Diversification Opportunities for AUTO HALL and MAGHREB OXYGENE
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AUTO and MAGHREB is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding AUTO HALL and MAGHREB OXYGENE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MAGHREB OXYGENE and AUTO HALL 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 AUTO HALL are associated (or correlated) with MAGHREB OXYGENE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MAGHREB OXYGENE has no effect on the direction of AUTO HALL i.e., AUTO HALL and MAGHREB OXYGENE go up and down completely randomly.
Pair Corralation between AUTO HALL and MAGHREB OXYGENE
Assuming the 90 days trading horizon AUTO HALL is expected to under-perform the MAGHREB OXYGENE. But the stock apears to be less risky and, when comparing its historical volatility, AUTO HALL is 1.72 times less risky than MAGHREB OXYGENE. The stock trades about -0.04 of its potential returns per unit of risk. The MAGHREB OXYGENE is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 21,700 in MAGHREB OXYGENE on September 2, 2024 and sell it today you would earn a total of 3,155 from holding MAGHREB OXYGENE or generate 14.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AUTO HALL vs. MAGHREB OXYGENE
Performance |
| Timeline |
| AUTO HALL |
| MAGHREB OXYGENE |
AUTO HALL and MAGHREB OXYGENE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AUTO HALL and MAGHREB OXYGENE
The main advantage of trading using opposite AUTO HALL and MAGHREB OXYGENE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AUTO HALL position performs unexpectedly, MAGHREB OXYGENE 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 MAGHREB OXYGENE will offset losses from the drop in MAGHREB OXYGENE's long position.| AUTO HALL vs. MAGHREB OXYGENE | AUTO HALL vs. MED PAPER | AUTO HALL vs. CFG BANK | AUTO HALL vs. CREDIT IMMOBILIER ET |
| MAGHREB OXYGENE vs. MED PAPER | MAGHREB OXYGENE vs. CFG BANK | MAGHREB OXYGENE vs. CREDIT IMMOBILIER ET | MAGHREB OXYGENE vs. INVOLYS |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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