Correlation Between Bank of New York and Mascot Mines
Can any of the company-specific risk be diversified away by investing in both Bank of New York and Mascot Mines 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 Bank of New York and Mascot Mines into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bank of New and Mascot Mines, you can compare the effects of market volatilities on Bank of New York and Mascot Mines 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 Bank of New York with a short position of Mascot Mines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of New York and Mascot Mines.
Diversification Opportunities for Bank of New York and Mascot Mines
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bank and Mascot is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bank of New and Mascot Mines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mascot Mines and Bank of New York 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 Bank of New are associated (or correlated) with Mascot Mines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mascot Mines has no effect on the direction of Bank of New York i.e., Bank of New York and Mascot Mines go up and down completely randomly.
Pair Corralation between Bank of New York and Mascot Mines
If you would invest 7,536 in Bank of New on September 1, 2024 and sell it today you would earn a total of 651.00 from holding Bank of New or generate 8.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Bank of New vs. Mascot Mines
Performance |
| Timeline |
| Bank of New York |
| Mascot Mines |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bank of New York and Mascot Mines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of New York and Mascot Mines
The main advantage of trading using opposite Bank of New York and Mascot Mines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of New York position performs unexpectedly, Mascot Mines 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 Mascot Mines will offset losses from the drop in Mascot Mines' long position.| Bank of New York vs. Northern Trust | Bank of New York vs. Invesco Plc | Bank of New York vs. Franklin Resources | Bank of New York vs. T Rowe Price |
| Mascot Mines vs. Marfrig Global Foods | Mascot Mines vs. Celsius Holdings | Mascot Mines vs. Paysafe | Mascot Mines vs. FitLife Brands, Common |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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