Correlation Between Cboe UK and Moonpig Group
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By analyzing existing cross correlation between Cboe UK Consumer and Moonpig Group PLC, you can compare the effects of market volatilities on Cboe UK and Moonpig Group 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 Cboe UK with a short position of Moonpig Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cboe UK and Moonpig Group.
Diversification Opportunities for Cboe UK and Moonpig Group
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Cboe and Moonpig is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Cboe UK Consumer and Moonpig Group PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Moonpig Group PLC and Cboe UK 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 Cboe UK Consumer are associated (or correlated) with Moonpig Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Moonpig Group PLC has no effect on the direction of Cboe UK i.e., Cboe UK and Moonpig Group go up and down completely randomly.
Pair Corralation between Cboe UK and Moonpig Group
Assuming the 90 days trading horizon Cboe UK Consumer is expected to under-perform the Moonpig Group. But the index apears to be less risky and, when comparing its historical volatility, Cboe UK Consumer is 1.7 times less risky than Moonpig Group. The index trades about -0.01 of its potential returns per unit of risk. The Moonpig Group PLC is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 21,306 in Moonpig Group PLC on November 28, 2024 and sell it today you would earn a total of 694.00 from holding Moonpig Group PLC or generate 3.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cboe UK Consumer vs. Moonpig Group PLC
Performance |
| Timeline |
Cboe UK and Moonpig Group Volatility Contrast
Predicted Return Density |
| Returns |
Cboe UK Consumer
Pair trading matchups for Cboe UK
Moonpig Group PLC
Pair trading matchups for Moonpig Group
Pair Trading with Cboe UK and Moonpig Group
The main advantage of trading using opposite Cboe UK and Moonpig Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cboe UK position performs unexpectedly, Moonpig Group 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 Moonpig Group will offset losses from the drop in Moonpig Group's long position.| Cboe UK vs. Seche Environnement SA | Cboe UK vs. Premier Foods PLC | Cboe UK vs. Monster Beverage Corp | Cboe UK vs. MoneysupermarketCom Group PLC |
| Moonpig Group vs. Norwegian Air Shuttle | Moonpig Group vs. Supermarket Income REIT | Moonpig Group vs. Various Eateries PLC | Moonpig Group vs. Darden Restaurants |
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 Channel module to use Commodity Channel Index to analyze current equity momentum.
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