Correlation Between Maplebear Common and Leafly Holdings
Can any of the company-specific risk be diversified away by investing in both Maplebear Common and Leafly Holdings 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 Maplebear Common and Leafly Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Maplebear Common Stock and Leafly Holdings, you can compare the effects of market volatilities on Maplebear Common and Leafly Holdings 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 Maplebear Common with a short position of Leafly Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maplebear Common and Leafly Holdings.
Diversification Opportunities for Maplebear Common and Leafly Holdings
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Maplebear and Leafly is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Maplebear Common Stock and Leafly Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Leafly Holdings and Maplebear Common 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 Maplebear Common Stock are associated (or correlated) with Leafly Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Leafly Holdings has no effect on the direction of Maplebear Common i.e., Maplebear Common and Leafly Holdings go up and down completely randomly.
Pair Corralation between Maplebear Common and Leafly Holdings
Given the investment horizon of 90 days Maplebear Common Stock is expected to generate 0.36 times more return on investment than Leafly Holdings. However, Maplebear Common Stock is 2.74 times less risky than Leafly Holdings. It trades about 0.04 of its potential returns per unit of risk. Leafly Holdings is currently generating about -0.02 per unit of risk. If you would invest 3,370 in Maplebear Common Stock on August 27, 2024 and sell it today you would earn a total of 952.00 from holding Maplebear Common Stock or generate 28.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 60.48% |
| Values | Daily Returns |
Maplebear Common Stock vs. Leafly Holdings
Performance |
| Timeline |
| Maplebear Common Stock |
| Leafly Holdings |
Maplebear Common and Leafly Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maplebear Common and Leafly Holdings
The main advantage of trading using opposite Maplebear Common and Leafly Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maplebear Common position performs unexpectedly, Leafly Holdings 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 Leafly Holdings will offset losses from the drop in Leafly Holdings' long position.| Maplebear Common vs. Albertsons Companies | Maplebear Common vs. Valneva SE ADR | Maplebear Common vs. National Beverage Corp | Maplebear Common vs. Natural Alternatives International |
| Leafly Holdings vs. Kiaro Holdings Corp | Leafly Holdings vs. Allstar Health Brands | Leafly Holdings vs. Aquagold International | Leafly Holdings vs. Morningstar Unconstrained Allocation |
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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