Correlation Between MHP Hotel and MOVIE GAMES
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By analyzing existing cross correlation between MHP Hotel AG and MOVIE GAMES SA, you can compare the effects of market volatilities on MHP Hotel and MOVIE GAMES 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 MHP Hotel with a short position of MOVIE GAMES. Check out your portfolio center. Please also check ongoing floating volatility patterns of MHP Hotel and MOVIE GAMES.
Diversification Opportunities for MHP Hotel and MOVIE GAMES
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between MHP and MOVIE is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding MHP Hotel AG and MOVIE GAMES SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MOVIE GAMES SA and MHP Hotel 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 MHP Hotel AG are associated (or correlated) with MOVIE GAMES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MOVIE GAMES SA has no effect on the direction of MHP Hotel i.e., MHP Hotel and MOVIE GAMES go up and down completely randomly.
Pair Corralation between MHP Hotel and MOVIE GAMES
Assuming the 90 days trading horizon MHP Hotel AG is expected to generate 0.67 times more return on investment than MOVIE GAMES. However, MHP Hotel AG is 1.49 times less risky than MOVIE GAMES. It trades about 0.01 of its potential returns per unit of risk. MOVIE GAMES SA is currently generating about 0.01 per unit of risk. If you would invest 121.00 in MHP Hotel AG on September 2, 2024 and sell it today you would lose (2.00) from holding MHP Hotel AG or give up 1.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MHP Hotel AG vs. MOVIE GAMES SA
Performance |
| Timeline |
| MHP Hotel AG |
| MOVIE GAMES SA |
MHP Hotel and MOVIE GAMES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MHP Hotel and MOVIE GAMES
The main advantage of trading using opposite MHP Hotel and MOVIE GAMES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MHP Hotel position performs unexpectedly, MOVIE GAMES 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 MOVIE GAMES will offset losses from the drop in MOVIE GAMES's long position.| MHP Hotel vs. LODESTAR MIN | MHP Hotel vs. Impinj Inc | MHP Hotel vs. Impinj Inc | MHP Hotel vs. Superior Plus Corp |
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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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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