Correlation Between MHP Hotel and G-III Apparel
Specify exactly 2 symbols:
By analyzing existing cross correlation between MHP Hotel AG and G III Apparel Group, you can compare the effects of market volatilities on MHP Hotel and G-III Apparel 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 G-III Apparel. Check out your portfolio center. Please also check ongoing floating volatility patterns of MHP Hotel and G-III Apparel.
Diversification Opportunities for MHP Hotel and G-III Apparel
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between MHP and G-III is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding MHP Hotel AG and G III Apparel Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on G III Apparel 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 G-III Apparel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of G III Apparel has no effect on the direction of MHP Hotel i.e., MHP Hotel and G-III Apparel go up and down completely randomly.
Pair Corralation between MHP Hotel and G-III Apparel
Assuming the 90 days trading horizon MHP Hotel AG is expected to generate 0.8 times more return on investment than G-III Apparel. However, MHP Hotel AG is 1.26 times less risky than G-III Apparel. It trades about 0.03 of its potential returns per unit of risk. G III Apparel Group is currently generating about 0.02 per unit of risk. If you would invest 116.00 in MHP Hotel AG on October 16, 2024 and sell it today you would earn a total of 13.00 from holding MHP Hotel AG or generate 11.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
MHP Hotel AG vs. G III Apparel Group
Performance |
| Timeline |
| MHP Hotel AG |
| G III Apparel |
MHP Hotel and G-III Apparel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MHP Hotel and G-III Apparel
The main advantage of trading using opposite MHP Hotel and G-III Apparel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MHP Hotel position performs unexpectedly, G-III Apparel 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 G-III Apparel will offset losses from the drop in G-III Apparel's long position.| MHP Hotel vs. Yuexiu Transport Infrastructure | MHP Hotel vs. Perseus Mining Limited | MHP Hotel vs. Gold Road Resources | MHP Hotel vs. Harmony Gold Mining |
| G-III Apparel vs. BJs Wholesale Club | G-III Apparel vs. Vishay Intertechnology | G-III Apparel vs. AEON STORES | G-III Apparel vs. Kingdee International Software |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |