Correlation Between ChampionX and 552953CD1
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By analyzing existing cross correlation between ChampionX and MGM Resorts International, you can compare the effects of market volatilities on ChampionX and 552953CD1 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 ChampionX with a short position of 552953CD1. Check out your portfolio center. Please also check ongoing floating volatility patterns of ChampionX and 552953CD1.
Diversification Opportunities for ChampionX and 552953CD1
Good diversification
The 3 months correlation between ChampionX and 552953CD1 is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding ChampionX and MGM Resorts International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MGM Resorts International and ChampionX 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 ChampionX are associated (or correlated) with 552953CD1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MGM Resorts International has no effect on the direction of ChampionX i.e., ChampionX and 552953CD1 go up and down completely randomly.
Pair Corralation between ChampionX and 552953CD1
Considering the 90-day investment horizon ChampionX is expected to under-perform the 552953CD1. In addition to that, ChampionX is 1.39 times more volatile than MGM Resorts International. It trades about -0.37 of its total potential returns per unit of risk. MGM Resorts International is currently generating about -0.25 per unit of volatility. If you would invest 9,925 in MGM Resorts International on September 12, 2024 and sell it today you would lose (391.00) from holding MGM Resorts International or give up 3.94% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
ChampionX vs. MGM Resorts International
Performance |
| Timeline |
| ChampionX |
| MGM Resorts International |
ChampionX and 552953CD1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ChampionX and 552953CD1
The main advantage of trading using opposite ChampionX and 552953CD1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ChampionX position performs unexpectedly, 552953CD1 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 552953CD1 will offset losses from the drop in 552953CD1's long position.| ChampionX vs. Schlumberger NV | ChampionX vs. Weatherford International PLC | ChampionX vs. Tenaris SA ADR | ChampionX vs. Halliburton |
| 552953CD1 vs. LENSAR Inc | 552953CD1 vs. Arrow Financial | 552953CD1 vs. Tandem Diabetes Care | 552953CD1 vs. BW Offshore Limited |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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