Correlation Between CONSOLIDATED HALLMARK and INDUSTRIAL MEDICAL
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By analyzing existing cross correlation between CONSOLIDATED HALLMARK INSURANCE and INDUSTRIAL MEDICAL GASES, you can compare the effects of market volatilities on CONSOLIDATED HALLMARK and INDUSTRIAL MEDICAL 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 CONSOLIDATED HALLMARK with a short position of INDUSTRIAL MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of CONSOLIDATED HALLMARK and INDUSTRIAL MEDICAL.
Diversification Opportunities for CONSOLIDATED HALLMARK and INDUSTRIAL MEDICAL
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CONSOLIDATED and INDUSTRIAL is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding CONSOLIDATED HALLMARK INSURANC and INDUSTRIAL MEDICAL GASES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INDUSTRIAL MEDICAL GASES and CONSOLIDATED HALLMARK 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 CONSOLIDATED HALLMARK INSURANCE are associated (or correlated) with INDUSTRIAL MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INDUSTRIAL MEDICAL GASES has no effect on the direction of CONSOLIDATED HALLMARK i.e., CONSOLIDATED HALLMARK and INDUSTRIAL MEDICAL go up and down completely randomly.
Pair Corralation between CONSOLIDATED HALLMARK and INDUSTRIAL MEDICAL
Assuming the 90 days trading horizon CONSOLIDATED HALLMARK INSURANCE is expected to generate 4.08 times more return on investment than INDUSTRIAL MEDICAL. However, CONSOLIDATED HALLMARK is 4.08 times more volatile than INDUSTRIAL MEDICAL GASES. It trades about 0.09 of its potential returns per unit of risk. INDUSTRIAL MEDICAL GASES is currently generating about 0.19 per unit of risk. If you would invest 50.00 in CONSOLIDATED HALLMARK INSURANCE on August 31, 2024 and sell it today you would earn a total of 150.00 from holding CONSOLIDATED HALLMARK INSURANCE or generate 300.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 69.15% |
| Values | Daily Returns |
CONSOLIDATED HALLMARK INSURANC vs. INDUSTRIAL MEDICAL GASES
Performance |
| Timeline |
| CONSOLIDATED HALLMARK |
| INDUSTRIAL MEDICAL GASES |
CONSOLIDATED HALLMARK and INDUSTRIAL MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CONSOLIDATED HALLMARK and INDUSTRIAL MEDICAL
The main advantage of trading using opposite CONSOLIDATED HALLMARK and INDUSTRIAL MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CONSOLIDATED HALLMARK position performs unexpectedly, INDUSTRIAL MEDICAL 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 INDUSTRIAL MEDICAL will offset losses from the drop in INDUSTRIAL MEDICAL's long position.| CONSOLIDATED HALLMARK vs. SECURE ELECTRONIC TECHNOLOGY | CONSOLIDATED HALLMARK vs. VFD GROUP | CONSOLIDATED HALLMARK vs. AFROMEDIA PLC | CONSOLIDATED HALLMARK vs. DEAP CAPITAL MANAGEMENT |
| INDUSTRIAL MEDICAL vs. SECURE ELECTRONIC TECHNOLOGY | INDUSTRIAL MEDICAL vs. VFD GROUP | INDUSTRIAL MEDICAL vs. AFROMEDIA PLC | INDUSTRIAL MEDICAL vs. DEAP CAPITAL MANAGEMENT |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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