Correlation Between Crane and Natures Miracle
Can any of the company-specific risk be diversified away by investing in both Crane and Natures Miracle 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 Crane and Natures Miracle into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Crane Company and Natures Miracle Holding, you can compare the effects of market volatilities on Crane and Natures Miracle 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 Crane with a short position of Natures Miracle. Check out your portfolio center. Please also check ongoing floating volatility patterns of Crane and Natures Miracle.
Diversification Opportunities for Crane and Natures Miracle
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Crane and Natures is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Crane Company and Natures Miracle Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Natures Miracle Holding and Crane 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 Crane Company are associated (or correlated) with Natures Miracle. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Natures Miracle Holding has no effect on the direction of Crane i.e., Crane and Natures Miracle go up and down completely randomly.
Pair Corralation between Crane and Natures Miracle
If you would invest 14,554 in Crane Company on November 28, 2024 and sell it today you would earn a total of 1,653 from holding Crane Company or generate 11.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Crane Company vs. Natures Miracle Holding
Performance |
| Timeline |
| Crane Company |
| Natures Miracle Holding |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Crane and Natures Miracle Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Crane and Natures Miracle
The main advantage of trading using opposite Crane and Natures Miracle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Crane position performs unexpectedly, Natures Miracle 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 Natures Miracle will offset losses from the drop in Natures Miracle's long position.| Crane vs. Standex International | Crane vs. Donaldson | Crane vs. CSW Industrials | Crane vs. Franklin Electric Co |
| Natures Miracle vs. Fidus Investment Corp | Natures Miracle vs. AG Mortgage Investment | Natures Miracle vs. Alternative Investment | Natures Miracle vs. Gladstone Investment |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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