Correlation Between Cymbria and PHN Multi
Specify exactly 2 symbols:
By analyzing existing cross correlation between Cymbria and PHN Multi Style All Cap, you can compare the effects of market volatilities on Cymbria and PHN Multi 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 Cymbria with a short position of PHN Multi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cymbria and PHN Multi.
Diversification Opportunities for Cymbria and PHN Multi
Very poor diversification
The 3 months correlation between Cymbria and PHN is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Cymbria and PHN Multi Style All Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PHN Multi Style and Cymbria 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 Cymbria are associated (or correlated) with PHN Multi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PHN Multi Style has no effect on the direction of Cymbria i.e., Cymbria and PHN Multi go up and down completely randomly.
Pair Corralation between Cymbria and PHN Multi
Assuming the 90 days trading horizon Cymbria is expected to generate 1.46 times less return on investment than PHN Multi. In addition to that, Cymbria is 1.19 times more volatile than PHN Multi Style All Cap. It trades about 0.07 of its total potential returns per unit of risk. PHN Multi Style All Cap is currently generating about 0.13 per unit of volatility. If you would invest 2,529 in PHN Multi Style All Cap on September 3, 2024 and sell it today you would earn a total of 331.00 from holding PHN Multi Style All Cap or generate 13.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cymbria vs. PHN Multi Style All Cap
Performance |
| Timeline |
| Cymbria |
| PHN Multi Style |
Cymbria and PHN Multi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cymbria and PHN Multi
The main advantage of trading using opposite Cymbria and PHN Multi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cymbria position performs unexpectedly, PHN Multi 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 PHN Multi will offset losses from the drop in PHN Multi's long position.| Cymbria vs. Clairvest Group | Cymbria vs. Uniteds Limited | Cymbria vs. E L Financial Corp | Cymbria vs. Senvest Capital |
| PHN Multi vs. PHN Canadian Equity | PHN Multi vs. Fidelity Tactical High | PHN Multi vs. Fidelity ClearPath 2045 | PHN Multi vs. Bloom Select Income |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |