Correlation Between ELITE MEAT and CIM FINANCIAL
Can any of the company-specific risk be diversified away by investing in both ELITE MEAT and CIM FINANCIAL 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 ELITE MEAT and CIM FINANCIAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ELITE MEAT PROCESSORS and CIM FINANCIAL SERVICES, you can compare the effects of market volatilities on ELITE MEAT and CIM FINANCIAL 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 ELITE MEAT with a short position of CIM FINANCIAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of ELITE MEAT and CIM FINANCIAL.
Diversification Opportunities for ELITE MEAT and CIM FINANCIAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ELITE and CIM is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ELITE MEAT PROCESSORS and CIM FINANCIAL SERVICES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CIM FINANCIAL SERVICES and ELITE MEAT 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 ELITE MEAT PROCESSORS are associated (or correlated) with CIM FINANCIAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CIM FINANCIAL SERVICES has no effect on the direction of ELITE MEAT i.e., ELITE MEAT and CIM FINANCIAL go up and down completely randomly.
Pair Corralation between ELITE MEAT and CIM FINANCIAL
If you would invest (100.00) in CIM FINANCIAL SERVICES on October 25, 2024 and sell it today you would earn a total of 100.00 from holding CIM FINANCIAL SERVICES or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
ELITE MEAT PROCESSORS vs. CIM FINANCIAL SERVICES
Performance |
| Timeline |
| ELITE MEAT PROCESSORS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| CIM FINANCIAL SERVICES |
ELITE MEAT and CIM FINANCIAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ELITE MEAT and CIM FINANCIAL
The main advantage of trading using opposite ELITE MEAT and CIM FINANCIAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ELITE MEAT position performs unexpectedly, CIM FINANCIAL 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 CIM FINANCIAL will offset losses from the drop in CIM FINANCIAL's long position.| ELITE MEAT vs. MCB INDIA SOVEREIGN | ELITE MEAT vs. UNITED BUS SERVICE | ELITE MEAT vs. EXCELSIOR UNITED DEVELOPMENT | ELITE MEAT vs. TADVEST LIMITED |
| CIM FINANCIAL vs. BEAU VALLON HOSPITAL | CIM FINANCIAL vs. LOTTOTECH LTD | CIM FINANCIAL vs. FINCORP INVESTMENT LTD | CIM FINANCIAL vs. NATIONAL INVESTMENT TRUST |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |