Correlation Between Embassy Office and Styrenix Performance
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By analyzing existing cross correlation between Embassy Office Parks and Styrenix Performance Materials, you can compare the effects of market volatilities on Embassy Office and Styrenix Performance 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 Embassy Office with a short position of Styrenix Performance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Embassy Office and Styrenix Performance.
Diversification Opportunities for Embassy Office and Styrenix Performance
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Embassy and Styrenix is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Embassy Office Parks and Styrenix Performance Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Styrenix Performance and Embassy Office 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 Embassy Office Parks are associated (or correlated) with Styrenix Performance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Styrenix Performance has no effect on the direction of Embassy Office i.e., Embassy Office and Styrenix Performance go up and down completely randomly.
Pair Corralation between Embassy Office and Styrenix Performance
Assuming the 90 days trading horizon Embassy Office Parks is expected to generate 0.48 times more return on investment than Styrenix Performance. However, Embassy Office Parks is 2.07 times less risky than Styrenix Performance. It trades about 0.0 of its potential returns per unit of risk. Styrenix Performance Materials is currently generating about -0.31 per unit of risk. If you would invest 37,200 in Embassy Office Parks on November 2, 2024 and sell it today you would lose (27.00) from holding Embassy Office Parks or give up 0.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Embassy Office Parks vs. Styrenix Performance Materials
Performance |
| Timeline |
| Embassy Office Parks |
| Styrenix Performance |
Embassy Office and Styrenix Performance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Embassy Office and Styrenix Performance
The main advantage of trading using opposite Embassy Office and Styrenix Performance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Embassy Office position performs unexpectedly, Styrenix Performance 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 Styrenix Performance will offset losses from the drop in Styrenix Performance's long position.| Embassy Office vs. Healthcare Global Enterprises | Embassy Office vs. Max Healthcare Institute | Embassy Office vs. GM Breweries Limited | Embassy Office vs. Tips Music Limited |
| Styrenix Performance vs. Blue Coast Hotels | Styrenix Performance vs. General Insurance | Styrenix Performance vs. Samhi Hotels Limited | Styrenix Performance vs. Juniper Hotels |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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