Correlation Between Mast Global and Themes Robotics
Can any of the company-specific risk be diversified away by investing in both Mast Global and Themes Robotics 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 Mast Global and Themes Robotics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mast Global Battery and Themes Robotics Automation, you can compare the effects of market volatilities on Mast Global and Themes Robotics 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 Mast Global with a short position of Themes Robotics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mast Global and Themes Robotics.
Diversification Opportunities for Mast Global and Themes Robotics
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Mast and Themes is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Mast Global Battery and Themes Robotics Automation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Themes Robotics Auto and Mast Global 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 Mast Global Battery are associated (or correlated) with Themes Robotics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Themes Robotics Auto has no effect on the direction of Mast Global i.e., Mast Global and Themes Robotics go up and down completely randomly.
Pair Corralation between Mast Global and Themes Robotics
Allowing for the 90-day total investment horizon Mast Global Battery is expected to under-perform the Themes Robotics. But the etf apears to be less risky and, when comparing its historical volatility, Mast Global Battery is 1.2 times less risky than Themes Robotics. The etf trades about -0.01 of its potential returns per unit of risk. The Themes Robotics Automation is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 2,771 in Themes Robotics Automation on October 21, 2024 and sell it today you would earn a total of 92.00 from holding Themes Robotics Automation or generate 3.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mast Global Battery vs. Themes Robotics Automation
Performance |
| Timeline |
| Mast Global Battery |
| Themes Robotics Auto |
Mast Global and Themes Robotics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mast Global and Themes Robotics
The main advantage of trading using opposite Mast Global and Themes Robotics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mast Global position performs unexpectedly, Themes Robotics 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 Themes Robotics will offset losses from the drop in Themes Robotics' long position.| Mast Global vs. iShares Dividend and | Mast Global vs. Martin Currie Sustainable | Mast Global vs. VictoryShares THB Mid | Mast Global vs. AdvisorShares Gerber Kawasaki |
| Themes Robotics vs. iShares Dividend and | Themes Robotics vs. Martin Currie Sustainable | Themes Robotics vs. VictoryShares THB Mid | Themes Robotics vs. Mast Global Battery |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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