Correlation Between European Wax and MASSIN
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By analyzing existing cross correlation between European Wax Center and MASSIN 3067 01 APR 52, you can compare the effects of market volatilities on European Wax and MASSIN 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 European Wax with a short position of MASSIN. Check out your portfolio center. Please also check ongoing floating volatility patterns of European Wax and MASSIN.
Diversification Opportunities for European Wax and MASSIN
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between European and MASSIN is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding European Wax Center and MASSIN 3067 01 APR 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MASSIN 3067 01 and European Wax 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 European Wax Center are associated (or correlated) with MASSIN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MASSIN 3067 01 has no effect on the direction of European Wax i.e., European Wax and MASSIN go up and down completely randomly.
Pair Corralation between European Wax and MASSIN
Given the investment horizon of 90 days European Wax Center is expected to under-perform the MASSIN. In addition to that, European Wax is 1.83 times more volatile than MASSIN 3067 01 APR 52. It trades about -0.02 of its total potential returns per unit of risk. MASSIN 3067 01 APR 52 is currently generating about 0.1 per unit of volatility. If you would invest 7,124 in MASSIN 3067 01 APR 52 on October 9, 2024 and sell it today you would earn a total of 135.00 from holding MASSIN 3067 01 APR 52 or generate 1.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 42.11% |
| Values | Daily Returns |
European Wax Center vs. MASSIN 3067 01 APR 52
Performance |
| Timeline |
| European Wax Center |
| MASSIN 3067 01 |
European Wax and MASSIN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with European Wax and MASSIN
The main advantage of trading using opposite European Wax and MASSIN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if European Wax position performs unexpectedly, MASSIN 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 MASSIN will offset losses from the drop in MASSIN's long position.| European Wax vs. Edgewell Personal Care | European Wax vs. Inter Parfums | European Wax vs. Henkel AG Co | European Wax vs. Mannatech Incorporated |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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