Correlation Between National Beverage and ATMOS
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By analyzing existing cross correlation between National Beverage Corp and ATMOS ENERGY P, you can compare the effects of market volatilities on National Beverage and ATMOS 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 National Beverage with a short position of ATMOS. Check out your portfolio center. Please also check ongoing floating volatility patterns of National Beverage and ATMOS.
Diversification Opportunities for National Beverage and ATMOS
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between National and ATMOS is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding National Beverage Corp and ATMOS ENERGY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATMOS ENERGY P and National Beverage 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 National Beverage Corp are associated (or correlated) with ATMOS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATMOS ENERGY P has no effect on the direction of National Beverage i.e., National Beverage and ATMOS go up and down completely randomly.
Pair Corralation between National Beverage and ATMOS
Given the investment horizon of 90 days National Beverage Corp is expected to generate 0.94 times more return on investment than ATMOS. However, National Beverage Corp is 1.06 times less risky than ATMOS. It trades about 0.01 of its potential returns per unit of risk. ATMOS ENERGY P is currently generating about 0.0 per unit of risk. If you would invest 4,700 in National Beverage Corp on September 14, 2024 and sell it today you would lose (20.00) from holding National Beverage Corp or give up 0.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 42.97% |
| Values | Daily Returns |
National Beverage Corp vs. ATMOS ENERGY P
Performance |
| Timeline |
| National Beverage Corp |
| ATMOS ENERGY P |
National Beverage and ATMOS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National Beverage and ATMOS
The main advantage of trading using opposite National Beverage and ATMOS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National Beverage position performs unexpectedly, ATMOS 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 ATMOS will offset losses from the drop in ATMOS's long position.| National Beverage vs. Coca Cola Femsa SAB | National Beverage vs. Keurig Dr Pepper | National Beverage vs. Embotelladora Andina SA | National Beverage vs. Coca Cola European Partners |
| ATMOS vs. Aegon NV ADR | ATMOS vs. CapitaLand Investment Limited | ATMOS vs. NetEase | ATMOS vs. CTS Corporation |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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