Correlation Between Food Moments and INET Leasehold
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By analyzing existing cross correlation between Food Moments PCL and INET Leasehold REIT, you can compare the effects of market volatilities on Food Moments and INET Leasehold 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 Food Moments with a short position of INET Leasehold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Food Moments and INET Leasehold.
Diversification Opportunities for Food Moments and INET Leasehold
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Food and INET is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Food Moments PCL and INET Leasehold REIT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INET Leasehold REIT and Food Moments 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 Food Moments PCL are associated (or correlated) with INET Leasehold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INET Leasehold REIT has no effect on the direction of Food Moments i.e., Food Moments and INET Leasehold go up and down completely randomly.
Pair Corralation between Food Moments and INET Leasehold
Assuming the 90 days horizon Food Moments PCL is expected to under-perform the INET Leasehold. In addition to that, Food Moments is 2.85 times more volatile than INET Leasehold REIT. It trades about -0.11 of its total potential returns per unit of risk. INET Leasehold REIT is currently generating about 0.04 per unit of volatility. If you would invest 850.00 in INET Leasehold REIT on August 29, 2024 and sell it today you would earn a total of 5.00 from holding INET Leasehold REIT or generate 0.59% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Food Moments PCL vs. INET Leasehold REIT
Performance |
Timeline |
Food Moments PCL |
INET Leasehold REIT |
Food Moments and INET Leasehold Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Food Moments and INET Leasehold
The main advantage of trading using opposite Food Moments and INET Leasehold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Food Moments position performs unexpectedly, INET Leasehold 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 INET Leasehold will offset losses from the drop in INET Leasehold's long position.Food Moments vs. Delta Electronics Public | Food Moments vs. Delta Electronics Public | Food Moments vs. Airports of Thailand | Food Moments vs. Airports of Thailand |
INET Leasehold vs. Delta Electronics Public | INET Leasehold vs. Delta Electronics Public | INET Leasehold vs. Airports of Thailand | INET Leasehold vs. Airports of Thailand |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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