Correlation Between INDUSTRIAL MEDICAL and STANDARD ALLIANCE
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By analyzing existing cross correlation between INDUSTRIAL MEDICAL GASES and STANDARD ALLIANCE INSURANCE, you can compare the effects of market volatilities on INDUSTRIAL MEDICAL and STANDARD ALLIANCE 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 INDUSTRIAL MEDICAL with a short position of STANDARD ALLIANCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of INDUSTRIAL MEDICAL and STANDARD ALLIANCE.
Diversification Opportunities for INDUSTRIAL MEDICAL and STANDARD ALLIANCE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between INDUSTRIAL and STANDARD is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding INDUSTRIAL MEDICAL GASES and STANDARD ALLIANCE INSURANCE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STANDARD ALLIANCE and INDUSTRIAL MEDICAL 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 INDUSTRIAL MEDICAL GASES are associated (or correlated) with STANDARD ALLIANCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STANDARD ALLIANCE has no effect on the direction of INDUSTRIAL MEDICAL i.e., INDUSTRIAL MEDICAL and STANDARD ALLIANCE go up and down completely randomly.
Pair Corralation between INDUSTRIAL MEDICAL and STANDARD ALLIANCE
If you would invest 3,500 in INDUSTRIAL MEDICAL GASES on September 1, 2024 and sell it today you would earn a total of 295.00 from holding INDUSTRIAL MEDICAL GASES or generate 8.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
INDUSTRIAL MEDICAL GASES vs. STANDARD ALLIANCE INSURANCE
Performance |
| Timeline |
| INDUSTRIAL MEDICAL GASES |
| STANDARD ALLIANCE |
INDUSTRIAL MEDICAL and STANDARD ALLIANCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INDUSTRIAL MEDICAL and STANDARD ALLIANCE
The main advantage of trading using opposite INDUSTRIAL MEDICAL and STANDARD ALLIANCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INDUSTRIAL MEDICAL position performs unexpectedly, STANDARD ALLIANCE 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 STANDARD ALLIANCE will offset losses from the drop in STANDARD ALLIANCE's long position.| INDUSTRIAL MEDICAL vs. SECURE ELECTRONIC TECHNOLOGY | INDUSTRIAL MEDICAL vs. VFD GROUP | INDUSTRIAL MEDICAL vs. AFROMEDIA PLC | INDUSTRIAL MEDICAL vs. DEAP CAPITAL MANAGEMENT |
| STANDARD ALLIANCE vs. SECURE ELECTRONIC TECHNOLOGY | STANDARD ALLIANCE vs. VFD GROUP | STANDARD ALLIANCE vs. AFROMEDIA PLC | STANDARD ALLIANCE vs. DEAP CAPITAL MANAGEMENT |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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