Correlation Between Lindian Resources and My Foodie
Can any of the company-specific risk be diversified away by investing in both Lindian Resources and My Foodie 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 Lindian Resources and My Foodie into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Lindian Resources and My Foodie Box, you can compare the effects of market volatilities on Lindian Resources and My Foodie 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 Lindian Resources with a short position of My Foodie. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lindian Resources and My Foodie.
Diversification Opportunities for Lindian Resources and My Foodie
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Lindian and MBX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Lindian Resources and My Foodie Box in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on My Foodie Box and Lindian Resources 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 Lindian Resources are associated (or correlated) with My Foodie. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of My Foodie Box has no effect on the direction of Lindian Resources i.e., Lindian Resources and My Foodie go up and down completely randomly.
Pair Corralation between Lindian Resources and My Foodie
If you would invest 9.40 in Lindian Resources on September 5, 2024 and sell it today you would lose (0.20) from holding Lindian Resources or give up 2.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Lindian Resources vs. My Foodie Box
Performance |
| Timeline |
| Lindian Resources |
| My Foodie Box |
Lindian Resources and My Foodie Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lindian Resources and My Foodie
The main advantage of trading using opposite Lindian Resources and My Foodie positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lindian Resources position performs unexpectedly, My Foodie 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 My Foodie will offset losses from the drop in My Foodie's long position.| Lindian Resources vs. Northern Star Resources | Lindian Resources vs. Evolution Mining | Lindian Resources vs. Bluescope Steel | Lindian Resources vs. Sandfire Resources NL |
| My Foodie vs. Audio Pixels Holdings | My Foodie vs. Norwest Minerals | My Foodie vs. Lindian Resources | My Foodie vs. Resource Base |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
Other Complementary Tools
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |