Correlation Between Lindblad Expeditions and Menora Mivtachim
Can any of the company-specific risk be diversified away by investing in both Lindblad Expeditions and Menora Mivtachim 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 Lindblad Expeditions and Menora Mivtachim into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Lindblad Expeditions Holdings and Menora Mivtachim Holdings, you can compare the effects of market volatilities on Lindblad Expeditions and Menora Mivtachim 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 Lindblad Expeditions with a short position of Menora Mivtachim. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lindblad Expeditions and Menora Mivtachim.
Diversification Opportunities for Lindblad Expeditions and Menora Mivtachim
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Lindblad and Menora is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Lindblad Expeditions Holdings and Menora Mivtachim Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Menora Mivtachim Holdings and Lindblad Expeditions 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 Lindblad Expeditions Holdings are associated (or correlated) with Menora Mivtachim. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Menora Mivtachim Holdings has no effect on the direction of Lindblad Expeditions i.e., Lindblad Expeditions and Menora Mivtachim go up and down completely randomly.
Pair Corralation between Lindblad Expeditions and Menora Mivtachim
Given the investment horizon of 90 days Lindblad Expeditions Holdings is expected to generate 2.95 times more return on investment than Menora Mivtachim. However, Lindblad Expeditions is 2.95 times more volatile than Menora Mivtachim Holdings. It trades about 0.05 of its potential returns per unit of risk. Menora Mivtachim Holdings is currently generating about 0.13 per unit of risk. If you would invest 902.00 in Lindblad Expeditions Holdings on October 25, 2024 and sell it today you would earn a total of 243.00 from holding Lindblad Expeditions Holdings or generate 26.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.61% |
| Values | Daily Returns |
Lindblad Expeditions Holdings vs. Menora Mivtachim Holdings
Performance |
| Timeline |
| Lindblad Expeditions |
| Menora Mivtachim Holdings |
Lindblad Expeditions and Menora Mivtachim Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lindblad Expeditions and Menora Mivtachim
The main advantage of trading using opposite Lindblad Expeditions and Menora Mivtachim positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lindblad Expeditions position performs unexpectedly, Menora Mivtachim 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 Menora Mivtachim will offset losses from the drop in Menora Mivtachim's long position.| Lindblad Expeditions vs. Yatra Online | Lindblad Expeditions vs. Despegar Corp | Lindblad Expeditions vs. MakeMyTrip Limited | Lindblad Expeditions vs. Tuniu Corp |
| Menora Mivtachim vs. Vantage Drilling International | Menora Mivtachim vs. Nabors Industries | Menora Mivtachim vs. Noble plc | Menora Mivtachim vs. Anterix |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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