Correlation Between MA Financial and Audio Pixels
Can any of the company-specific risk be diversified away by investing in both MA Financial and Audio Pixels 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 MA Financial and Audio Pixels into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MA Financial Group and Audio Pixels Holdings, you can compare the effects of market volatilities on MA Financial and Audio Pixels 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 MA Financial with a short position of Audio Pixels. Check out your portfolio center. Please also check ongoing floating volatility patterns of MA Financial and Audio Pixels.
Diversification Opportunities for MA Financial and Audio Pixels
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAF and Audio is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MA Financial Group and Audio Pixels Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Audio Pixels Holdings and MA Financial 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 MA Financial Group are associated (or correlated) with Audio Pixels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Audio Pixels Holdings has no effect on the direction of MA Financial i.e., MA Financial and Audio Pixels go up and down completely randomly.
Pair Corralation between MA Financial and Audio Pixels
Assuming the 90 days trading horizon MA Financial Group is expected to generate 0.64 times more return on investment than Audio Pixels. However, MA Financial Group is 1.57 times less risky than Audio Pixels. It trades about 0.04 of its potential returns per unit of risk. Audio Pixels Holdings is currently generating about -0.01 per unit of risk. If you would invest 418.00 in MA Financial Group on September 3, 2024 and sell it today you would earn a total of 203.00 from holding MA Financial Group or generate 48.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MA Financial Group vs. Audio Pixels Holdings
Performance |
| Timeline |
| MA Financial Group |
| Audio Pixels Holdings |
MA Financial and Audio Pixels Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MA Financial and Audio Pixels
The main advantage of trading using opposite MA Financial and Audio Pixels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MA Financial position performs unexpectedly, Audio Pixels 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 Audio Pixels will offset losses from the drop in Audio Pixels' long position.| MA Financial vs. Audio Pixels Holdings | MA Financial vs. Iodm | MA Financial vs. Nsx | MA Financial vs. TTG Fintech |
| Audio Pixels vs. Embark Education Group | Audio Pixels vs. Aeon Metals | Audio Pixels vs. Kip McGrath Education | Audio Pixels vs. Hutchison Telecommunications |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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