Correlation Between MAGHREB OXYGENE and BMCI
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By analyzing existing cross correlation between MAGHREB OXYGENE and BMCI, you can compare the effects of market volatilities on MAGHREB OXYGENE and BMCI 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 MAGHREB OXYGENE with a short position of BMCI. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAGHREB OXYGENE and BMCI.
Diversification Opportunities for MAGHREB OXYGENE and BMCI
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between MAGHREB and BMCI is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding MAGHREB OXYGENE and BMCI in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BMCI and MAGHREB OXYGENE 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 MAGHREB OXYGENE are associated (or correlated) with BMCI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BMCI has no effect on the direction of MAGHREB OXYGENE i.e., MAGHREB OXYGENE and BMCI go up and down completely randomly.
Pair Corralation between MAGHREB OXYGENE and BMCI
Assuming the 90 days trading horizon MAGHREB OXYGENE is expected to generate 2.93 times more return on investment than BMCI. However, MAGHREB OXYGENE is 2.93 times more volatile than BMCI. It trades about 0.09 of its potential returns per unit of risk. BMCI is currently generating about -0.1 per unit of risk. If you would invest 23,400 in MAGHREB OXYGENE on September 2, 2024 and sell it today you would earn a total of 1,455 from holding MAGHREB OXYGENE or generate 6.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
MAGHREB OXYGENE vs. BMCI
Performance |
| Timeline |
| MAGHREB OXYGENE |
| BMCI |
MAGHREB OXYGENE and BMCI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MAGHREB OXYGENE and BMCI
The main advantage of trading using opposite MAGHREB OXYGENE and BMCI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAGHREB OXYGENE position performs unexpectedly, BMCI 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 BMCI will offset losses from the drop in BMCI's long position.| MAGHREB OXYGENE vs. MED PAPER | MAGHREB OXYGENE vs. CFG BANK | MAGHREB OXYGENE vs. CREDIT IMMOBILIER ET | MAGHREB OXYGENE vs. INVOLYS |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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