Correlation Between Major Cineplex and Jay Mart
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By analyzing existing cross correlation between Major Cineplex Group and Jay Mart Public, you can compare the effects of market volatilities on Major Cineplex and Jay Mart 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 Major Cineplex with a short position of Jay Mart. Check out your portfolio center. Please also check ongoing floating volatility patterns of Major Cineplex and Jay Mart.
Diversification Opportunities for Major Cineplex and Jay Mart
0.99 | Correlation Coefficient |
No risk reduction
The 3 months correlation between Major and Jay is 0.99. Overlapping area represents the amount of risk that can be diversified away by holding Major Cineplex Group and Jay Mart Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jay Mart Public and Major Cineplex 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 Major Cineplex Group are associated (or correlated) with Jay Mart. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jay Mart Public has no effect on the direction of Major Cineplex i.e., Major Cineplex and Jay Mart go up and down completely randomly.
Pair Corralation between Major Cineplex and Jay Mart
Assuming the 90 days trading horizon Major Cineplex Group is expected to generate 0.15 times more return on investment than Jay Mart. However, Major Cineplex Group is 6.77 times less risky than Jay Mart. It trades about 0.0 of its potential returns per unit of risk. Jay Mart Public is currently generating about -0.13 per unit of risk. If you would invest 1,450 in Major Cineplex Group on September 3, 2024 and sell it today you would earn a total of 0.00 from holding Major Cineplex Group or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Major Cineplex Group vs. Jay Mart Public
Performance |
| Timeline |
| Major Cineplex Group |
| Jay Mart Public |
Major Cineplex and Jay Mart Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Major Cineplex and Jay Mart
The main advantage of trading using opposite Major Cineplex and Jay Mart positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Major Cineplex position performs unexpectedly, Jay Mart 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 Jay Mart will offset losses from the drop in Jay Mart's long position.| Major Cineplex vs. Food Moments PCL | Major Cineplex vs. Delta Electronics Public | Major Cineplex vs. INET Leasehold REIT | Major Cineplex vs. Asia Sermkij Leasing |
| Jay Mart vs. Jay Mart Public | Jay Mart vs. Krungthai Card Public | Jay Mart vs. Kasikornbank Public | Jay Mart vs. KERRY EXPRESS |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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