Correlation Between Mattel and Ideanomics
Can any of the company-specific risk be diversified away by investing in both Mattel and Ideanomics 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 Mattel and Ideanomics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mattel Inc and Ideanomics, you can compare the effects of market volatilities on Mattel and Ideanomics 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 Mattel with a short position of Ideanomics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mattel and Ideanomics.
Diversification Opportunities for Mattel and Ideanomics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mattel and Ideanomics is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mattel Inc and Ideanomics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ideanomics and Mattel 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 Mattel Inc are associated (or correlated) with Ideanomics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ideanomics has no effect on the direction of Mattel i.e., Mattel and Ideanomics go up and down completely randomly.
Pair Corralation between Mattel and Ideanomics
If you would invest 1,719 in Mattel Inc on September 13, 2024 and sell it today you would earn a total of 202.00 from holding Mattel Inc or generate 11.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Mattel Inc vs. Ideanomics
Performance |
| Timeline |
| Mattel Inc |
| Ideanomics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Mattel and Ideanomics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mattel and Ideanomics
The main advantage of trading using opposite Mattel and Ideanomics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mattel position performs unexpectedly, Ideanomics 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 Ideanomics will offset losses from the drop in Ideanomics' long position.| Mattel vs. Clarus Corp | Mattel vs. Escalade Incorporated | Mattel vs. Johnson Outdoors | Mattel vs. JAKKS Pacific |
| Ideanomics vs. enVVeno Medical Corp | Ideanomics vs. Life Time Group | Ideanomics vs. Neogen | Ideanomics vs. Mattel Inc |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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