Correlation Between Mattel and NISOURCE
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By analyzing existing cross correlation between Mattel Inc and NISOURCE FIN P, you can compare the effects of market volatilities on Mattel and NISOURCE 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 NISOURCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mattel and NISOURCE.
Diversification Opportunities for Mattel and NISOURCE
Average diversification
The 3 months correlation between Mattel and NISOURCE is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Mattel Inc and NISOURCE FIN P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NISOURCE FIN P 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 NISOURCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NISOURCE FIN P has no effect on the direction of Mattel i.e., Mattel and NISOURCE go up and down completely randomly.
Pair Corralation between Mattel and NISOURCE
Considering the 90-day investment horizon Mattel Inc is expected to under-perform the NISOURCE. In addition to that, Mattel is 1.25 times more volatile than NISOURCE FIN P. It trades about -0.11 of its total potential returns per unit of risk. NISOURCE FIN P is currently generating about -0.09 per unit of volatility. If you would invest 9,055 in NISOURCE FIN P on September 3, 2024 and sell it today you would lose (238.00) from holding NISOURCE FIN P or give up 2.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 80.0% |
| Values | Daily Returns |
Mattel Inc vs. NISOURCE FIN P
Performance |
| Timeline |
| Mattel Inc |
| NISOURCE FIN P |
Mattel and NISOURCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mattel and NISOURCE
The main advantage of trading using opposite Mattel and NISOURCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mattel position performs unexpectedly, NISOURCE 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 NISOURCE will offset losses from the drop in NISOURCE's long position.| Mattel vs. Funko Inc | Mattel vs. Madison Square Garden | Mattel vs. Life Time Group | Mattel vs. Six Flags Entertainment |
| NISOURCE vs. Shoe Carnival | NISOURCE vs. American Eagle Outfitters | NISOURCE vs. Mattel Inc | NISOURCE vs. Burlington Stores |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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