Correlation Between My Foodie and Ainsworth Game
Can any of the company-specific risk be diversified away by investing in both My Foodie and Ainsworth Game 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 My Foodie and Ainsworth Game into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between My Foodie Box and Ainsworth Game Technology, you can compare the effects of market volatilities on My Foodie and Ainsworth Game 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 My Foodie with a short position of Ainsworth Game. Check out your portfolio center. Please also check ongoing floating volatility patterns of My Foodie and Ainsworth Game.
Diversification Opportunities for My Foodie and Ainsworth Game
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MBX and Ainsworth is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding My Foodie Box and Ainsworth Game Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ainsworth Game Technology and My Foodie 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 My Foodie Box are associated (or correlated) with Ainsworth Game. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ainsworth Game Technology has no effect on the direction of My Foodie i.e., My Foodie and Ainsworth Game go up and down completely randomly.
Pair Corralation between My Foodie and Ainsworth Game
If you would invest 0.40 in My Foodie Box on August 29, 2024 and sell it today you would earn a total of 0.00 from holding My Foodie Box or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
My Foodie Box vs. Ainsworth Game Technology
Performance |
| Timeline |
| My Foodie Box |
| Ainsworth Game Technology |
My Foodie and Ainsworth Game Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with My Foodie and Ainsworth Game
The main advantage of trading using opposite My Foodie and Ainsworth Game positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if My Foodie position performs unexpectedly, Ainsworth Game 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 Ainsworth Game will offset losses from the drop in Ainsworth Game's long position.| My Foodie vs. PVW Resources | My Foodie vs. Woolworths | My Foodie vs. Wesfarmers | My Foodie vs. Coles Group |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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