Correlation Between My Foodie and Kip McGrath
Can any of the company-specific risk be diversified away by investing in both My Foodie and Kip McGrath 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 Kip McGrath 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 Kip McGrath Education, you can compare the effects of market volatilities on My Foodie and Kip McGrath 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 Kip McGrath. Check out your portfolio center. Please also check ongoing floating volatility patterns of My Foodie and Kip McGrath.
Diversification Opportunities for My Foodie and Kip McGrath
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MBX and Kip is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding My Foodie Box and Kip McGrath Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kip McGrath Education 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 Kip McGrath. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kip McGrath Education has no effect on the direction of My Foodie i.e., My Foodie and Kip McGrath go up and down completely randomly.
Pair Corralation between My Foodie and Kip McGrath
If you would invest 31.00 in Kip McGrath Education on October 17, 2024 and sell it today you would earn a total of 15.00 from holding Kip McGrath Education or generate 48.39% 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. Kip McGrath Education
Performance |
| Timeline |
| My Foodie Box |
| Kip McGrath Education |
My Foodie and Kip McGrath Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with My Foodie and Kip McGrath
The main advantage of trading using opposite My Foodie and Kip McGrath positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if My Foodie position performs unexpectedly, Kip McGrath 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 Kip McGrath will offset losses from the drop in Kip McGrath's long position.| My Foodie vs. Data3 | My Foodie vs. Dalaroo Metals | My Foodie vs. Retail Food Group | My Foodie vs. Hutchison Telecommunications |
| Kip McGrath vs. Skycity Entertainment Group | Kip McGrath vs. ARN Media Limited | Kip McGrath vs. Insurance Australia Group | Kip McGrath vs. My Foodie Box |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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