Correlation Between Martin Currie and Themes Robotics
Can any of the company-specific risk be diversified away by investing in both Martin Currie and Themes Robotics 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 Martin Currie and Themes Robotics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Martin Currie Sustainable and Themes Robotics Automation, you can compare the effects of market volatilities on Martin Currie and Themes Robotics 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 Martin Currie with a short position of Themes Robotics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Martin Currie and Themes Robotics.
Diversification Opportunities for Martin Currie and Themes Robotics
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Martin and Themes is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Martin Currie Sustainable and Themes Robotics Automation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Themes Robotics Auto and Martin Currie 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 Martin Currie Sustainable are associated (or correlated) with Themes Robotics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Themes Robotics Auto has no effect on the direction of Martin Currie i.e., Martin Currie and Themes Robotics go up and down completely randomly.
Pair Corralation between Martin Currie and Themes Robotics
Given the investment horizon of 90 days Martin Currie is expected to generate 5.78 times less return on investment than Themes Robotics. But when comparing it to its historical volatility, Martin Currie Sustainable is 1.81 times less risky than Themes Robotics. It trades about 0.04 of its potential returns per unit of risk. Themes Robotics Automation is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 2,829 in Themes Robotics Automation on September 12, 2024 and sell it today you would earn a total of 125.00 from holding Themes Robotics Automation or generate 4.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Martin Currie Sustainable vs. Themes Robotics Automation
Performance |
| Timeline |
| Martin Currie Sustainable |
| Themes Robotics Auto |
Martin Currie and Themes Robotics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Martin Currie and Themes Robotics
The main advantage of trading using opposite Martin Currie and Themes Robotics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Martin Currie position performs unexpectedly, Themes Robotics 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 Themes Robotics will offset losses from the drop in Themes Robotics' long position.| Martin Currie vs. BrandywineGLOBAL Dynamic | Martin Currie vs. First Trust Growth | Martin Currie vs. Invesco NASDAQ Future | Martin Currie vs. Burney Factor Rotation |
| Themes Robotics vs. Freedom Day Dividend | Themes Robotics vs. Franklin Templeton ETF | Themes Robotics vs. iShares MSCI China | Themes Robotics vs. Tidal Trust II |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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