Correlation Between Mena Transport and Amata Public
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By analyzing existing cross correlation between Mena Transport Public and Amata Public, you can compare the effects of market volatilities on Mena Transport and Amata Public 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 Mena Transport with a short position of Amata Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mena Transport and Amata Public.
Diversification Opportunities for Mena Transport and Amata Public
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Mena and Amata is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Mena Transport Public and Amata Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amata Public and Mena Transport 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 Mena Transport Public are associated (or correlated) with Amata Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amata Public has no effect on the direction of Mena Transport i.e., Mena Transport and Amata Public go up and down completely randomly.
Pair Corralation between Mena Transport and Amata Public
If you would invest 2,270 in Amata Public on September 15, 2024 and sell it today you would earn a total of 0.00 from holding Amata Public or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 80.0% |
| Values | Daily Returns |
Mena Transport Public vs. Amata Public
Performance |
| Timeline |
| Mena Transport Public |
| Amata Public |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
Mena Transport and Amata Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mena Transport and Amata Public
The main advantage of trading using opposite Mena Transport and Amata Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mena Transport position performs unexpectedly, Amata Public 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 Amata Public will offset losses from the drop in Amata Public's long position.| Mena Transport vs. Hwa Fong Rubber | Mena Transport vs. Karmarts Public | Mena Transport vs. Jay Mart Public | Mena Transport vs. IRPC Public |
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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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