Correlation Between Mayfair Gold and WiMi Hologram
Can any of the company-specific risk be diversified away by investing in both Mayfair Gold and WiMi Hologram 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 Mayfair Gold and WiMi Hologram into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mayfair Gold Corp and WiMi Hologram Cloud, you can compare the effects of market volatilities on Mayfair Gold and WiMi Hologram 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 Mayfair Gold with a short position of WiMi Hologram. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mayfair Gold and WiMi Hologram.
Diversification Opportunities for Mayfair Gold and WiMi Hologram
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Mayfair and WiMi is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Mayfair Gold Corp and WiMi Hologram Cloud in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WiMi Hologram Cloud and Mayfair Gold 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 Mayfair Gold Corp are associated (or correlated) with WiMi Hologram. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WiMi Hologram Cloud has no effect on the direction of Mayfair Gold i.e., Mayfair Gold and WiMi Hologram go up and down completely randomly.
Pair Corralation between Mayfair Gold and WiMi Hologram
Assuming the 90 days horizon Mayfair Gold is expected to generate 3.54 times less return on investment than WiMi Hologram. But when comparing it to its historical volatility, Mayfair Gold Corp is 2.83 times less risky than WiMi Hologram. It trades about 0.03 of its potential returns per unit of risk. WiMi Hologram Cloud is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 85.00 in WiMi Hologram Cloud on September 12, 2024 and sell it today you would earn a total of 1.80 from holding WiMi Hologram Cloud or generate 2.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Mayfair Gold Corp vs. WiMi Hologram Cloud
Performance |
| Timeline |
| Mayfair Gold Corp |
| WiMi Hologram Cloud |
Mayfair Gold and WiMi Hologram Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mayfair Gold and WiMi Hologram
The main advantage of trading using opposite Mayfair Gold and WiMi Hologram positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mayfair Gold position performs unexpectedly, WiMi Hologram 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 WiMi Hologram will offset losses from the drop in WiMi Hologram's long position.| Mayfair Gold vs. Agnico Eagle Mines | Mayfair Gold vs. B2Gold Corp | Mayfair Gold vs. Pan American Silver | Mayfair Gold vs. Gold Fields Ltd |
| WiMi Hologram vs. National CineMedia | WiMi Hologram vs. Baosheng Media Group | WiMi Hologram vs. Townsquare Media | WiMi Hologram vs. Dolphin Entertainment |
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.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |