Correlation Between MIC Electronics and Medplus Health
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By analyzing existing cross correlation between MIC Electronics Limited and Medplus Health Services, you can compare the effects of market volatilities on MIC Electronics and Medplus Health 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 MIC Electronics with a short position of Medplus Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of MIC Electronics and Medplus Health.
Diversification Opportunities for MIC Electronics and Medplus Health
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between MIC and Medplus is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding MIC Electronics Limited and Medplus Health Services in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Medplus Health Services and MIC Electronics 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 MIC Electronics Limited are associated (or correlated) with Medplus Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Medplus Health Services has no effect on the direction of MIC Electronics i.e., MIC Electronics and Medplus Health go up and down completely randomly.
Pair Corralation between MIC Electronics and Medplus Health
Assuming the 90 days trading horizon MIC Electronics Limited is expected to generate 2.38 times more return on investment than Medplus Health. However, MIC Electronics is 2.38 times more volatile than Medplus Health Services. It trades about 0.17 of its potential returns per unit of risk. Medplus Health Services is currently generating about 0.07 per unit of risk. If you would invest 4,575 in MIC Electronics Limited on September 3, 2024 and sell it today you would earn a total of 3,823 from holding MIC Electronics Limited or generate 83.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
MIC Electronics Limited vs. Medplus Health Services
Performance |
| Timeline |
| MIC Electronics |
| Medplus Health Services |
MIC Electronics and Medplus Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MIC Electronics and Medplus Health
The main advantage of trading using opposite MIC Electronics and Medplus Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MIC Electronics position performs unexpectedly, Medplus Health 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 Medplus Health will offset losses from the drop in Medplus Health's long position.| MIC Electronics vs. Madhav Copper Limited | MIC Electronics vs. DJ Mediaprint Logistics | MIC Electronics vs. Rajnandini Metal Limited | MIC Electronics vs. Infomedia Press Limited |
| Medplus Health vs. Akme Fintrade India | Medplus Health vs. MIC Electronics Limited | Medplus Health vs. Cartrade Tech Limited | Medplus Health vs. Total Transport Systems |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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