Correlation Between Mind Technology and APPLE
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By analyzing existing cross correlation between Mind Technology and APPLE INC 245, you can compare the effects of market volatilities on Mind Technology and APPLE 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 Mind Technology with a short position of APPLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mind Technology and APPLE.
Diversification Opportunities for Mind Technology and APPLE
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Mind and APPLE is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Mind Technology and APPLE INC 245 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPLE INC 245 and Mind Technology 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 Mind Technology are associated (or correlated) with APPLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPLE INC 245 has no effect on the direction of Mind Technology i.e., Mind Technology and APPLE go up and down completely randomly.
Pair Corralation between Mind Technology and APPLE
Given the investment horizon of 90 days Mind Technology is expected to generate 3.8 times more return on investment than APPLE. However, Mind Technology is 3.8 times more volatile than APPLE INC 245. It trades about 0.11 of its potential returns per unit of risk. APPLE INC 245 is currently generating about -0.19 per unit of risk. If you would invest 361.00 in Mind Technology on September 5, 2024 and sell it today you would earn a total of 16.00 from holding Mind Technology or generate 4.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
Mind Technology vs. APPLE INC 245
Performance |
| Timeline |
| Mind Technology |
| APPLE INC 245 |
Mind Technology and APPLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mind Technology and APPLE
The main advantage of trading using opposite Mind Technology and APPLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mind Technology position performs unexpectedly, APPLE 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 APPLE will offset losses from the drop in APPLE's long position.| Mind Technology vs. Spectris plc | Mind Technology vs. Electro Sensors | Mind Technology vs. Sono Tek Corp | Mind Technology vs. Vishay Precision Group |
| APPLE vs. Codexis | APPLE vs. Natural Alternatives International | APPLE vs. FitLife Brands, Common | APPLE vs. Beyond Meat |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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