Correlation Between Mind Technology and TRAVELERS
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By analyzing existing cross correlation between Mind Technology and TRAVELERS INS GROUP, you can compare the effects of market volatilities on Mind Technology and TRAVELERS 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 TRAVELERS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mind Technology and TRAVELERS.
Diversification Opportunities for Mind Technology and TRAVELERS
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Mind and TRAVELERS is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Mind Technology and TRAVELERS INS GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TRAVELERS INS GROUP 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 TRAVELERS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TRAVELERS INS GROUP has no effect on the direction of Mind Technology i.e., Mind Technology and TRAVELERS go up and down completely randomly.
Pair Corralation between Mind Technology and TRAVELERS
Given the investment horizon of 90 days Mind Technology is expected to generate 4.07 times more return on investment than TRAVELERS. However, Mind Technology is 4.07 times more volatile than TRAVELERS INS GROUP. It trades about 0.22 of its potential returns per unit of risk. TRAVELERS INS GROUP is currently generating about 0.31 per unit of risk. If you would invest 355.00 in Mind Technology on August 26, 2024 and sell it today you would earn a total of 33.00 from holding Mind Technology or generate 9.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 50.0% |
| Values | Daily Returns |
Mind Technology vs. TRAVELERS INS GROUP
Performance |
| Timeline |
| Mind Technology |
| TRAVELERS INS GROUP |
Mind Technology and TRAVELERS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mind Technology and TRAVELERS
The main advantage of trading using opposite Mind Technology and TRAVELERS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mind Technology position performs unexpectedly, TRAVELERS 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 TRAVELERS will offset losses from the drop in TRAVELERS'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 |
| TRAVELERS vs. Iridium Communications | TRAVELERS vs. Mind Technology | TRAVELERS vs. Hawkins | TRAVELERS vs. Flex |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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