Correlation Between Mirion Technologies and ABN AMRO
Can any of the company-specific risk be diversified away by investing in both Mirion Technologies and ABN AMRO 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 Mirion Technologies and ABN AMRO into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mirion Technologies and ABN AMRO Bank, you can compare the effects of market volatilities on Mirion Technologies and ABN AMRO 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 Mirion Technologies with a short position of ABN AMRO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mirion Technologies and ABN AMRO.
Diversification Opportunities for Mirion Technologies and ABN AMRO
-0.81 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mirion and ABN is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding Mirion Technologies and ABN AMRO Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ABN AMRO Bank and Mirion Technologies 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 Mirion Technologies are associated (or correlated) with ABN AMRO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ABN AMRO Bank has no effect on the direction of Mirion Technologies i.e., Mirion Technologies and ABN AMRO go up and down completely randomly.
Pair Corralation between Mirion Technologies and ABN AMRO
Considering the 90-day investment horizon Mirion Technologies is expected to generate 1.33 times more return on investment than ABN AMRO. However, Mirion Technologies is 1.33 times more volatile than ABN AMRO Bank. It trades about 0.1 of its potential returns per unit of risk. ABN AMRO Bank is currently generating about 0.04 per unit of risk. If you would invest 817.00 in Mirion Technologies on August 31, 2024 and sell it today you would earn a total of 870.00 from holding Mirion Technologies or generate 106.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mirion Technologies vs. ABN AMRO Bank
Performance |
| Timeline |
| Mirion Technologies |
| ABN AMRO Bank |
Mirion Technologies and ABN AMRO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mirion Technologies and ABN AMRO
The main advantage of trading using opposite Mirion Technologies and ABN AMRO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mirion Technologies position performs unexpectedly, ABN AMRO 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 ABN AMRO will offset losses from the drop in ABN AMRO's long position.| Mirion Technologies vs. Enerpac Tool Group | Mirion Technologies vs. Enpro Industries | Mirion Technologies vs. Omega Flex | Mirion Technologies vs. Gorman Rupp |
| ABN AMRO vs. Bank of America | ABN AMRO vs. Bank of America | ABN AMRO vs. Bank of America | ABN AMRO vs. China Construction Bank |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |