Correlation Between Moving IMage and Ameritrans Capital
Can any of the company-specific risk be diversified away by investing in both Moving IMage and Ameritrans Capital 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 Moving IMage and Ameritrans Capital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Moving iMage Technologies and Ameritrans Capital Corp, you can compare the effects of market volatilities on Moving IMage and Ameritrans Capital 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 Moving IMage with a short position of Ameritrans Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Moving IMage and Ameritrans Capital.
Diversification Opportunities for Moving IMage and Ameritrans Capital
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Moving and Ameritrans is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Moving iMage Technologies and Ameritrans Capital Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ameritrans Capital Corp and Moving IMage 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 Moving iMage Technologies are associated (or correlated) with Ameritrans Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ameritrans Capital Corp has no effect on the direction of Moving IMage i.e., Moving IMage and Ameritrans Capital go up and down completely randomly.
Pair Corralation between Moving IMage and Ameritrans Capital
Given the investment horizon of 90 days Moving iMage Technologies is expected to generate 0.57 times more return on investment than Ameritrans Capital. However, Moving iMage Technologies is 1.77 times less risky than Ameritrans Capital. It trades about 0.13 of its potential returns per unit of risk. Ameritrans Capital Corp is currently generating about -0.12 per unit of risk. If you would invest 62.00 in Moving iMage Technologies on October 22, 2024 and sell it today you would earn a total of 31.00 from holding Moving iMage Technologies or generate 50.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.31% |
| Values | Daily Returns |
Moving iMage Technologies vs. Ameritrans Capital Corp
Performance |
| Timeline |
| Moving iMage Technologies |
| Ameritrans Capital Corp |
Moving IMage and Ameritrans Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Moving IMage and Ameritrans Capital
The main advantage of trading using opposite Moving IMage and Ameritrans Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Moving IMage position performs unexpectedly, Ameritrans Capital 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 Ameritrans Capital will offset losses from the drop in Ameritrans Capital's long position.| Moving IMage vs. Franklin Wireless Corp | Moving IMage vs. Wialan Technologies | Moving IMage vs. TPT Global Tech | Moving IMage vs. Comtech Telecommunications Corp |
| Ameritrans Capital vs. The Andersons | Ameritrans Capital vs. Viemed Healthcare | Ameritrans Capital vs. WK Kellogg Co | Ameritrans Capital vs. Teleflex Incorporated |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |