Correlation Between Menif Financial and Bio View
Can any of the company-specific risk be diversified away by investing in both Menif Financial and Bio View 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 Menif Financial and Bio View into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Menif Financial Services and Bio View, you can compare the effects of market volatilities on Menif Financial and Bio View 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 Menif Financial with a short position of Bio View. Check out your portfolio center. Please also check ongoing floating volatility patterns of Menif Financial and Bio View.
Diversification Opportunities for Menif Financial and Bio View
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Menif and Bio is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Menif Financial Services and Bio View in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bio View and Menif Financial 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 Menif Financial Services are associated (or correlated) with Bio View. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bio View has no effect on the direction of Menif Financial i.e., Menif Financial and Bio View go up and down completely randomly.
Pair Corralation between Menif Financial and Bio View
Assuming the 90 days trading horizon Menif Financial Services is expected to generate 0.82 times more return on investment than Bio View. However, Menif Financial Services is 1.21 times less risky than Bio View. It trades about 0.06 of its potential returns per unit of risk. Bio View is currently generating about 0.0 per unit of risk. If you would invest 171,000 in Menif Financial Services on November 3, 2024 and sell it today you would earn a total of 3,300 from holding Menif Financial Services or generate 1.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Menif Financial Services vs. Bio View
Performance |
| Timeline |
| Menif Financial Services |
| Bio View |
Menif Financial and Bio View Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Menif Financial and Bio View
The main advantage of trading using opposite Menif Financial and Bio View positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Menif Financial position performs unexpectedly, Bio View 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 Bio View will offset losses from the drop in Bio View's long position.| Menif Financial vs. Sofwave Medical | Menif Financial vs. Epitomee Medical | Menif Financial vs. Payment Financial Technologies | Menif Financial vs. B Communications |
| Bio View vs. Payment Financial Technologies | Bio View vs. Petrochemical | Bio View vs. Retailors | Bio View vs. Computer Direct |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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