Correlation Between Modine Manufacturing and 058498AW6
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By analyzing existing cross correlation between Modine Manufacturing and BALL P 2875, you can compare the effects of market volatilities on Modine Manufacturing and 058498AW6 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 Modine Manufacturing with a short position of 058498AW6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Modine Manufacturing and 058498AW6.
Diversification Opportunities for Modine Manufacturing and 058498AW6
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Modine and 058498AW6 is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Modine Manufacturing and BALL P 2875 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BALL P 2875 and Modine Manufacturing 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 Modine Manufacturing are associated (or correlated) with 058498AW6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BALL P 2875 has no effect on the direction of Modine Manufacturing i.e., Modine Manufacturing and 058498AW6 go up and down completely randomly.
Pair Corralation between Modine Manufacturing and 058498AW6
Considering the 90-day investment horizon Modine Manufacturing is expected to generate 1.74 times more return on investment than 058498AW6. However, Modine Manufacturing is 1.74 times more volatile than BALL P 2875. It trades about 0.03 of its potential returns per unit of risk. BALL P 2875 is currently generating about -0.19 per unit of risk. If you would invest 12,729 in Modine Manufacturing on September 14, 2024 and sell it today you would earn a total of 93.00 from holding Modine Manufacturing or generate 0.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Modine Manufacturing vs. BALL P 2875
Performance |
| Timeline |
| Modine Manufacturing |
| BALL P 2875 |
Modine Manufacturing and 058498AW6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Modine Manufacturing and 058498AW6
The main advantage of trading using opposite Modine Manufacturing and 058498AW6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Modine Manufacturing position performs unexpectedly, 058498AW6 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 058498AW6 will offset losses from the drop in 058498AW6's long position.| Modine Manufacturing vs. Ford Motor | Modine Manufacturing vs. General Motors | Modine Manufacturing vs. Goodyear Tire Rubber | Modine Manufacturing vs. Li Auto |
| 058498AW6 vs. Tesla Inc | 058498AW6 vs. Hertz Global Holdings | 058498AW6 vs. Modine Manufacturing | 058498AW6 vs. PACCAR Inc |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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