Correlation Between Modine Manufacturing and HYATT
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By analyzing existing cross correlation between Modine Manufacturing and HYATT HOTELS P, you can compare the effects of market volatilities on Modine Manufacturing and HYATT 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 HYATT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Modine Manufacturing and HYATT.
Diversification Opportunities for Modine Manufacturing and HYATT
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Modine and HYATT is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Modine Manufacturing and HYATT HOTELS P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HYATT HOTELS P 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 HYATT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HYATT HOTELS P has no effect on the direction of Modine Manufacturing i.e., Modine Manufacturing and HYATT go up and down completely randomly.
Pair Corralation between Modine Manufacturing and HYATT
Considering the 90-day investment horizon Modine Manufacturing is expected to generate 4.4 times more return on investment than HYATT. However, Modine Manufacturing is 4.4 times more volatile than HYATT HOTELS P. It trades about 0.13 of its potential returns per unit of risk. HYATT HOTELS P is currently generating about 0.02 per unit of risk. If you would invest 1,998 in Modine Manufacturing on September 2, 2024 and sell it today you would earn a total of 11,581 from holding Modine Manufacturing or generate 579.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.19% |
| Values | Daily Returns |
Modine Manufacturing vs. HYATT HOTELS P
Performance |
| Timeline |
| Modine Manufacturing |
| HYATT HOTELS P |
Modine Manufacturing and HYATT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Modine Manufacturing and HYATT
The main advantage of trading using opposite Modine Manufacturing and HYATT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Modine Manufacturing position performs unexpectedly, HYATT 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 HYATT will offset losses from the drop in HYATT's long position.| Modine Manufacturing vs. Cooper Stnd | Modine Manufacturing vs. Motorcar Parts of | Modine Manufacturing vs. American Axle Manufacturing | Modine Manufacturing vs. Stoneridge |
| HYATT vs. Magna International | HYATT vs. Sun Life Financial | HYATT vs. Visteon Corp | HYATT vs. Modine Manufacturing |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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