Correlation Between Mosaic and COLUMBIA
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By analyzing existing cross correlation between The Mosaic and COLUMBIA PIPELINE GROUP, you can compare the effects of market volatilities on Mosaic and COLUMBIA 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 Mosaic with a short position of COLUMBIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mosaic and COLUMBIA.
Diversification Opportunities for Mosaic and COLUMBIA
Significant diversification
The 3 months correlation between Mosaic and COLUMBIA is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding The Mosaic and COLUMBIA PIPELINE GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COLUMBIA PIPELINE and Mosaic 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 The Mosaic are associated (or correlated) with COLUMBIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COLUMBIA PIPELINE has no effect on the direction of Mosaic i.e., Mosaic and COLUMBIA go up and down completely randomly.
Pair Corralation between Mosaic and COLUMBIA
Considering the 90-day investment horizon The Mosaic is expected to under-perform the COLUMBIA. But the stock apears to be less risky and, when comparing its historical volatility, The Mosaic is 21.09 times less risky than COLUMBIA. The stock trades about -0.03 of its potential returns per unit of risk. The COLUMBIA PIPELINE GROUP is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 9,894 in COLUMBIA PIPELINE GROUP on September 12, 2024 and sell it today you would lose (33.00) from holding COLUMBIA PIPELINE GROUP or give up 0.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.96% |
| Values | Daily Returns |
The Mosaic vs. COLUMBIA PIPELINE GROUP
Performance |
| Timeline |
| Mosaic |
| COLUMBIA PIPELINE |
Mosaic and COLUMBIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mosaic and COLUMBIA
The main advantage of trading using opposite Mosaic and COLUMBIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mosaic position performs unexpectedly, COLUMBIA 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 COLUMBIA will offset losses from the drop in COLUMBIA's long position.The idea behind The Mosaic and COLUMBIA PIPELINE GROUP pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| COLUMBIA vs. Valens | COLUMBIA vs. Texas Roadhouse | COLUMBIA vs. Rave Restaurant Group | COLUMBIA vs. ClearOne |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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