Correlation Between Marine Products and APPLE
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By analyzing existing cross correlation between Marine Products and APPLE INC 335, you can compare the effects of market volatilities on Marine Products and APPLE 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 Marine Products with a short position of APPLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marine Products and APPLE.
Diversification Opportunities for Marine Products and APPLE
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Marine and APPLE is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Marine Products and APPLE INC 335 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPLE INC 335 and Marine Products 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 Marine Products are associated (or correlated) with APPLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPLE INC 335 has no effect on the direction of Marine Products i.e., Marine Products and APPLE go up and down completely randomly.
Pair Corralation between Marine Products and APPLE
Considering the 90-day investment horizon Marine Products is expected to generate 5.8 times more return on investment than APPLE. However, Marine Products is 5.8 times more volatile than APPLE INC 335. It trades about 0.09 of its potential returns per unit of risk. APPLE INC 335 is currently generating about -0.15 per unit of risk. If you would invest 907.00 in Marine Products on August 31, 2024 and sell it today you would earn a total of 79.00 from holding Marine Products or generate 8.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Marine Products vs. APPLE INC 335
Performance |
| Timeline |
| Marine Products |
| APPLE INC 335 |
Marine Products and APPLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marine Products and APPLE
The main advantage of trading using opposite Marine Products and APPLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marine Products position performs unexpectedly, APPLE 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 APPLE will offset losses from the drop in APPLE's long position.| Marine Products vs. Vision Marine Technologies | Marine Products vs. EZGO Technologies | Marine Products vs. LCI Industries | Marine Products vs. Curtiss Motorcycles |
| APPLE vs. Grocery Outlet Holding | APPLE vs. Siriuspoint | APPLE vs. Sun Life Financial | APPLE vs. QBE Insurance Group |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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