Correlation Between Marine Products and 594918CB8
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By analyzing existing cross correlation between Marine Products and MICROSOFT P 45, you can compare the effects of market volatilities on Marine Products and 594918CB8 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 594918CB8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marine Products and 594918CB8.
Diversification Opportunities for Marine Products and 594918CB8
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Marine and 594918CB8 is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Marine Products and MICROSOFT P 45 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MICROSOFT P 45 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 594918CB8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MICROSOFT P 45 has no effect on the direction of Marine Products i.e., Marine Products and 594918CB8 go up and down completely randomly.
Pair Corralation between Marine Products and 594918CB8
Considering the 90-day investment horizon Marine Products is expected to generate 1.01 times less return on investment than 594918CB8. In addition to that, Marine Products is 1.25 times more volatile than MICROSOFT P 45. It trades about 0.18 of its total potential returns per unit of risk. MICROSOFT P 45 is currently generating about 0.23 per unit of volatility. If you would invest 9,343 in MICROSOFT P 45 on August 29, 2024 and sell it today you would earn a total of 655.00 from holding MICROSOFT P 45 or generate 7.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Marine Products vs. MICROSOFT P 45
Performance |
| Timeline |
| Marine Products |
| MICROSOFT P 45 |
Marine Products and 594918CB8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marine Products and 594918CB8
The main advantage of trading using opposite Marine Products and 594918CB8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marine Products position performs unexpectedly, 594918CB8 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 594918CB8 will offset losses from the drop in 594918CB8's long position.| Marine Products vs. MCBC Holdings | Marine Products vs. Winnebago Industries | Marine Products vs. LCI Industries | Marine Products vs. Thor Industries |
| 594918CB8 vs. Visteon Corp | 594918CB8 vs. Tesla Inc | 594918CB8 vs. Rivian Automotive | 594918CB8 vs. Marine Products |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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