Correlation Between Marine Products and 655844CM8
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By analyzing existing cross correlation between Marine Products and NSC 3 15 MAR 32, you can compare the effects of market volatilities on Marine Products and 655844CM8 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 655844CM8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marine Products and 655844CM8.
Diversification Opportunities for Marine Products and 655844CM8
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Marine and 655844CM8 is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Marine Products and NSC 3 15 MAR 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 655844CM8 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 655844CM8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 655844CM8 has no effect on the direction of Marine Products i.e., Marine Products and 655844CM8 go up and down completely randomly.
Pair Corralation between Marine Products and 655844CM8
Considering the 90-day investment horizon Marine Products is expected to generate 4.23 times more return on investment than 655844CM8. However, Marine Products is 4.23 times more volatile than NSC 3 15 MAR 32. It trades about 0.02 of its potential returns per unit of risk. NSC 3 15 MAR 32 is currently generating about 0.0 per unit of risk. If you would invest 954.00 in Marine Products on September 3, 2024 and sell it today you would earn a total of 35.00 from holding Marine Products or generate 3.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 86.87% |
| Values | Daily Returns |
Marine Products vs. NSC 3 15 MAR 32
Performance |
| Timeline |
| Marine Products |
| 655844CM8 |
Marine Products and 655844CM8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marine Products and 655844CM8
The main advantage of trading using opposite Marine Products and 655844CM8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marine Products position performs unexpectedly, 655844CM8 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 655844CM8 will offset losses from the drop in 655844CM8's long position.| Marine Products vs. BRP Inc | Marine Products vs. Brunswick | Marine Products vs. EZGO Technologies | Marine Products vs. SCOR PK |
| 655844CM8 vs. Playtika Holding Corp | 655844CM8 vs. Playa Hotels Resorts | 655844CM8 vs. Funko Inc | 655844CM8 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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