Correlation Between Marine Products and SOUTHERN
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By analyzing existing cross correlation between Marine Products and SOUTHERN PER CORP, you can compare the effects of market volatilities on Marine Products and SOUTHERN 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 SOUTHERN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marine Products and SOUTHERN.
Diversification Opportunities for Marine Products and SOUTHERN
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Marine and SOUTHERN is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Marine Products and SOUTHERN PER CORP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SOUTHERN PER P 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 SOUTHERN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SOUTHERN PER P has no effect on the direction of Marine Products i.e., Marine Products and SOUTHERN go up and down completely randomly.
Pair Corralation between Marine Products and SOUTHERN
Considering the 90-day investment horizon Marine Products is expected to generate 2.18 times more return on investment than SOUTHERN. However, Marine Products is 2.18 times more volatile than SOUTHERN PER CORP. It trades about 0.02 of its potential returns per unit of risk. SOUTHERN PER CORP 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 | 93.74% |
| Values | Daily Returns |
Marine Products vs. SOUTHERN PER CORP
Performance |
| Timeline |
| Marine Products |
| SOUTHERN PER P |
Marine Products and SOUTHERN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marine Products and SOUTHERN
The main advantage of trading using opposite Marine Products and SOUTHERN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marine Products position performs unexpectedly, SOUTHERN 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 SOUTHERN will offset losses from the drop in SOUTHERN's long position.| Marine Products vs. BRP Inc | Marine Products vs. Brunswick | Marine Products vs. EZGO Technologies | Marine Products vs. SCOR PK |
| SOUTHERN vs. Griffon | SOUTHERN vs. Marine Products | SOUTHERN vs. Mattel Inc | SOUTHERN vs. Dream Finders Homes |
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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