Correlation Between Marfrig Global and APPLE
Specify exactly 2 symbols:
By analyzing existing cross correlation between Marfrig Global Foods and APPLE INC, you can compare the effects of market volatilities on Marfrig Global 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 Marfrig Global with a short position of APPLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marfrig Global and APPLE.
Diversification Opportunities for Marfrig Global and APPLE
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Marfrig and APPLE is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Marfrig Global Foods and APPLE INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPLE INC and Marfrig Global 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 Marfrig Global Foods 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 has no effect on the direction of Marfrig Global i.e., Marfrig Global and APPLE go up and down completely randomly.
Pair Corralation between Marfrig Global and APPLE
Assuming the 90 days horizon Marfrig Global Foods is expected to generate 2.76 times more return on investment than APPLE. However, Marfrig Global is 2.76 times more volatile than APPLE INC. It trades about 0.28 of its potential returns per unit of risk. APPLE INC is currently generating about -0.07 per unit of risk. If you would invest 255.00 in Marfrig Global Foods on August 27, 2024 and sell it today you would earn a total of 53.00 from holding Marfrig Global Foods or generate 20.78% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Marfrig Global Foods vs. APPLE INC
Performance |
Timeline |
Marfrig Global Foods |
APPLE INC |
Marfrig Global and APPLE Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Marfrig Global and APPLE
The main advantage of trading using opposite Marfrig Global and APPLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marfrig Global 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.Marfrig Global vs. Artisan Consumer Goods | Marfrig Global vs. The A2 Milk | Marfrig Global vs. BioAdaptives | Marfrig Global vs. General Mills |
APPLE vs. National Beverage Corp | APPLE vs. Sligro Food Group | APPLE vs. Marfrig Global Foods | APPLE vs. Zijin Mining 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |