Correlation Between Marfrig Global and 23291KAJ4
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By analyzing existing cross correlation between Marfrig Global Foods and DH EUROPE FINANCE, you can compare the effects of market volatilities on Marfrig Global and 23291KAJ4 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 23291KAJ4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marfrig Global and 23291KAJ4.
Diversification Opportunities for Marfrig Global and 23291KAJ4
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Marfrig and 23291KAJ4 is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Marfrig Global Foods and DH EUROPE FINANCE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DH EUROPE FINANCE 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 23291KAJ4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DH EUROPE FINANCE has no effect on the direction of Marfrig Global i.e., Marfrig Global and 23291KAJ4 go up and down completely randomly.
Pair Corralation between Marfrig Global and 23291KAJ4
Assuming the 90 days horizon Marfrig Global Foods is expected to generate 3.83 times more return on investment than 23291KAJ4. However, Marfrig Global is 3.83 times more volatile than DH EUROPE FINANCE. It trades about 0.37 of its potential returns per unit of risk. DH EUROPE FINANCE is currently generating about 0.01 per unit of risk. If you would invest 263.00 in Marfrig Global Foods on September 12, 2024 and sell it today you would earn a total of 64.00 from holding Marfrig Global Foods or generate 24.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Marfrig Global Foods vs. DH EUROPE FINANCE
Performance |
| Timeline |
| Marfrig Global Foods |
| DH EUROPE FINANCE |
Marfrig Global and 23291KAJ4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marfrig Global and 23291KAJ4
The main advantage of trading using opposite Marfrig Global and 23291KAJ4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marfrig Global position performs unexpectedly, 23291KAJ4 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 23291KAJ4 will offset losses from the drop in 23291KAJ4's long position.| Marfrig Global vs. BRF SA ADR | Marfrig Global vs. Pilgrims Pride Corp | Marfrig Global vs. John B Sanfilippo | Marfrig Global vs. Seneca Foods Corp |
| 23291KAJ4 vs. AEP TEX INC | 23291KAJ4 vs. US BANK NATIONAL | 23291KAJ4 vs. Applied Blockchain | 23291KAJ4 vs. Sprott Focus Trust |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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