Correlation Between Marvell Technology and 26442UAA2
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By analyzing existing cross correlation between Marvell Technology Group and DUKE ENERGY PROGRESS, you can compare the effects of market volatilities on Marvell Technology and 26442UAA2 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 Marvell Technology with a short position of 26442UAA2. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marvell Technology and 26442UAA2.
Diversification Opportunities for Marvell Technology and 26442UAA2
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Marvell and 26442UAA2 is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Marvell Technology Group and DUKE ENERGY PROGRESS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DUKE ENERGY PROGRESS and Marvell Technology 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 Marvell Technology Group are associated (or correlated) with 26442UAA2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DUKE ENERGY PROGRESS has no effect on the direction of Marvell Technology i.e., Marvell Technology and 26442UAA2 go up and down completely randomly.
Pair Corralation between Marvell Technology and 26442UAA2
Given the investment horizon of 90 days Marvell Technology Group is expected to generate 10.06 times more return on investment than 26442UAA2. However, Marvell Technology is 10.06 times more volatile than DUKE ENERGY PROGRESS. It trades about 0.07 of its potential returns per unit of risk. DUKE ENERGY PROGRESS is currently generating about 0.01 per unit of risk. If you would invest 4,073 in Marvell Technology Group on August 27, 2024 and sell it today you would earn a total of 5,178 from holding Marvell Technology Group or generate 127.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 86.29% |
| Values | Daily Returns |
Marvell Technology Group vs. DUKE ENERGY PROGRESS
Performance |
| Timeline |
| Marvell Technology |
| DUKE ENERGY PROGRESS |
Marvell Technology and 26442UAA2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marvell Technology and 26442UAA2
The main advantage of trading using opposite Marvell Technology and 26442UAA2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marvell Technology position performs unexpectedly, 26442UAA2 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 26442UAA2 will offset losses from the drop in 26442UAA2's long position.| Marvell Technology vs. NVIDIA | Marvell Technology vs. Intel | Marvell Technology vs. Taiwan Semiconductor Manufacturing | Marvell Technology vs. Micron Technology |
| 26442UAA2 vs. AEP TEX INC | 26442UAA2 vs. US BANK NATIONAL | 26442UAA2 vs. Dupont De Nemours | 26442UAA2 vs. The Travelers Companies |
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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