Correlation Between Marvell Technology and EMERA
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By analyzing existing cross correlation between Marvell Technology Group and EMERA FIN LP, you can compare the effects of market volatilities on Marvell Technology and EMERA 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 EMERA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marvell Technology and EMERA.
Diversification Opportunities for Marvell Technology and EMERA
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Marvell and EMERA is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Marvell Technology Group and EMERA FIN LP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EMERA FIN LP 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 EMERA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EMERA FIN LP has no effect on the direction of Marvell Technology i.e., Marvell Technology and EMERA go up and down completely randomly.
Pair Corralation between Marvell Technology and EMERA
Given the investment horizon of 90 days Marvell Technology Group is expected to generate 0.99 times more return on investment than EMERA. However, Marvell Technology Group is 1.01 times less risky than EMERA. It trades about 0.24 of its potential returns per unit of risk. EMERA FIN LP is currently generating about -0.21 per unit of risk. If you would invest 8,183 in Marvell Technology Group on August 24, 2024 and sell it today you would earn a total of 1,111 from holding Marvell Technology Group or generate 13.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 91.3% |
| Values | Daily Returns |
Marvell Technology Group vs. EMERA FIN LP
Performance |
| Timeline |
| Marvell Technology |
| EMERA FIN LP |
Marvell Technology and EMERA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marvell Technology and EMERA
The main advantage of trading using opposite Marvell Technology and EMERA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marvell Technology position performs unexpectedly, EMERA 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 EMERA will offset losses from the drop in EMERA's long position.| Marvell Technology vs. Eshallgo Class A | Marvell Technology vs. Amtech Systems | Marvell Technology vs. Gold Fields Ltd | Marvell Technology vs. Aegean Airlines SA |
| EMERA vs. Oatly Group AB | EMERA vs. Hudson Technologies | EMERA vs. Monster Beverage Corp | EMERA vs. Chemours Co |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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