Correlation Between Marvell Technology and NEWMONT
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By analyzing existing cross correlation between Marvell Technology Group and NEWMONT MNG P, you can compare the effects of market volatilities on Marvell Technology and NEWMONT 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 NEWMONT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marvell Technology and NEWMONT.
Diversification Opportunities for Marvell Technology and NEWMONT
-0.85 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Marvell and NEWMONT is -0.85. Overlapping area represents the amount of risk that can be diversified away by holding Marvell Technology Group and NEWMONT MNG P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NEWMONT MNG P 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 NEWMONT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NEWMONT MNG P has no effect on the direction of Marvell Technology i.e., Marvell Technology and NEWMONT go up and down completely randomly.
Pair Corralation between Marvell Technology and NEWMONT
Given the investment horizon of 90 days Marvell Technology Group is expected to generate 1.49 times more return on investment than NEWMONT. However, Marvell Technology is 1.49 times more volatile than NEWMONT MNG P. It trades about 0.17 of its potential returns per unit of risk. NEWMONT MNG P is currently generating about -0.18 per unit of risk. If you would invest 8,280 in Marvell Technology Group on August 31, 2024 and sell it today you would earn a total of 730.00 from holding Marvell Technology Group or generate 8.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Marvell Technology Group vs. NEWMONT MNG P
Performance |
| Timeline |
| Marvell Technology |
| NEWMONT MNG P |
Marvell Technology and NEWMONT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marvell Technology and NEWMONT
The main advantage of trading using opposite Marvell Technology and NEWMONT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marvell Technology position performs unexpectedly, NEWMONT 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 NEWMONT will offset losses from the drop in NEWMONT's long position.| Marvell Technology vs. NVIDIA | Marvell Technology vs. Intel | Marvell Technology vs. Taiwan Semiconductor Manufacturing | Marvell Technology vs. Micron Technology |
| NEWMONT vs. AEP TEX INC | NEWMONT vs. US BANK NATIONAL | NEWMONT vs. Netflix | NEWMONT vs. Empire State Realty |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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