Correlation Between Morgan Stanley and NSTAR
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By analyzing existing cross correlation between Morgan Stanley and NSTAR ELEC 44, you can compare the effects of market volatilities on Morgan Stanley and NSTAR 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 Morgan Stanley with a short position of NSTAR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Morgan Stanley and NSTAR.
Diversification Opportunities for Morgan Stanley and NSTAR
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Morgan and NSTAR is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Morgan Stanley and NSTAR ELEC 44 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NSTAR ELEC 44 and Morgan Stanley 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 Morgan Stanley are associated (or correlated) with NSTAR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NSTAR ELEC 44 has no effect on the direction of Morgan Stanley i.e., Morgan Stanley and NSTAR go up and down completely randomly.
Pair Corralation between Morgan Stanley and NSTAR
If you would invest (100.00) in NSTAR ELEC 44 on September 13, 2024 and sell it today you would earn a total of 100.00 from holding NSTAR ELEC 44 or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Morgan Stanley vs. NSTAR ELEC 44
Performance |
| Timeline |
| Morgan Stanley |
| NSTAR ELEC 44 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Morgan Stanley and NSTAR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Morgan Stanley and NSTAR
The main advantage of trading using opposite Morgan Stanley and NSTAR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Morgan Stanley position performs unexpectedly, NSTAR 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 NSTAR will offset losses from the drop in NSTAR's long position.| Morgan Stanley vs. Goldman Sachs Group | Morgan Stanley vs. Riot Blockchain | Morgan Stanley vs. Marathon Digital Holdings | Morgan Stanley vs. Applied Blockchain |
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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