Correlation Between Mannatech Incorporated and 00108WAF7
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By analyzing existing cross correlation between Mannatech Incorporated and AEP TEX INC, you can compare the effects of market volatilities on Mannatech Incorporated and 00108WAF7 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 Mannatech Incorporated with a short position of 00108WAF7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mannatech Incorporated and 00108WAF7.
Diversification Opportunities for Mannatech Incorporated and 00108WAF7
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mannatech and 00108WAF7 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mannatech Incorporated and AEP TEX INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AEP TEX INC and Mannatech Incorporated 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 Mannatech Incorporated are associated (or correlated) with 00108WAF7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AEP TEX INC has no effect on the direction of Mannatech Incorporated i.e., Mannatech Incorporated and 00108WAF7 go up and down completely randomly.
Pair Corralation between Mannatech Incorporated and 00108WAF7
Given the investment horizon of 90 days Mannatech Incorporated is expected to generate 83.61 times less return on investment than 00108WAF7. But when comparing it to its historical volatility, Mannatech Incorporated is 43.75 times less risky than 00108WAF7. It trades about 0.07 of its potential returns per unit of risk. AEP TEX INC is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 7,665 in AEP TEX INC on August 25, 2024 and sell it today you would lose (576.00) from holding AEP TEX INC or give up 7.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 76.19% |
| Values | Daily Returns |
Mannatech Incorporated vs. AEP TEX INC
Performance |
| Timeline |
| Mannatech Incorporated |
| AEP TEX INC |
Mannatech Incorporated and 00108WAF7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mannatech Incorporated and 00108WAF7
The main advantage of trading using opposite Mannatech Incorporated and 00108WAF7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mannatech Incorporated position performs unexpectedly, 00108WAF7 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 00108WAF7 will offset losses from the drop in 00108WAF7's long position.| Mannatech Incorporated vs. Edgewell Personal Care | Mannatech Incorporated vs. Inter Parfums | Mannatech Incorporated vs. Nu Skin Enterprises | Mannatech Incorporated vs. Helen of Troy |
| 00108WAF7 vs. Mannatech Incorporated | 00108WAF7 vs. Postal Realty Trust | 00108WAF7 vs. Skechers USA | 00108WAF7 vs. Vera Bradley |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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