Correlation Between Mannatech Incorporated and 260543DH3
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By analyzing existing cross correlation between Mannatech Incorporated and DOW 69 15 MAY 53, you can compare the effects of market volatilities on Mannatech Incorporated and 260543DH3 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 260543DH3. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mannatech Incorporated and 260543DH3.
Diversification Opportunities for Mannatech Incorporated and 260543DH3
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Mannatech and 260543DH3 is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Mannatech Incorporated and DOW 69 15 MAY 53 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DOW 69 15 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 260543DH3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DOW 69 15 has no effect on the direction of Mannatech Incorporated i.e., Mannatech Incorporated and 260543DH3 go up and down completely randomly.
Pair Corralation between Mannatech Incorporated and 260543DH3
Given the investment horizon of 90 days Mannatech Incorporated is expected to generate 110.9 times more return on investment than 260543DH3. However, Mannatech Incorporated is 110.9 times more volatile than DOW 69 15 MAY 53. It trades about 0.08 of its potential returns per unit of risk. DOW 69 15 MAY 53 is currently generating about 0.0 per unit of risk. If you would invest 750.00 in Mannatech Incorporated on August 30, 2024 and sell it today you would earn a total of 36.00 from holding Mannatech Incorporated or generate 4.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.17% |
| Values | Daily Returns |
Mannatech Incorporated vs. DOW 69 15 MAY 53
Performance |
| Timeline |
| Mannatech Incorporated |
| DOW 69 15 |
Mannatech Incorporated and 260543DH3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mannatech Incorporated and 260543DH3
The main advantage of trading using opposite Mannatech Incorporated and 260543DH3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mannatech Incorporated position performs unexpectedly, 260543DH3 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 260543DH3 will offset losses from the drop in 260543DH3'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 |
| 260543DH3 vs. Church Dwight | 260543DH3 vs. Vera Bradley | 260543DH3 vs. Eastern Co | 260543DH3 vs. Mannatech Incorporated |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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