Correlation Between Mannatech Incorporated and ENTERPRISE
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By analyzing existing cross correlation between Mannatech Incorporated and ENTERPRISE PRODS OPER, you can compare the effects of market volatilities on Mannatech Incorporated and ENTERPRISE 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 ENTERPRISE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mannatech Incorporated and ENTERPRISE.
Diversification Opportunities for Mannatech Incorporated and ENTERPRISE
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Mannatech and ENTERPRISE is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Mannatech Incorporated and ENTERPRISE PRODS OPER in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ENTERPRISE PRODS OPER 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 ENTERPRISE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENTERPRISE PRODS OPER has no effect on the direction of Mannatech Incorporated i.e., Mannatech Incorporated and ENTERPRISE go up and down completely randomly.
Pair Corralation between Mannatech Incorporated and ENTERPRISE
Given the investment horizon of 90 days Mannatech Incorporated is expected to generate 107.29 times more return on investment than ENTERPRISE. However, Mannatech Incorporated is 107.29 times more volatile than ENTERPRISE PRODS OPER. It trades about 0.09 of its potential returns per unit of risk. ENTERPRISE PRODS OPER is currently generating about 0.0 per unit of risk. If you would invest 731.00 in Mannatech Incorporated on September 13, 2024 and sell it today you would earn a total of 490.00 from holding Mannatech Incorporated or generate 67.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.87% |
| Values | Daily Returns |
Mannatech Incorporated vs. ENTERPRISE PRODS OPER
Performance |
| Timeline |
| Mannatech Incorporated |
| ENTERPRISE PRODS OPER |
Mannatech Incorporated and ENTERPRISE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mannatech Incorporated and ENTERPRISE
The main advantage of trading using opposite Mannatech Incorporated and ENTERPRISE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mannatech Incorporated position performs unexpectedly, ENTERPRISE 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 ENTERPRISE will offset losses from the drop in ENTERPRISE'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 |
| ENTERPRISE vs. AEP TEX INC | ENTERPRISE vs. US BANK NATIONAL | ENTERPRISE vs. Applied Blockchain | ENTERPRISE vs. BigBearai Holdings |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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