Correlation Between Mannatech Incorporated and NISOURCE
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By analyzing existing cross correlation between Mannatech Incorporated and NISOURCE FIN P, you can compare the effects of market volatilities on Mannatech Incorporated and NISOURCE 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 NISOURCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mannatech Incorporated and NISOURCE.
Diversification Opportunities for Mannatech Incorporated and NISOURCE
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Mannatech and NISOURCE is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Mannatech Incorporated and NISOURCE FIN P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NISOURCE FIN P 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 NISOURCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NISOURCE FIN P has no effect on the direction of Mannatech Incorporated i.e., Mannatech Incorporated and NISOURCE go up and down completely randomly.
Pair Corralation between Mannatech Incorporated and NISOURCE
Given the investment horizon of 90 days Mannatech Incorporated is expected to generate 4.06 times more return on investment than NISOURCE. However, Mannatech Incorporated is 4.06 times more volatile than NISOURCE FIN P. It trades about 0.09 of its potential returns per unit of risk. NISOURCE FIN P is currently generating about 0.0 per unit of risk. If you would invest 766.00 in Mannatech Incorporated on September 4, 2024 and sell it today you would earn a total of 146.00 from holding Mannatech Incorporated or generate 19.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 77.42% |
| Values | Daily Returns |
Mannatech Incorporated vs. NISOURCE FIN P
Performance |
| Timeline |
| Mannatech Incorporated |
| NISOURCE FIN P |
Mannatech Incorporated and NISOURCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mannatech Incorporated and NISOURCE
The main advantage of trading using opposite Mannatech Incorporated and NISOURCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mannatech Incorporated position performs unexpectedly, NISOURCE 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 NISOURCE will offset losses from the drop in NISOURCE'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 |
| NISOURCE vs. Mannatech Incorporated | NISOURCE vs. Juniata Valley Financial | NISOURCE vs. Commonwealth Bank of | NISOURCE vs. Spectrum Brands 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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