Correlation Between Manitou BF and Hydrogen Refueling
Can any of the company-specific risk be diversified away by investing in both Manitou BF and Hydrogen Refueling at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Manitou BF and Hydrogen Refueling into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Manitou BF SA and Hydrogen Refueling Solutions, you can compare the effects of market volatilities on Manitou BF and Hydrogen Refueling 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 Manitou BF with a short position of Hydrogen Refueling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manitou BF and Hydrogen Refueling.
Diversification Opportunities for Manitou BF and Hydrogen Refueling
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Manitou and Hydrogen is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Manitou BF SA and Hydrogen Refueling Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hydrogen Refueling and Manitou BF 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 Manitou BF SA are associated (or correlated) with Hydrogen Refueling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hydrogen Refueling has no effect on the direction of Manitou BF i.e., Manitou BF and Hydrogen Refueling go up and down completely randomly.
Pair Corralation between Manitou BF and Hydrogen Refueling
Assuming the 90 days trading horizon Manitou BF SA is expected to generate 0.55 times more return on investment than Hydrogen Refueling. However, Manitou BF SA is 1.82 times less risky than Hydrogen Refueling. It trades about -0.1 of its potential returns per unit of risk. Hydrogen Refueling Solutions is currently generating about -0.09 per unit of risk. If you would invest 2,402 in Manitou BF SA on September 3, 2024 and sell it today you would lose (832.00) from holding Manitou BF SA or give up 34.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Manitou BF SA vs. Hydrogen Refueling Solutions
Performance |
| Timeline |
| Manitou BF SA |
| Hydrogen Refueling |
Manitou BF and Hydrogen Refueling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manitou BF and Hydrogen Refueling
The main advantage of trading using opposite Manitou BF and Hydrogen Refueling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manitou BF position performs unexpectedly, Hydrogen Refueling 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 Hydrogen Refueling will offset losses from the drop in Hydrogen Refueling's long position.| Manitou BF vs. Haulotte Group SA | Manitou BF vs. Trigano SA | Manitou BF vs. Bnteau SA | Manitou BF vs. Derichebourg |
| Hydrogen Refueling vs. Hydrogene De France | Hydrogen Refueling vs. Neoen SA | Hydrogen Refueling vs. Voltalia SA | Hydrogen Refueling vs. OVH Groupe SAS |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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