Correlation Between Manitowoc and Micro Imaging
Can any of the company-specific risk be diversified away by investing in both Manitowoc and Micro Imaging 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 Manitowoc and Micro Imaging into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Manitowoc and Micro Imaging Technology, you can compare the effects of market volatilities on Manitowoc and Micro Imaging 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 Manitowoc with a short position of Micro Imaging. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manitowoc and Micro Imaging.
Diversification Opportunities for Manitowoc and Micro Imaging
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Manitowoc and Micro is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Manitowoc and Micro Imaging Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Micro Imaging Technology and Manitowoc 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 Manitowoc are associated (or correlated) with Micro Imaging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Micro Imaging Technology has no effect on the direction of Manitowoc i.e., Manitowoc and Micro Imaging go up and down completely randomly.
Pair Corralation between Manitowoc and Micro Imaging
If you would invest 890.00 in Manitowoc on September 2, 2024 and sell it today you would earn a total of 173.00 from holding Manitowoc or generate 19.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Manitowoc vs. Micro Imaging Technology
Performance |
| Timeline |
| Manitowoc |
| Micro Imaging Technology |
Manitowoc and Micro Imaging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manitowoc and Micro Imaging
The main advantage of trading using opposite Manitowoc and Micro Imaging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manitowoc position performs unexpectedly, Micro Imaging 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 Micro Imaging will offset losses from the drop in Micro Imaging's long position.| Manitowoc vs. Oshkosh | Manitowoc vs. Alamo Group | Manitowoc vs. Wabash National | Manitowoc vs. Hyster Yale Materials Handling |
| Micro Imaging vs. Seychelle Environmtl | Micro Imaging vs. Energy and Water | Micro Imaging vs. One World Universe | Micro Imaging vs. Vow ASA |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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