Correlation Between Minerals Technologies and GENERAL
Specify exactly 2 symbols:
By analyzing existing cross correlation between Minerals Technologies and GENERAL ELEC CAP, you can compare the effects of market volatilities on Minerals Technologies and GENERAL 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 Minerals Technologies with a short position of GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Minerals Technologies and GENERAL.
Diversification Opportunities for Minerals Technologies and GENERAL
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Minerals and GENERAL is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Minerals Technologies and GENERAL ELEC CAP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL ELEC CAP and Minerals Technologies 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 Minerals Technologies are associated (or correlated) with GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL ELEC CAP has no effect on the direction of Minerals Technologies i.e., Minerals Technologies and GENERAL go up and down completely randomly.
Pair Corralation between Minerals Technologies and GENERAL
Considering the 90-day investment horizon Minerals Technologies is expected to generate 2.72 times more return on investment than GENERAL. However, Minerals Technologies is 2.72 times more volatile than GENERAL ELEC CAP. It trades about 0.16 of its potential returns per unit of risk. GENERAL ELEC CAP is currently generating about -0.36 per unit of risk. If you would invest 7,549 in Minerals Technologies on September 2, 2024 and sell it today you would earn a total of 608.00 from holding Minerals Technologies or generate 8.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 42.86% |
| Values | Daily Returns |
Minerals Technologies vs. GENERAL ELEC CAP
Performance |
| Timeline |
| Minerals Technologies |
| GENERAL ELEC CAP |
Minerals Technologies and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Minerals Technologies and GENERAL
The main advantage of trading using opposite Minerals Technologies and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Minerals Technologies position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Minerals Technologies vs. Linde plc Ordinary | Minerals Technologies vs. Air Products and | Minerals Technologies vs. Aquagold International | Minerals Technologies vs. Thrivent High Yield |
| GENERAL vs. United Parks Resorts | GENERAL vs. Here Media | GENERAL vs. Planet Fitness | GENERAL vs. Xponential Fitness |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |