Correlation Between Mynaric AG and Moving IMage
Can any of the company-specific risk be diversified away by investing in both Mynaric AG and Moving IMage 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 Mynaric AG and Moving IMage into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mynaric AG ADR and Moving iMage Technologies, you can compare the effects of market volatilities on Mynaric AG and Moving IMage 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 Mynaric AG with a short position of Moving IMage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mynaric AG and Moving IMage.
Diversification Opportunities for Mynaric AG and Moving IMage
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Mynaric and Moving is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Mynaric AG ADR and Moving iMage Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Moving iMage Technologies and Mynaric AG 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 Mynaric AG ADR are associated (or correlated) with Moving IMage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Moving iMage Technologies has no effect on the direction of Mynaric AG i.e., Mynaric AG and Moving IMage go up and down completely randomly.
Pair Corralation between Mynaric AG and Moving IMage
Given the investment horizon of 90 days Mynaric AG ADR is expected to under-perform the Moving IMage. In addition to that, Mynaric AG is 1.34 times more volatile than Moving iMage Technologies. It trades about -0.17 of its total potential returns per unit of risk. Moving iMage Technologies is currently generating about 0.06 per unit of volatility. If you would invest 68.00 in Moving iMage Technologies on November 3, 2024 and sell it today you would earn a total of 2.00 from holding Moving iMage Technologies or generate 2.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mynaric AG ADR vs. Moving iMage Technologies
Performance |
| Timeline |
| Mynaric AG ADR |
| Moving iMage Technologies |
Mynaric AG and Moving IMage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mynaric AG and Moving IMage
The main advantage of trading using opposite Mynaric AG and Moving IMage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mynaric AG position performs unexpectedly, Moving IMage 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 Moving IMage will offset losses from the drop in Moving IMage's long position.| Mynaric AG vs. Comtech Telecommunications Corp | Mynaric AG vs. KVH Industries | Mynaric AG vs. Silicom | Mynaric AG vs. Knowles Cor |
| Moving IMage vs. Franklin Wireless Corp | Moving IMage vs. Wialan Technologies | Moving IMage vs. TPT Global Tech | Moving IMage vs. Comtech Telecommunications Corp |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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