Correlation Between MYR and Marti Technologies
Can any of the company-specific risk be diversified away by investing in both MYR and Marti Technologies 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 MYR and Marti Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MYR Group and Marti Technologies, you can compare the effects of market volatilities on MYR and Marti Technologies 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 MYR with a short position of Marti Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of MYR and Marti Technologies.
Diversification Opportunities for MYR and Marti Technologies
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between MYR and Marti is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding MYR Group and Marti Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marti Technologies and MYR 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 MYR Group are associated (or correlated) with Marti Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marti Technologies has no effect on the direction of MYR i.e., MYR and Marti Technologies go up and down completely randomly.
Pair Corralation between MYR and Marti Technologies
Given the investment horizon of 90 days MYR Group is expected to generate 0.35 times more return on investment than Marti Technologies. However, MYR Group is 2.82 times less risky than Marti Technologies. It trades about 0.06 of its potential returns per unit of risk. Marti Technologies is currently generating about 0.0 per unit of risk. If you would invest 9,131 in MYR Group on September 4, 2024 and sell it today you would earn a total of 6,676 from holding MYR Group or generate 73.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 90.51% |
| Values | Daily Returns |
MYR Group vs. Marti Technologies
Performance |
| Timeline |
| MYR Group |
| Marti Technologies |
MYR and Marti Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MYR and Marti Technologies
The main advantage of trading using opposite MYR and Marti Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MYR position performs unexpectedly, Marti Technologies 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 Marti Technologies will offset losses from the drop in Marti Technologies' long position.| MYR vs. Comfort Systems USA | MYR vs. Granite Construction Incorporated | MYR vs. Dycom Industries | MYR vs. MasTec Inc |
| Marti Technologies vs. Compania Cervecerias Unidas | Marti Technologies vs. Boston Beer | Marti Technologies vs. Willamette Valley Vineyards | Marti Technologies vs. Noble plc |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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