Correlation Between My Size and Barry Callebaut
Can any of the company-specific risk be diversified away by investing in both My Size and Barry Callebaut 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 My Size and Barry Callebaut into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between My Size and Barry Callebaut AG, you can compare the effects of market volatilities on My Size and Barry Callebaut 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 My Size with a short position of Barry Callebaut. Check out your portfolio center. Please also check ongoing floating volatility patterns of My Size and Barry Callebaut.
Diversification Opportunities for My Size and Barry Callebaut
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between MYSZ and Barry is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding My Size and Barry Callebaut AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Barry Callebaut AG and My Size 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 My Size are associated (or correlated) with Barry Callebaut. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barry Callebaut AG has no effect on the direction of My Size i.e., My Size and Barry Callebaut go up and down completely randomly.
Pair Corralation between My Size and Barry Callebaut
Given the investment horizon of 90 days My Size is expected to under-perform the Barry Callebaut. In addition to that, My Size is 3.4 times more volatile than Barry Callebaut AG. It trades about -0.39 of its total potential returns per unit of risk. Barry Callebaut AG is currently generating about -0.31 per unit of volatility. If you would invest 134,069 in Barry Callebaut AG on November 2, 2024 and sell it today you would lose (21,697) from holding Barry Callebaut AG or give up 16.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
My Size vs. Barry Callebaut AG
Performance |
| Timeline |
| My Size |
| Barry Callebaut AG |
My Size and Barry Callebaut Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with My Size and Barry Callebaut
The main advantage of trading using opposite My Size and Barry Callebaut positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if My Size position performs unexpectedly, Barry Callebaut 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 Barry Callebaut will offset losses from the drop in Barry Callebaut's long position.| My Size vs. Oneconnect Financial Technology | My Size vs. Trust Stamp | My Size vs. Amesite Operating Co | My Size vs. Infobird Co |
| Barry Callebaut vs. Hershey Co | Barry Callebaut vs. Mondelez International | Barry Callebaut vs. Citigroup | Barry Callebaut vs. MP Materials 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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