Correlation Between National CineMedia and Mednow
Can any of the company-specific risk be diversified away by investing in both National CineMedia and Mednow 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 National CineMedia and Mednow into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between National CineMedia and Mednow Inc, you can compare the effects of market volatilities on National CineMedia and Mednow 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 National CineMedia with a short position of Mednow. Check out your portfolio center. Please also check ongoing floating volatility patterns of National CineMedia and Mednow.
Diversification Opportunities for National CineMedia and Mednow
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between National and Mednow is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding National CineMedia and Mednow Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mednow Inc and National CineMedia 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 National CineMedia are associated (or correlated) with Mednow. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mednow Inc has no effect on the direction of National CineMedia i.e., National CineMedia and Mednow go up and down completely randomly.
Pair Corralation between National CineMedia and Mednow
If you would invest 2.00 in Mednow Inc on October 23, 2024 and sell it today you would earn a total of 0.00 from holding Mednow Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
National CineMedia vs. Mednow Inc
Performance |
| Timeline |
| National CineMedia |
| Mednow Inc |
National CineMedia and Mednow Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National CineMedia and Mednow
The main advantage of trading using opposite National CineMedia and Mednow positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National CineMedia position performs unexpectedly, Mednow 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 Mednow will offset losses from the drop in Mednow's long position.| National CineMedia vs. MGO Global Common | National CineMedia vs. Baosheng Media Group | National CineMedia vs. Glory Star New | National CineMedia vs. Impact Fusion International |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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