Correlation Between National CineMedia and Thermedics
Can any of the company-specific risk be diversified away by investing in both National CineMedia and Thermedics 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 Thermedics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between National CineMedia and Thermedics, you can compare the effects of market volatilities on National CineMedia and Thermedics 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 Thermedics. Check out your portfolio center. Please also check ongoing floating volatility patterns of National CineMedia and Thermedics.
Diversification Opportunities for National CineMedia and Thermedics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between National and Thermedics is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding National CineMedia and Thermedics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thermedics 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 Thermedics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thermedics has no effect on the direction of National CineMedia i.e., National CineMedia and Thermedics go up and down completely randomly.
Pair Corralation between National CineMedia and Thermedics
If you would invest 652.00 in National CineMedia on September 12, 2024 and sell it today you would earn a total of 82.00 from holding National CineMedia or generate 12.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
National CineMedia vs. Thermedics
Performance |
| Timeline |
| National CineMedia |
| Thermedics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
National CineMedia and Thermedics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National CineMedia and Thermedics
The main advantage of trading using opposite National CineMedia and Thermedics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National CineMedia position performs unexpectedly, Thermedics 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 Thermedics will offset losses from the drop in Thermedics' 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 |
| Thermedics vs. Sphere Entertainment Co | Thermedics vs. Weibo Corp | Thermedics vs. Freedom Bank of | Thermedics vs. Anterix |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |