Correlation Between National CineMedia and AMFAHI
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By analyzing existing cross correlation between National CineMedia and AMFAHI 3833 11 MAR 51, you can compare the effects of market volatilities on National CineMedia and AMFAHI 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 AMFAHI. Check out your portfolio center. Please also check ongoing floating volatility patterns of National CineMedia and AMFAHI.
Diversification Opportunities for National CineMedia and AMFAHI
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between National and AMFAHI is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding National CineMedia and AMFAHI 3833 11 MAR 51 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMFAHI 3833 11 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 AMFAHI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMFAHI 3833 11 has no effect on the direction of National CineMedia i.e., National CineMedia and AMFAHI go up and down completely randomly.
Pair Corralation between National CineMedia and AMFAHI
Given the investment horizon of 90 days National CineMedia is expected to generate 3.5 times more return on investment than AMFAHI. However, National CineMedia is 3.5 times more volatile than AMFAHI 3833 11 MAR 51. It trades about 0.05 of its potential returns per unit of risk. AMFAHI 3833 11 MAR 51 is currently generating about -0.05 per unit of risk. If you would invest 379.00 in National CineMedia on August 30, 2024 and sell it today you would earn a total of 307.00 from holding National CineMedia or generate 81.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 21.82% |
| Values | Daily Returns |
National CineMedia vs. AMFAHI 3833 11 MAR 51
Performance |
| Timeline |
| National CineMedia |
| AMFAHI 3833 11 |
National CineMedia and AMFAHI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National CineMedia and AMFAHI
The main advantage of trading using opposite National CineMedia and AMFAHI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National CineMedia position performs unexpectedly, AMFAHI 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 AMFAHI will offset losses from the drop in AMFAHI's long position.| National CineMedia vs. Capital Income Builder | National CineMedia vs. Direxion Daily FTSE | National CineMedia vs. Dodge Global Stock | National CineMedia vs. Collegium Pharmaceutical |
| AMFAHI vs. Entravision Communications | AMFAHI vs. National CineMedia | AMFAHI vs. Sandstorm Gold Ltd | AMFAHI vs. Marchex |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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