Correlation Between National CineMedia and CARPENTER
Specify exactly 2 symbols:
By analyzing existing cross correlation between National CineMedia and CARPENTER TECHNOLOGY P, you can compare the effects of market volatilities on National CineMedia and CARPENTER 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 CARPENTER. Check out your portfolio center. Please also check ongoing floating volatility patterns of National CineMedia and CARPENTER.
Diversification Opportunities for National CineMedia and CARPENTER
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between National and CARPENTER is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding National CineMedia and CARPENTER TECHNOLOGY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CARPENTER TECHNOLOGY 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 CARPENTER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CARPENTER TECHNOLOGY has no effect on the direction of National CineMedia i.e., National CineMedia and CARPENTER go up and down completely randomly.
Pair Corralation between National CineMedia and CARPENTER
Given the investment horizon of 90 days National CineMedia is expected to generate 6.94 times more return on investment than CARPENTER. However, National CineMedia is 6.94 times more volatile than CARPENTER TECHNOLOGY P. It trades about 0.07 of its potential returns per unit of risk. CARPENTER TECHNOLOGY P is currently generating about 0.0 per unit of risk. If you would invest 553.00 in National CineMedia on September 1, 2024 and sell it today you would earn a total of 142.00 from holding National CineMedia or generate 25.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.21% |
| Values | Daily Returns |
National CineMedia vs. CARPENTER TECHNOLOGY P
Performance |
| Timeline |
| National CineMedia |
| CARPENTER TECHNOLOGY |
National CineMedia and CARPENTER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National CineMedia and CARPENTER
The main advantage of trading using opposite National CineMedia and CARPENTER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National CineMedia position performs unexpectedly, CARPENTER 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 CARPENTER will offset losses from the drop in CARPENTER's long position.| National CineMedia vs. Mirriad Advertising plc | National CineMedia vs. INEO Tech Corp | National CineMedia vs. Kidoz Inc | National CineMedia vs. Marchex |
| CARPENTER vs. AEP TEX INC | CARPENTER vs. US BANK NATIONAL | CARPENTER vs. Bank of America | CARPENTER vs. GE Aerospace |
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 Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |