Correlation Between National CineMedia and 26439XAH6
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By analyzing existing cross correlation between National CineMedia and Duke Energy Field, you can compare the effects of market volatilities on National CineMedia and 26439XAH6 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 26439XAH6. Check out your portfolio center. Please also check ongoing floating volatility patterns of National CineMedia and 26439XAH6.
Diversification Opportunities for National CineMedia and 26439XAH6
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between National and 26439XAH6 is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding National CineMedia and Duke Energy Field in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Duke Energy Field 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 26439XAH6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Duke Energy Field has no effect on the direction of National CineMedia i.e., National CineMedia and 26439XAH6 go up and down completely randomly.
Pair Corralation between National CineMedia and 26439XAH6
Given the investment horizon of 90 days National CineMedia is expected to generate 30.95 times less return on investment than 26439XAH6. But when comparing it to its historical volatility, National CineMedia is 15.92 times less risky than 26439XAH6. It trades about 0.06 of its potential returns per unit of risk. Duke Energy Field is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 10,003 in Duke Energy Field on September 13, 2024 and sell it today you would earn a total of 585.00 from holding Duke Energy Field or generate 5.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 41.3% |
| Values | Daily Returns |
National CineMedia vs. Duke Energy Field
Performance |
| Timeline |
| National CineMedia |
| Duke Energy Field |
National CineMedia and 26439XAH6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National CineMedia and 26439XAH6
The main advantage of trading using opposite National CineMedia and 26439XAH6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National CineMedia position performs unexpectedly, 26439XAH6 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 26439XAH6 will offset losses from the drop in 26439XAH6'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 |
| 26439XAH6 vs. Allegiant Travel | 26439XAH6 vs. National CineMedia | 26439XAH6 vs. Magnite | 26439XAH6 vs. Organic Sales and |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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