Correlation Between National CineMedia and 48126BAA1
Specify exactly 2 symbols:
By analyzing existing cross correlation between National CineMedia and JP Morgan Chase, you can compare the effects of market volatilities on National CineMedia and 48126BAA1 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 48126BAA1. Check out your portfolio center. Please also check ongoing floating volatility patterns of National CineMedia and 48126BAA1.
Diversification Opportunities for National CineMedia and 48126BAA1
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between National and 48126BAA1 is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding National CineMedia and JP Morgan Chase in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JP Morgan Chase 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 48126BAA1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JP Morgan Chase has no effect on the direction of National CineMedia i.e., National CineMedia and 48126BAA1 go up and down completely randomly.
Pair Corralation between National CineMedia and 48126BAA1
Given the investment horizon of 90 days National CineMedia is expected to under-perform the 48126BAA1. In addition to that, National CineMedia is 3.16 times more volatile than JP Morgan Chase. It trades about -0.02 of its total potential returns per unit of risk. JP Morgan Chase is currently generating about 0.03 per unit of volatility. If you would invest 10,157 in JP Morgan Chase on September 3, 2024 and sell it today you would earn a total of 47.00 from holding JP Morgan Chase or generate 0.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
National CineMedia vs. JP Morgan Chase
Performance |
| Timeline |
| National CineMedia |
| JP Morgan Chase |
National CineMedia and 48126BAA1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National CineMedia and 48126BAA1
The main advantage of trading using opposite National CineMedia and 48126BAA1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National CineMedia position performs unexpectedly, 48126BAA1 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 48126BAA1 will offset losses from the drop in 48126BAA1'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 |
| 48126BAA1 vs. Luxfer Holdings PLC | 48126BAA1 vs. Waste Management | 48126BAA1 vs. CVR Partners LP | 48126BAA1 vs. Balchem |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Commodity Directory Find actively traded commodities issued by global exchanges |