Correlation Between National CineMedia and 49456BAW1
Specify exactly 2 symbols:
By analyzing existing cross correlation between National CineMedia and KMI 545 01 AUG 52, you can compare the effects of market volatilities on National CineMedia and 49456BAW1 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 49456BAW1. Check out your portfolio center. Please also check ongoing floating volatility patterns of National CineMedia and 49456BAW1.
Diversification Opportunities for National CineMedia and 49456BAW1
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between National and 49456BAW1 is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding National CineMedia and KMI 545 01 AUG 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KMI 545 01 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 49456BAW1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KMI 545 01 has no effect on the direction of National CineMedia i.e., National CineMedia and 49456BAW1 go up and down completely randomly.
Pair Corralation between National CineMedia and 49456BAW1
Given the investment horizon of 90 days National CineMedia is expected to generate 7.67 times more return on investment than 49456BAW1. However, National CineMedia is 7.67 times more volatile than KMI 545 01 AUG 52. It trades about 0.06 of its potential returns per unit of risk. KMI 545 01 AUG 52 is currently generating about 0.01 per unit of risk. If you would invest 280.00 in National CineMedia on September 12, 2024 and sell it today you would earn a total of 454.00 from holding National CineMedia or generate 162.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 93.33% |
| Values | Daily Returns |
National CineMedia vs. KMI 545 01 AUG 52
Performance |
| Timeline |
| National CineMedia |
| KMI 545 01 |
National CineMedia and 49456BAW1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National CineMedia and 49456BAW1
The main advantage of trading using opposite National CineMedia and 49456BAW1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National CineMedia position performs unexpectedly, 49456BAW1 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 49456BAW1 will offset losses from the drop in 49456BAW1'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 |
| 49456BAW1 vs. Space Communication | 49456BAW1 vs. Zedge Inc | 49456BAW1 vs. Steven Madden | 49456BAW1 vs. National CineMedia |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |