Correlation Between National CineMedia and NUCOR
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By analyzing existing cross correlation between National CineMedia and NUCOR P 64, you can compare the effects of market volatilities on National CineMedia and NUCOR 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 NUCOR. Check out your portfolio center. Please also check ongoing floating volatility patterns of National CineMedia and NUCOR.
Diversification Opportunities for National CineMedia and NUCOR
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between National and NUCOR is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding National CineMedia and NUCOR P 64 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NUCOR P 64 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 NUCOR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NUCOR P 64 has no effect on the direction of National CineMedia i.e., National CineMedia and NUCOR go up and down completely randomly.
Pair Corralation between National CineMedia and NUCOR
Given the investment horizon of 90 days National CineMedia is expected to generate 2.24 times more return on investment than NUCOR. However, National CineMedia is 2.24 times more volatile than NUCOR P 64. It trades about 0.08 of its potential returns per unit of risk. NUCOR P 64 is currently generating about -0.02 per unit of risk. If you would invest 398.00 in National CineMedia on September 2, 2024 and sell it today you would earn a total of 297.00 from holding National CineMedia or generate 74.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 69.76% |
| Values | Daily Returns |
National CineMedia vs. NUCOR P 64
Performance |
| Timeline |
| National CineMedia |
| NUCOR P 64 |
National CineMedia and NUCOR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National CineMedia and NUCOR
The main advantage of trading using opposite National CineMedia and NUCOR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National CineMedia position performs unexpectedly, NUCOR 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 NUCOR will offset losses from the drop in NUCOR'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 |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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