Correlation Between National CineMedia and 743820AA0
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By analyzing existing cross correlation between National CineMedia and US743820AA01, you can compare the effects of market volatilities on National CineMedia and 743820AA0 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 743820AA0. Check out your portfolio center. Please also check ongoing floating volatility patterns of National CineMedia and 743820AA0.
Diversification Opportunities for National CineMedia and 743820AA0
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between National and 743820AA0 is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding National CineMedia and US743820AA01 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US743820AA01 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 743820AA0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US743820AA01 has no effect on the direction of National CineMedia i.e., National CineMedia and 743820AA0 go up and down completely randomly.
Pair Corralation between National CineMedia and 743820AA0
Given the investment horizon of 90 days National CineMedia is expected to generate 8.22 times more return on investment than 743820AA0. However, National CineMedia is 8.22 times more volatile than US743820AA01. It trades about 0.07 of its potential returns per unit of risk. US743820AA01 is currently generating about 0.02 per unit of risk. If you would invest 133.00 in National CineMedia on December 12, 2024 and sell it today you would earn a total of 402.00 from holding National CineMedia or generate 302.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 67.34% |
| Values | Daily Returns |
National CineMedia vs. US743820AA01
Performance |
| Timeline |
| National CineMedia |
| US743820AA01 |
National CineMedia and 743820AA0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National CineMedia and 743820AA0
The main advantage of trading using opposite National CineMedia and 743820AA0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National CineMedia position performs unexpectedly, 743820AA0 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 743820AA0 will offset losses from the drop in 743820AA0's long position.| National CineMedia vs. Baosheng Media Group | ||
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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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