Correlation Between National CineMedia and SANUK
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By analyzing existing cross correlation between National CineMedia and SANUK 2896 15 MAR 32, you can compare the effects of market volatilities on National CineMedia and SANUK 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 SANUK. Check out your portfolio center. Please also check ongoing floating volatility patterns of National CineMedia and SANUK.
Diversification Opportunities for National CineMedia and SANUK
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between National and SANUK is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding National CineMedia and SANUK 2896 15 MAR 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SANUK 2896 15 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 SANUK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SANUK 2896 15 has no effect on the direction of National CineMedia i.e., National CineMedia and SANUK go up and down completely randomly.
Pair Corralation between National CineMedia and SANUK
Given the investment horizon of 90 days National CineMedia is expected to generate 5.84 times more return on investment than SANUK. However, National CineMedia is 5.84 times more volatile than SANUK 2896 15 MAR 32. It trades about 0.07 of its potential returns per unit of risk. SANUK 2896 15 MAR 32 is currently generating about 0.15 per unit of risk. If you would invest 430.00 in National CineMedia on September 4, 2024 and sell it today you would earn a total of 300.00 from holding National CineMedia or generate 69.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 52.41% |
| Values | Daily Returns |
National CineMedia vs. SANUK 2896 15 MAR 32
Performance |
| Timeline |
| National CineMedia |
| SANUK 2896 15 |
National CineMedia and SANUK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National CineMedia and SANUK
The main advantage of trading using opposite National CineMedia and SANUK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National CineMedia position performs unexpectedly, SANUK 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 SANUK will offset losses from the drop in SANUK'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 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.
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