Correlation Between Next Mediaworks and HLV
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By analyzing existing cross correlation between Next Mediaworks Limited and HLV LIMITED, you can compare the effects of market volatilities on Next Mediaworks and HLV 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 Next Mediaworks with a short position of HLV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Next Mediaworks and HLV.
Diversification Opportunities for Next Mediaworks and HLV
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Next and HLV is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Next Mediaworks Limited and HLV LIMITED in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HLV LIMITED and Next Mediaworks 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 Next Mediaworks Limited are associated (or correlated) with HLV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HLV LIMITED has no effect on the direction of Next Mediaworks i.e., Next Mediaworks and HLV go up and down completely randomly.
Pair Corralation between Next Mediaworks and HLV
Assuming the 90 days trading horizon Next Mediaworks Limited is expected to generate 1.09 times more return on investment than HLV. However, Next Mediaworks is 1.09 times more volatile than HLV LIMITED. It trades about 0.09 of its potential returns per unit of risk. HLV LIMITED is currently generating about 0.0 per unit of risk. If you would invest 744.00 in Next Mediaworks Limited on September 2, 2024 and sell it today you would earn a total of 170.00 from holding Next Mediaworks Limited or generate 22.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Next Mediaworks Limited vs. HLV LIMITED
Performance |
| Timeline |
| Next Mediaworks |
| HLV LIMITED |
Next Mediaworks and HLV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Next Mediaworks and HLV
The main advantage of trading using opposite Next Mediaworks and HLV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Next Mediaworks position performs unexpectedly, HLV 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 HLV will offset losses from the drop in HLV's long position.| Next Mediaworks vs. Xchanging Solutions Limited | Next Mediaworks vs. Kingfa Science Technology | Next Mediaworks vs. Rico Auto Industries | Next Mediaworks vs. GACM Technologies Limited |
| HLV vs. Entertainment Network Limited | HLV vs. Elin Electronics Limited | HLV vs. Bodhi Tree Multimedia | HLV vs. Next Mediaworks Limited |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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