Correlation Between Newell Brands and MASSIN
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By analyzing existing cross correlation between Newell Brands and MASSIN 3067 01 APR 52, you can compare the effects of market volatilities on Newell Brands and MASSIN 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 Newell Brands with a short position of MASSIN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Newell Brands and MASSIN.
Diversification Opportunities for Newell Brands and MASSIN
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Newell and MASSIN is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Newell Brands and MASSIN 3067 01 APR 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MASSIN 3067 01 and Newell Brands 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 Newell Brands are associated (or correlated) with MASSIN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MASSIN 3067 01 has no effect on the direction of Newell Brands i.e., Newell Brands and MASSIN go up and down completely randomly.
Pair Corralation between Newell Brands and MASSIN
Considering the 90-day investment horizon Newell Brands is expected to under-perform the MASSIN. But the stock apears to be less risky and, when comparing its historical volatility, Newell Brands is 1.6 times less risky than MASSIN. The stock trades about -0.36 of its potential returns per unit of risk. The MASSIN 3067 01 APR 52 is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 7,124 in MASSIN 3067 01 APR 52 on October 9, 2024 and sell it today you would earn a total of 135.00 from holding MASSIN 3067 01 APR 52 or generate 1.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 42.11% |
| Values | Daily Returns |
Newell Brands vs. MASSIN 3067 01 APR 52
Performance |
| Timeline |
| Newell Brands |
| MASSIN 3067 01 |
Newell Brands and MASSIN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Newell Brands and MASSIN
The main advantage of trading using opposite Newell Brands and MASSIN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Newell Brands position performs unexpectedly, MASSIN 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 MASSIN will offset losses from the drop in MASSIN's long position.| Newell Brands vs. The Clorox | Newell Brands vs. Colgate Palmolive | Newell Brands vs. Procter Gamble | Newell Brands vs. Unilever PLC ADR |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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