Correlation Between Nexstar Broadcasting and 12673PAJ4
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By analyzing existing cross correlation between Nexstar Broadcasting Group and CA INC 47, you can compare the effects of market volatilities on Nexstar Broadcasting and 12673PAJ4 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 Nexstar Broadcasting with a short position of 12673PAJ4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nexstar Broadcasting and 12673PAJ4.
Diversification Opportunities for Nexstar Broadcasting and 12673PAJ4
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Nexstar and 12673PAJ4 is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Nexstar Broadcasting Group and CA INC 47 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CA INC 47 and Nexstar Broadcasting 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 Nexstar Broadcasting Group are associated (or correlated) with 12673PAJ4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CA INC 47 has no effect on the direction of Nexstar Broadcasting i.e., Nexstar Broadcasting and 12673PAJ4 go up and down completely randomly.
Pair Corralation between Nexstar Broadcasting and 12673PAJ4
Given the investment horizon of 90 days Nexstar Broadcasting Group is expected to generate 2.48 times more return on investment than 12673PAJ4. However, Nexstar Broadcasting is 2.48 times more volatile than CA INC 47. It trades about 0.03 of its potential returns per unit of risk. CA INC 47 is currently generating about 0.02 per unit of risk. If you would invest 16,081 in Nexstar Broadcasting Group on September 3, 2024 and sell it today you would earn a total of 978.00 from holding Nexstar Broadcasting Group or generate 6.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 85.54% |
| Values | Daily Returns |
Nexstar Broadcasting Group vs. CA INC 47
Performance |
| Timeline |
| Nexstar Broadcasting |
| CA INC 47 |
Nexstar Broadcasting and 12673PAJ4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nexstar Broadcasting and 12673PAJ4
The main advantage of trading using opposite Nexstar Broadcasting and 12673PAJ4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nexstar Broadcasting position performs unexpectedly, 12673PAJ4 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 12673PAJ4 will offset losses from the drop in 12673PAJ4's long position.| Nexstar Broadcasting vs. News Corp B | Nexstar Broadcasting vs. Fox Corp Class | Nexstar Broadcasting vs. Liberty Media | Nexstar Broadcasting vs. AMC Networks |
| 12673PAJ4 vs. The Travelers Companies | 12673PAJ4 vs. GE Aerospace | 12673PAJ4 vs. Walmart | 12673PAJ4 vs. Pfizer Inc |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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