Correlation Between NYSE Composite and Sinclair
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By analyzing existing cross correlation between NYSE Composite and Sinclair Television Group, you can compare the effects of market volatilities on NYSE Composite and Sinclair 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 NYSE Composite with a short position of Sinclair. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and Sinclair.
Diversification Opportunities for NYSE Composite and Sinclair
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between NYSE and Sinclair is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite and Sinclair Television Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinclair Television and NYSE Composite 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 NYSE Composite are associated (or correlated) with Sinclair. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinclair Television has no effect on the direction of NYSE Composite i.e., NYSE Composite and Sinclair go up and down completely randomly.
Pair Corralation between NYSE Composite and Sinclair
Assuming the 90 days trading horizon NYSE Composite is expected to generate 0.21 times more return on investment than Sinclair. However, NYSE Composite is 4.71 times less risky than Sinclair. It trades about -0.02 of its potential returns per unit of risk. Sinclair Television Group is currently generating about -0.37 per unit of risk. If you would invest 1,998,000 in NYSE Composite on November 28, 2024 and sell it today you would lose (5,595) from holding NYSE Composite or give up 0.28% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 42.86% |
| Values | Daily Returns |
NYSE Composite vs. Sinclair Television Group
Performance |
| Timeline |
NYSE Composite and Sinclair Volatility Contrast
Predicted Return Density |
| Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
Sinclair Television Group
Pair trading matchups for Sinclair
Pair Trading with NYSE Composite and Sinclair
The main advantage of trading using opposite NYSE Composite and Sinclair positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite position performs unexpectedly, Sinclair 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 Sinclair will offset losses from the drop in Sinclair's long position.| NYSE Composite vs. Inter Parfums | NYSE Composite vs. Amkor Technology | NYSE Composite vs. Unilever PLC ADR | NYSE Composite vs. Estee Lauder Companies |
| Sinclair vs. Alvotech | Sinclair vs. Cardinal Health | Sinclair vs. Hewlett Packard Enterprise | Sinclair vs. Avadel Pharmaceuticals PLC |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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