Correlation Between Old Republic and MGMCHI
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By analyzing existing cross correlation between Old Republic International and MGMCHI 475 01 FEB 27, you can compare the effects of market volatilities on Old Republic and MGMCHI 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 Old Republic with a short position of MGMCHI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Old Republic and MGMCHI.
Diversification Opportunities for Old Republic and MGMCHI
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Old and MGMCHI is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Old Republic International and MGMCHI 475 01 FEB 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MGMCHI 475 01 and Old Republic 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 Old Republic International are associated (or correlated) with MGMCHI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MGMCHI 475 01 has no effect on the direction of Old Republic i.e., Old Republic and MGMCHI go up and down completely randomly.
Pair Corralation between Old Republic and MGMCHI
Considering the 90-day investment horizon Old Republic International is expected to generate 0.47 times more return on investment than MGMCHI. However, Old Republic International is 2.11 times less risky than MGMCHI. It trades about -0.1 of its potential returns per unit of risk. MGMCHI 475 01 FEB 27 is currently generating about -0.33 per unit of risk. If you would invest 3,718 in Old Republic International on September 13, 2024 and sell it today you would lose (81.00) from holding Old Republic International or give up 2.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 40.91% |
| Values | Daily Returns |
Old Republic International vs. MGMCHI 475 01 FEB 27
Performance |
| Timeline |
| Old Republic Interna |
| MGMCHI 475 01 |
Old Republic and MGMCHI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Old Republic and MGMCHI
The main advantage of trading using opposite Old Republic and MGMCHI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Old Republic position performs unexpectedly, MGMCHI 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 MGMCHI will offset losses from the drop in MGMCHI's long position.| Old Republic vs. Axa Equitable Holdings | Old Republic vs. American International Group | Old Republic vs. Arch Capital Group | Old Republic vs. Sun Life Financial |
| MGMCHI vs. Sphere Entertainment Co | MGMCHI vs. RBC Bearings Incorporated | MGMCHI vs. Alaska Air Group | MGMCHI vs. Ryanair Holdings 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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