Correlation Between Pembina Pipeline and MOGU
Can any of the company-specific risk be diversified away by investing in both Pembina Pipeline and MOGU at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Pembina Pipeline and MOGU into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pembina Pipeline and MOGU Inc, you can compare the effects of market volatilities on Pembina Pipeline and MOGU 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 Pembina Pipeline with a short position of MOGU. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pembina Pipeline and MOGU.
Diversification Opportunities for Pembina Pipeline and MOGU
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Pembina and MOGU is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Pembina Pipeline and MOGU Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MOGU Inc and Pembina Pipeline 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 Pembina Pipeline are associated (or correlated) with MOGU. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MOGU Inc has no effect on the direction of Pembina Pipeline i.e., Pembina Pipeline and MOGU go up and down completely randomly.
Pair Corralation between Pembina Pipeline and MOGU
If you would invest 231.00 in MOGU Inc on November 9, 2024 and sell it today you would earn a total of 16.00 from holding MOGU Inc or generate 6.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Pembina Pipeline vs. MOGU Inc
Performance |
| Timeline |
| Pembina Pipeline |
| MOGU Inc |
Pembina Pipeline and MOGU Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pembina Pipeline and MOGU
The main advantage of trading using opposite Pembina Pipeline and MOGU positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pembina Pipeline position performs unexpectedly, MOGU 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 MOGU will offset losses from the drop in MOGU's long position.| Pembina Pipeline vs. Compania Cervecerias Unidas | Pembina Pipeline vs. British American Tobacco | Pembina Pipeline vs. Cedar Realty Trust | Pembina Pipeline vs. Ambev SA ADR |
| MOGU vs. iPower Inc | MOGU vs. LightInTheBox Holding Co | MOGU vs. Qurate Retail Series | MOGU vs. Kidpik Corp |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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