Correlation Between Phoenix Holdings and Menivim New
Can any of the company-specific risk be diversified away by investing in both Phoenix Holdings and Menivim New 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 Phoenix Holdings and Menivim New into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The Phoenix Holdings and Menivim The New, you can compare the effects of market volatilities on Phoenix Holdings and Menivim New 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 Phoenix Holdings with a short position of Menivim New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Phoenix Holdings and Menivim New.
Diversification Opportunities for Phoenix Holdings and Menivim New
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Phoenix and Menivim is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding The Phoenix Holdings and Menivim The New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Menivim The New and Phoenix Holdings 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 The Phoenix Holdings are associated (or correlated) with Menivim New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Menivim The New has no effect on the direction of Phoenix Holdings i.e., Phoenix Holdings and Menivim New go up and down completely randomly.
Pair Corralation between Phoenix Holdings and Menivim New
Assuming the 90 days trading horizon The Phoenix Holdings is expected to generate 1.4 times more return on investment than Menivim New. However, Phoenix Holdings is 1.4 times more volatile than Menivim The New. It trades about 0.28 of its potential returns per unit of risk. Menivim The New is currently generating about 0.27 per unit of risk. If you would invest 376,333 in The Phoenix Holdings on August 25, 2024 and sell it today you would earn a total of 89,067 from holding The Phoenix Holdings or generate 23.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
The Phoenix Holdings vs. Menivim The New
Performance |
| Timeline |
| Phoenix Holdings |
| Menivim The New |
Phoenix Holdings and Menivim New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Phoenix Holdings and Menivim New
The main advantage of trading using opposite Phoenix Holdings and Menivim New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Phoenix Holdings position performs unexpectedly, Menivim New 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 Menivim New will offset losses from the drop in Menivim New's long position.| Phoenix Holdings vs. Harel Insurance Investments | Phoenix Holdings vs. Migdal Insurance | Phoenix Holdings vs. Menora Miv Hld | Phoenix Holdings vs. Israel Discount Bank |
| Menivim New vs. Sella Real Estate | Menivim New vs. Reit 1 | Menivim New vs. MeguREIT Israel | Menivim New vs. Azrieli Group |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |