Correlation Between Pingtan Marine and Acco Brands
Can any of the company-specific risk be diversified away by investing in both Pingtan Marine and Acco Brands 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 Pingtan Marine and Acco Brands into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pingtan Marine Enterprise and Acco Brands, you can compare the effects of market volatilities on Pingtan Marine and Acco Brands 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 Pingtan Marine with a short position of Acco Brands. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pingtan Marine and Acco Brands.
Diversification Opportunities for Pingtan Marine and Acco Brands
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Pingtan and Acco is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Pingtan Marine Enterprise and Acco Brands in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Acco Brands and Pingtan Marine 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 Pingtan Marine Enterprise are associated (or correlated) with Acco Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acco Brands has no effect on the direction of Pingtan Marine i.e., Pingtan Marine and Acco Brands go up and down completely randomly.
Pair Corralation between Pingtan Marine and Acco Brands
If you would invest (100.00) in Pingtan Marine Enterprise on November 28, 2024 and sell it today you would earn a total of 100.00 from holding Pingtan Marine Enterprise or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Pingtan Marine Enterprise vs. Acco Brands
Performance |
| Timeline |
| Pingtan Marine Enterprise |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Acco Brands |
Pingtan Marine and Acco Brands Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pingtan Marine and Acco Brands
The main advantage of trading using opposite Pingtan Marine and Acco Brands positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pingtan Marine position performs unexpectedly, Acco Brands 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 Acco Brands will offset losses from the drop in Acco Brands' long position.| Pingtan Marine vs. National Vision Holdings | Pingtan Marine vs. Treasury Wine Estates | Pingtan Marine vs. Monster Beverage Corp | Pingtan Marine vs. Vita Coco |
| Acco Brands vs. HNI Corp | Acco Brands vs. Steelcase | Acco Brands vs. Ennis Inc | Acco Brands vs. Acacia Research |
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 Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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