Correlation Between Middlefield Global and Mawer Global
Specify exactly 2 symbols:
By analyzing existing cross correlation between Middlefield Global Real and Mawer Global Small, you can compare the effects of market volatilities on Middlefield Global and Mawer Global 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 Middlefield Global with a short position of Mawer Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Middlefield Global and Mawer Global.
Diversification Opportunities for Middlefield Global and Mawer Global
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Middlefield and Mawer is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Middlefield Global Real and Mawer Global Small in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mawer Global Small and Middlefield Global 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 Middlefield Global Real are associated (or correlated) with Mawer Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mawer Global Small has no effect on the direction of Middlefield Global i.e., Middlefield Global and Mawer Global go up and down completely randomly.
Pair Corralation between Middlefield Global and Mawer Global
Assuming the 90 days trading horizon Middlefield Global is expected to generate 1.15 times less return on investment than Mawer Global. But when comparing it to its historical volatility, Middlefield Global Real is 1.18 times less risky than Mawer Global. It trades about 0.09 of its potential returns per unit of risk. Mawer Global Small is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 1,531 in Mawer Global Small on September 2, 2024 and sell it today you would earn a total of 20.00 from holding Mawer Global Small or generate 1.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
Middlefield Global Real vs. Mawer Global Small
Performance |
| Timeline |
| Middlefield Global Real |
| Mawer Global Small |
Middlefield Global and Mawer Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Middlefield Global and Mawer Global
The main advantage of trading using opposite Middlefield Global and Mawer Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Middlefield Global position performs unexpectedly, Mawer Global 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 Mawer Global will offset losses from the drop in Mawer Global's long position.| Middlefield Global vs. Tech Leaders Income | Middlefield Global vs. Brompton Global Dividend | Middlefield Global vs. Forstrong Global Income | Middlefield Global vs. iShares Canadian HYBrid |
| Mawer Global vs. BMO Aggregate Bond | Mawer Global vs. iShares Canadian HYBrid | Mawer Global vs. Brompton European Dividend | Mawer Global vs. Solar Alliance Energy |
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 Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |