Correlation Between Solar Alliance and Mawer Global
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By analyzing existing cross correlation between Solar Alliance Energy and Mawer Global Small, you can compare the effects of market volatilities on Solar Alliance 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 Solar Alliance with a short position of Mawer Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Solar Alliance and Mawer Global.
Diversification Opportunities for Solar Alliance and Mawer Global
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Solar and Mawer is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Solar Alliance Energy 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 Solar Alliance 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 Solar Alliance Energy 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 Solar Alliance i.e., Solar Alliance and Mawer Global go up and down completely randomly.
Pair Corralation between Solar Alliance and Mawer Global
Assuming the 90 days trading horizon Solar Alliance Energy is expected to under-perform the Mawer Global. In addition to that, Solar Alliance is 25.24 times more volatile than Mawer Global Small. It trades about -0.05 of its total potential returns per unit of risk. Mawer Global Small is currently generating about -0.01 per unit of volatility. If you would invest 1,596 in Mawer Global Small on November 27, 2024 and sell it today you would lose (3.00) from holding Mawer Global Small or give up 0.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Solar Alliance Energy vs. Mawer Global Small
Performance |
| Timeline |
| Solar Alliance Energy |
| Mawer Global Small |
Solar Alliance and Mawer Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Solar Alliance and Mawer Global
The main advantage of trading using opposite Solar Alliance and Mawer Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Solar Alliance 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.| Solar Alliance vs. Braille Energy Systems | Solar Alliance vs. Therma Bright | Solar Alliance vs. CryptoStar Corp | Solar Alliance vs. Manganese X Energy |
| Mawer Global vs. Fidelity Small Cap | Mawer Global vs. Fidelity Tactical High | Mawer Global vs. Fidelity ClearPath 2045 | Mawer Global vs. Bloom Select Income |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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