Correlation Between Sun Art and Marks
Can any of the company-specific risk be diversified away by investing in both Sun Art and Marks 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 Sun Art and Marks into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sun Art Retail and Marks and Spencer, you can compare the effects of market volatilities on Sun Art and Marks 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 Sun Art with a short position of Marks. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Art and Marks.
Diversification Opportunities for Sun Art and Marks
Very good diversification
The 3 months correlation between Sun and Marks is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Sun Art Retail and Marks and Spencer in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marks and Spencer and Sun Art 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 Sun Art Retail are associated (or correlated) with Marks. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marks and Spencer has no effect on the direction of Sun Art i.e., Sun Art and Marks go up and down completely randomly.
Pair Corralation between Sun Art and Marks
If you would invest 0.00 in Sun Art Retail on November 2, 2024 and sell it today you would earn a total of 0.00 from holding Sun Art Retail or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Sun Art Retail vs. Marks and Spencer
Performance |
| Timeline |
| Sun Art Retail |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
| Marks and Spencer |
Sun Art and Marks Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Art and Marks
The main advantage of trading using opposite Sun Art and Marks positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Art position performs unexpectedly, Marks 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 Marks will offset losses from the drop in Marks' long position.| Sun Art vs. FIREWEED METALS P | Sun Art vs. STGEORGE MINING LTD | Sun Art vs. MAGNUM MINING EXP | Sun Art vs. Globex Mining Enterprises |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |