Correlation Between STANDARD ALLIANCE and INDUSTRIAL MEDICAL
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By analyzing existing cross correlation between STANDARD ALLIANCE INSURANCE and INDUSTRIAL MEDICAL GASES, you can compare the effects of market volatilities on STANDARD ALLIANCE and INDUSTRIAL MEDICAL 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 STANDARD ALLIANCE with a short position of INDUSTRIAL MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of STANDARD ALLIANCE and INDUSTRIAL MEDICAL.
Diversification Opportunities for STANDARD ALLIANCE and INDUSTRIAL MEDICAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between STANDARD and INDUSTRIAL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding STANDARD ALLIANCE INSURANCE and INDUSTRIAL MEDICAL GASES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INDUSTRIAL MEDICAL GASES and STANDARD 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 STANDARD ALLIANCE INSURANCE are associated (or correlated) with INDUSTRIAL MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INDUSTRIAL MEDICAL GASES has no effect on the direction of STANDARD ALLIANCE i.e., STANDARD ALLIANCE and INDUSTRIAL MEDICAL go up and down completely randomly.
Pair Corralation between STANDARD ALLIANCE and INDUSTRIAL MEDICAL
If you would invest 3,500 in INDUSTRIAL MEDICAL GASES on September 1, 2024 and sell it today you would earn a total of 295.00 from holding INDUSTRIAL MEDICAL GASES or generate 8.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
STANDARD ALLIANCE INSURANCE vs. INDUSTRIAL MEDICAL GASES
Performance |
| Timeline |
| STANDARD ALLIANCE |
| INDUSTRIAL MEDICAL GASES |
STANDARD ALLIANCE and INDUSTRIAL MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with STANDARD ALLIANCE and INDUSTRIAL MEDICAL
The main advantage of trading using opposite STANDARD ALLIANCE and INDUSTRIAL MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if STANDARD ALLIANCE position performs unexpectedly, INDUSTRIAL MEDICAL 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 INDUSTRIAL MEDICAL will offset losses from the drop in INDUSTRIAL MEDICAL's long position.| STANDARD ALLIANCE vs. SECURE ELECTRONIC TECHNOLOGY | STANDARD ALLIANCE vs. VFD GROUP | STANDARD ALLIANCE vs. AFROMEDIA PLC | STANDARD ALLIANCE vs. DEAP CAPITAL MANAGEMENT |
| INDUSTRIAL MEDICAL vs. SECURE ELECTRONIC TECHNOLOGY | INDUSTRIAL MEDICAL vs. VFD GROUP | INDUSTRIAL MEDICAL vs. AFROMEDIA PLC | INDUSTRIAL MEDICAL vs. DEAP CAPITAL MANAGEMENT |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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