Correlation Between Mid Cap and EXELON
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By analyzing existing cross correlation between Mid Cap Growth and EXELON P 51, you can compare the effects of market volatilities on Mid Cap and EXELON 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 Mid Cap with a short position of EXELON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mid Cap and EXELON.
Diversification Opportunities for Mid Cap and EXELON
Pay attention - limited upside
The 3 months correlation between Mid and EXELON is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Mid Cap Growth and EXELON P 51 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXELON P 51 and Mid Cap 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 Mid Cap Growth are associated (or correlated) with EXELON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXELON P 51 has no effect on the direction of Mid Cap i.e., Mid Cap and EXELON go up and down completely randomly.
Pair Corralation between Mid Cap and EXELON
Assuming the 90 days horizon Mid Cap Growth is expected to generate 0.84 times more return on investment than EXELON. However, Mid Cap Growth is 1.2 times less risky than EXELON. It trades about 0.15 of its potential returns per unit of risk. EXELON P 51 is currently generating about 0.01 per unit of risk. If you would invest 3,624 in Mid Cap Growth on August 30, 2024 and sell it today you would earn a total of 799.00 from holding Mid Cap Growth or generate 22.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 77.78% |
| Values | Daily Returns |
Mid Cap Growth vs. EXELON P 51
Performance |
| Timeline |
| Mid Cap Growth |
| EXELON P 51 |
Mid Cap and EXELON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mid Cap and EXELON
The main advantage of trading using opposite Mid Cap and EXELON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mid Cap position performs unexpectedly, EXELON 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 EXELON will offset losses from the drop in EXELON's long position.| Mid Cap vs. Wasatch Small Cap | Mid Cap vs. Victory Trivalent International | Mid Cap vs. John Hancock Disciplined | Mid Cap vs. Mfs Mid Cap |
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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