Correlation Between United American and Marine Products
Can any of the company-specific risk be diversified away by investing in both United American and Marine Products 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 United American and Marine Products into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between United American Corp and Marine Products, you can compare the effects of market volatilities on United American and Marine Products 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 United American with a short position of Marine Products. Check out your portfolio center. Please also check ongoing floating volatility patterns of United American and Marine Products.
Diversification Opportunities for United American and Marine Products
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between United and Marine is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding United American Corp and Marine Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marine Products and United American 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 United American Corp are associated (or correlated) with Marine Products. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marine Products has no effect on the direction of United American i.e., United American and Marine Products go up and down completely randomly.
Pair Corralation between United American and Marine Products
If you would invest 989.00 in Marine Products on September 2, 2024 and sell it today you would earn a total of 0.00 from holding Marine Products or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
United American Corp vs. Marine Products
Performance |
| Timeline |
| United American Corp |
| Marine Products |
United American and Marine Products Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with United American and Marine Products
The main advantage of trading using opposite United American and Marine Products positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if United American position performs unexpectedly, Marine Products 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 Marine Products will offset losses from the drop in Marine Products' long position.| United American vs. Planet Fitness | United American vs. Afya | United American vs. Marine Products | United American vs. Funko Inc |
| Marine Products vs. LCI Industries | Marine Products vs. MCBC Holdings | Marine Products vs. Winnebago Industries | Marine Products vs. Thor Industries |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |