Correlation Between 00108WAF7 and Marvell Technology
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By analyzing existing cross correlation between AEP TEX INC and Marvell Technology Group, you can compare the effects of market volatilities on 00108WAF7 and Marvell Technology 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 00108WAF7 with a short position of Marvell Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of 00108WAF7 and Marvell Technology.
Diversification Opportunities for 00108WAF7 and Marvell Technology
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between 00108WAF7 and Marvell is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding AEP TEX INC and Marvell Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marvell Technology and 00108WAF7 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 AEP TEX INC are associated (or correlated) with Marvell Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marvell Technology has no effect on the direction of 00108WAF7 i.e., 00108WAF7 and Marvell Technology go up and down completely randomly.
Pair Corralation between 00108WAF7 and Marvell Technology
Assuming the 90 days trading horizon AEP TEX INC is expected to generate 27.51 times more return on investment than Marvell Technology. However, 00108WAF7 is 27.51 times more volatile than Marvell Technology Group. It trades about 0.08 of its potential returns per unit of risk. Marvell Technology Group is currently generating about 0.06 per unit of risk. If you would invest 7,426 in AEP TEX INC on August 27, 2024 and sell it today you would lose (337.00) from holding AEP TEX INC or give up 4.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 67.55% |
| Values | Daily Returns |
AEP TEX INC vs. Marvell Technology Group
Performance |
| Timeline |
| AEP TEX INC |
| Marvell Technology |
00108WAF7 and Marvell Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 00108WAF7 and Marvell Technology
The main advantage of trading using opposite 00108WAF7 and Marvell Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 00108WAF7 position performs unexpectedly, Marvell Technology 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 Marvell Technology will offset losses from the drop in Marvell Technology's long position.| 00108WAF7 vs. US BANK NATIONAL | 00108WAF7 vs. Dupont De Nemours | 00108WAF7 vs. The Travelers Companies | 00108WAF7 vs. Exxon Mobil Corp |
| Marvell Technology vs. NVIDIA | Marvell Technology vs. Intel | Marvell Technology vs. Taiwan Semiconductor Manufacturing | Marvell Technology vs. Micron Technology |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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