Correlation Between 00751YAG1 and National CineMedia
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By analyzing existing cross correlation between AAP 35 15 MAR 32 and National CineMedia, you can compare the effects of market volatilities on 00751YAG1 and National CineMedia 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 00751YAG1 with a short position of National CineMedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of 00751YAG1 and National CineMedia.
Diversification Opportunities for 00751YAG1 and National CineMedia
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 00751YAG1 and National is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding AAP 35 15 MAR 32 and National CineMedia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on National CineMedia and 00751YAG1 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 AAP 35 15 MAR 32 are associated (or correlated) with National CineMedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of National CineMedia has no effect on the direction of 00751YAG1 i.e., 00751YAG1 and National CineMedia go up and down completely randomly.
Pair Corralation between 00751YAG1 and National CineMedia
Assuming the 90 days trading horizon AAP 35 15 MAR 32 is expected to under-perform the National CineMedia. But the bond apears to be less risky and, when comparing its historical volatility, AAP 35 15 MAR 32 is 3.64 times less risky than National CineMedia. The bond trades about -0.01 of its potential returns per unit of risk. The National CineMedia is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 310.00 in National CineMedia on September 12, 2024 and sell it today you would earn a total of 424.00 from holding National CineMedia or generate 136.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.44% |
| Values | Daily Returns |
AAP 35 15 MAR 32 vs. National CineMedia
Performance |
| Timeline |
| AAP 35 15 |
| National CineMedia |
00751YAG1 and National CineMedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 00751YAG1 and National CineMedia
The main advantage of trading using opposite 00751YAG1 and National CineMedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 00751YAG1 position performs unexpectedly, National CineMedia 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 National CineMedia will offset losses from the drop in National CineMedia's long position.| 00751YAG1 vs. Sphere Entertainment Co | 00751YAG1 vs. Zijin Mining Group | 00751YAG1 vs. Chester Mining | 00751YAG1 vs. Uranium Energy Corp |
| National CineMedia vs. MGO Global Common | National CineMedia vs. Baosheng Media Group | National CineMedia vs. Glory Star New | National CineMedia vs. Impact Fusion International |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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