Correlation Between ANTHEM and Mind Technology
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By analyzing existing cross correlation between ANTHEM INC and Mind Technology, you can compare the effects of market volatilities on ANTHEM and Mind 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 ANTHEM with a short position of Mind Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTHEM and Mind Technology.
Diversification Opportunities for ANTHEM and Mind Technology
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ANTHEM and Mind is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ANTHEM INC and Mind Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mind Technology and ANTHEM 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 ANTHEM INC are associated (or correlated) with Mind Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mind Technology has no effect on the direction of ANTHEM i.e., ANTHEM and Mind Technology go up and down completely randomly.
Pair Corralation between ANTHEM and Mind Technology
If you would invest 0.00 in ANTHEM INC on September 12, 2024 and sell it today you would earn a total of 0.00 from holding ANTHEM INC or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.28% |
| Values | Daily Returns |
ANTHEM INC vs. Mind Technology
Performance |
| Timeline |
| ANTHEM INC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Mind Technology |
ANTHEM and Mind Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTHEM and Mind Technology
The main advantage of trading using opposite ANTHEM and Mind Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTHEM position performs unexpectedly, Mind 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 Mind Technology will offset losses from the drop in Mind Technology's long position.The idea behind ANTHEM INC and Mind Technology pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Mind Technology vs. Spectris plc | Mind Technology vs. Electro Sensors | Mind Technology vs. Sono Tek Corp | Mind Technology vs. Vishay Precision Group |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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