Correlation Between APPLIED and Where Food
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By analyzing existing cross correlation between APPLIED MATLS INC and Where Food Comes, you can compare the effects of market volatilities on APPLIED and Where Food 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 APPLIED with a short position of Where Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of APPLIED and Where Food.
Diversification Opportunities for APPLIED and Where Food
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between APPLIED and Where is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding APPLIED MATLS INC and Where Food Comes in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Where Food Comes and APPLIED 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 APPLIED MATLS INC are associated (or correlated) with Where Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Where Food Comes has no effect on the direction of APPLIED i.e., APPLIED and Where Food go up and down completely randomly.
Pair Corralation between APPLIED and Where Food
Assuming the 90 days trading horizon APPLIED MATLS INC is expected to generate 0.12 times more return on investment than Where Food. However, APPLIED MATLS INC is 8.39 times less risky than Where Food. It trades about 0.01 of its potential returns per unit of risk. Where Food Comes is currently generating about 0.0 per unit of risk. If you would invest 9,807 in APPLIED MATLS INC on September 14, 2024 and sell it today you would earn a total of 51.00 from holding APPLIED MATLS INC or generate 0.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.55% |
| Values | Daily Returns |
APPLIED MATLS INC vs. Where Food Comes
Performance |
| Timeline |
| APPLIED MATLS INC |
| Where Food Comes |
APPLIED and Where Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APPLIED and Where Food
The main advantage of trading using opposite APPLIED and Where Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APPLIED position performs unexpectedly, Where Food 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 Where Food will offset losses from the drop in Where Food's long position.| APPLIED vs. Where Food Comes | APPLIED vs. Anterix | APPLIED vs. Joint Stock | APPLIED vs. Cadence Design Systems |
| Where Food vs. Dave Warrants | Where Food vs. Swvl Holdings Corp | Where Food vs. Guardforce AI Co | Where Food vs. Thayer Ventures Acquisition |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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