Correlation Between CoreCivic and Maanshan Iron
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By analyzing existing cross correlation between CoreCivic 475 percent and Maanshan Iron Steel, you can compare the effects of market volatilities on CoreCivic and Maanshan Iron 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 CoreCivic with a short position of Maanshan Iron. Check out your portfolio center. Please also check ongoing floating volatility patterns of CoreCivic and Maanshan Iron.
Diversification Opportunities for CoreCivic and Maanshan Iron
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between CoreCivic and Maanshan is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding CoreCivic 475 percent and Maanshan Iron Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maanshan Iron Steel and CoreCivic 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 CoreCivic 475 percent are associated (or correlated) with Maanshan Iron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maanshan Iron Steel has no effect on the direction of CoreCivic i.e., CoreCivic and Maanshan Iron go up and down completely randomly.
Pair Corralation between CoreCivic and Maanshan Iron
Assuming the 90 days trading horizon CoreCivic 475 percent is expected to generate 0.21 times more return on investment than Maanshan Iron. However, CoreCivic 475 percent is 4.71 times less risky than Maanshan Iron. It trades about -0.05 of its potential returns per unit of risk. Maanshan Iron Steel is currently generating about -0.22 per unit of risk. If you would invest 9,529 in CoreCivic 475 percent on September 4, 2024 and sell it today you would lose (95.00) from holding CoreCivic 475 percent or give up 1.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
CoreCivic 475 percent vs. Maanshan Iron Steel
Performance |
| Timeline |
| CoreCivic 475 percent |
| Maanshan Iron Steel |
CoreCivic and Maanshan Iron Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CoreCivic and Maanshan Iron
The main advantage of trading using opposite CoreCivic and Maanshan Iron positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CoreCivic position performs unexpectedly, Maanshan Iron 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 Maanshan Iron will offset losses from the drop in Maanshan Iron's long position.| CoreCivic vs. Shoe Carnival | CoreCivic vs. Teleflex Incorporated | CoreCivic vs. Figs Inc | CoreCivic vs. Under Armour C |
| Maanshan Iron vs. Ta Chen Stainless | Maanshan Iron vs. Gerdau SA | Maanshan Iron vs. Gerdau SA | Maanshan Iron vs. Nucor Corp |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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