Correlation Between 26439XAH6 and NH Foods
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By analyzing existing cross correlation between Duke Energy Field and NH Foods Ltd, you can compare the effects of market volatilities on 26439XAH6 and NH Foods 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 26439XAH6 with a short position of NH Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of 26439XAH6 and NH Foods.
Diversification Opportunities for 26439XAH6 and NH Foods
Pay attention - limited upside
The 3 months correlation between 26439XAH6 and NIPMY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Duke Energy Field and NH Foods Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NH Foods and 26439XAH6 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 Duke Energy Field are associated (or correlated) with NH Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NH Foods has no effect on the direction of 26439XAH6 i.e., 26439XAH6 and NH Foods go up and down completely randomly.
Pair Corralation between 26439XAH6 and NH Foods
Assuming the 90 days trading horizon Duke Energy Field is expected to generate 213.31 times more return on investment than NH Foods. However, 26439XAH6 is 213.31 times more volatile than NH Foods Ltd. It trades about 0.11 of its potential returns per unit of risk. NH Foods Ltd is currently generating about 0.09 per unit of risk. If you would invest 10,003 in Duke Energy Field on September 5, 2024 and sell it today you would earn a total of 585.00 from holding Duke Energy Field or generate 5.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 40.49% |
| Values | Daily Returns |
Duke Energy Field vs. NH Foods Ltd
Performance |
| Timeline |
| Duke Energy Field |
| NH Foods |
26439XAH6 and NH Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 26439XAH6 and NH Foods
The main advantage of trading using opposite 26439XAH6 and NH Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 26439XAH6 position performs unexpectedly, NH Foods 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 NH Foods will offset losses from the drop in NH Foods' long position.| 26439XAH6 vs. NH Foods Ltd | 26439XAH6 vs. Maanshan Iron Steel | 26439XAH6 vs. ArcelorMittal SA ADR | 26439XAH6 vs. Summit Environmental |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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