Correlation Between 26441CBM6 and Mattel
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By analyzing existing cross correlation between DUKE ENERGY P and Mattel Inc, you can compare the effects of market volatilities on 26441CBM6 and Mattel 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 26441CBM6 with a short position of Mattel. Check out your portfolio center. Please also check ongoing floating volatility patterns of 26441CBM6 and Mattel.
Diversification Opportunities for 26441CBM6 and Mattel
Average diversification
The 3 months correlation between 26441CBM6 and Mattel is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding DUKE ENERGY P and Mattel Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mattel Inc and 26441CBM6 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 P are associated (or correlated) with Mattel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mattel Inc has no effect on the direction of 26441CBM6 i.e., 26441CBM6 and Mattel go up and down completely randomly.
Pair Corralation between 26441CBM6 and Mattel
Assuming the 90 days trading horizon 26441CBM6 is expected to generate 6.87 times less return on investment than Mattel. But when comparing it to its historical volatility, DUKE ENERGY P is 4.85 times less risky than Mattel. It trades about 0.13 of its potential returns per unit of risk. Mattel Inc is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 1,858 in Mattel Inc on November 28, 2024 and sell it today you would earn a total of 267.00 from holding Mattel Inc or generate 14.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 86.36% |
| Values | Daily Returns |
DUKE ENERGY P vs. Mattel Inc
Performance |
| Timeline |
| DUKE ENERGY P |
| Mattel Inc |
26441CBM6 and Mattel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 26441CBM6 and Mattel
The main advantage of trading using opposite 26441CBM6 and Mattel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 26441CBM6 position performs unexpectedly, Mattel 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 Mattel will offset losses from the drop in Mattel's long position.| 26441CBM6 vs. Sonida Senior Living | 26441CBM6 vs. Franklin Wireless Corp | 26441CBM6 vs. Neogen | 26441CBM6 vs. Regeneron Pharmaceuticals |
| Mattel vs. Funko Inc | Mattel vs. JAKKS Pacific | Mattel vs. Madison Square Garden | Mattel vs. Life Time 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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