Correlation Between 459200KY6 and MYR
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By analyzing existing cross correlation between IBM 475 06 FEB 33 and MYR Group, you can compare the effects of market volatilities on 459200KY6 and MYR 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 459200KY6 with a short position of MYR. Check out your portfolio center. Please also check ongoing floating volatility patterns of 459200KY6 and MYR.
Diversification Opportunities for 459200KY6 and MYR
Pay attention - limited upside
The 3 months correlation between 459200KY6 and MYR is -0.84. Overlapping area represents the amount of risk that can be diversified away by holding IBM 475 06 FEB 33 and MYR Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MYR Group and 459200KY6 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 IBM 475 06 FEB 33 are associated (or correlated) with MYR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MYR Group has no effect on the direction of 459200KY6 i.e., 459200KY6 and MYR go up and down completely randomly.
Pair Corralation between 459200KY6 and MYR
Assuming the 90 days trading horizon IBM 475 06 FEB 33 is expected to under-perform the MYR. But the bond apears to be less risky and, when comparing its historical volatility, IBM 475 06 FEB 33 is 4.45 times less risky than MYR. The bond trades about -0.12 of its potential returns per unit of risk. The MYR Group is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest 13,100 in MYR Group on September 1, 2024 and sell it today you would earn a total of 2,690 from holding MYR Group or generate 20.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 76.19% |
| Values | Daily Returns |
IBM 475 06 FEB 33 vs. MYR Group
Performance |
| Timeline |
| IBM 475 06 |
| MYR Group |
459200KY6 and MYR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 459200KY6 and MYR
The main advantage of trading using opposite 459200KY6 and MYR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 459200KY6 position performs unexpectedly, MYR 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 MYR will offset losses from the drop in MYR's long position.| 459200KY6 vs. Yuexiu Transport Infrastructure | 459200KY6 vs. Emerson Radio | 459200KY6 vs. FormFactor | 459200KY6 vs. Eldorado Gold Corp |
| MYR vs. Comfort Systems USA | MYR vs. Granite Construction Incorporated | MYR vs. Dycom Industries | MYR vs. MasTec Inc |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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