Correlation Between 552953CF6 and Dow Jones
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By analyzing existing cross correlation between MGM RESORTS INTL and Dow Jones Industrial, you can compare the effects of market volatilities on 552953CF6 and Dow Jones 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 552953CF6 with a short position of Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of 552953CF6 and Dow Jones.
Diversification Opportunities for 552953CF6 and Dow Jones
Very good diversification
The 3 months correlation between 552953CF6 and Dow is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding MGM RESORTS INTL and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial and 552953CF6 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 MGM RESORTS INTL are associated (or correlated) with Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of 552953CF6 i.e., 552953CF6 and Dow Jones go up and down completely randomly.
Pair Corralation between 552953CF6 and Dow Jones
Assuming the 90 days trading horizon MGM RESORTS INTL is expected to under-perform the Dow Jones. But the bond apears to be less risky and, when comparing its historical volatility, MGM RESORTS INTL is 1.62 times less risky than Dow Jones. The bond trades about -0.07 of its potential returns per unit of risk. The Dow Jones Industrial is currently generating about 0.37 of returns per unit of risk over similar time horizon. If you would invest 4,176,346 in Dow Jones Industrial on September 1, 2024 and sell it today you would earn a total of 314,719 from holding Dow Jones Industrial or generate 7.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
MGM RESORTS INTL vs. Dow Jones Industrial
Performance |
| Timeline |
552953CF6 and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
MGM RESORTS INTL
Pair trading matchups for 552953CF6
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with 552953CF6 and Dow Jones
The main advantage of trading using opposite 552953CF6 and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 552953CF6 position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.| 552953CF6 vs. Patterson UTI Energy | 552953CF6 vs. Helmerich and Payne | 552953CF6 vs. Delek Drilling | 552953CF6 vs. AKITA Drilling |
| Dow Jones vs. Catalyst Pharmaceuticals | Dow Jones vs. Sphere Entertainment Co | Dow Jones vs. National CineMedia | Dow Jones vs. Mink Therapeutics |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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