Correlation Between 552953CF6 and Wabash National
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By analyzing existing cross correlation between MGM RESORTS INTL and Wabash National, you can compare the effects of market volatilities on 552953CF6 and Wabash National 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 Wabash National. Check out your portfolio center. Please also check ongoing floating volatility patterns of 552953CF6 and Wabash National.
Diversification Opportunities for 552953CF6 and Wabash National
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 552953CF6 and Wabash is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding MGM RESORTS INTL and Wabash National in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wabash National 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 Wabash National. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wabash National has no effect on the direction of 552953CF6 i.e., 552953CF6 and Wabash National go up and down completely randomly.
Pair Corralation between 552953CF6 and Wabash National
Assuming the 90 days trading horizon MGM RESORTS INTL is expected to generate 0.31 times more return on investment than Wabash National. However, MGM RESORTS INTL is 3.19 times less risky than Wabash National. It trades about -0.21 of its potential returns per unit of risk. Wabash National is currently generating about -0.41 per unit of risk. If you would invest 10,004 in MGM RESORTS INTL on November 22, 2024 and sell it today you would lose (360.00) from holding MGM RESORTS INTL or give up 3.6% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
MGM RESORTS INTL vs. Wabash National
Performance |
| Timeline |
| MGM RESORTS INTL |
| Wabash National |
552953CF6 and Wabash National Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 552953CF6 and Wabash National
The main advantage of trading using opposite 552953CF6 and Wabash National positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 552953CF6 position performs unexpectedly, Wabash National 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 Wabash National will offset losses from the drop in Wabash National's long position.| 552953CF6 vs. Simon Property Group | 552953CF6 vs. Compania Cervecerias Unidas | 552953CF6 vs. Fast Retailing Co | 552953CF6 vs. MYT Netherlands Parent |
| Wabash National vs. Rev Group | Wabash National vs. Gencor Industries | Wabash National vs. Alamo Group | Wabash National vs. Columbus McKinnon |
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 Stocks Directory module to find actively traded stocks across global markets.
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