Correlation Between MOSAIC and Steven Madden
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By analyzing existing cross correlation between MOSAIC NEW 405 and Steven Madden, you can compare the effects of market volatilities on MOSAIC and Steven Madden 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 MOSAIC with a short position of Steven Madden. Check out your portfolio center. Please also check ongoing floating volatility patterns of MOSAIC and Steven Madden.
Diversification Opportunities for MOSAIC and Steven Madden
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between MOSAIC and Steven is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding MOSAIC NEW 405 and Steven Madden in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Steven Madden and MOSAIC 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 MOSAIC NEW 405 are associated (or correlated) with Steven Madden. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Steven Madden has no effect on the direction of MOSAIC i.e., MOSAIC and Steven Madden go up and down completely randomly.
Pair Corralation between MOSAIC and Steven Madden
Assuming the 90 days trading horizon MOSAIC NEW 405 is expected to generate 0.22 times more return on investment than Steven Madden. However, MOSAIC NEW 405 is 4.49 times less risky than Steven Madden. It trades about -0.05 of its potential returns per unit of risk. Steven Madden is currently generating about -0.11 per unit of risk. If you would invest 9,863 in MOSAIC NEW 405 on September 13, 2024 and sell it today you would lose (83.00) from holding MOSAIC NEW 405 or give up 0.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 93.02% |
| Values | Daily Returns |
MOSAIC NEW 405 vs. Steven Madden
Performance |
| Timeline |
| MOSAIC NEW 405 |
| Steven Madden |
MOSAIC and Steven Madden Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MOSAIC and Steven Madden
The main advantage of trading using opposite MOSAIC and Steven Madden positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MOSAIC position performs unexpectedly, Steven Madden 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 Steven Madden will offset losses from the drop in Steven Madden's long position.| MOSAIC vs. Mangazeya Mining | MOSAIC vs. Hafnia Limited | MOSAIC vs. East Africa Metals | MOSAIC vs. Harmony Gold Mining |
| Steven Madden vs. Weyco Group | Steven Madden vs. Caleres | Steven Madden vs. Rocky Brands | Steven Madden vs. Designer Brands |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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