Correlation Between 67021CAS6 and Mativ Holdings
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By analyzing existing cross correlation between ES 455 01 JUN 52 and Mativ Holdings, you can compare the effects of market volatilities on 67021CAS6 and Mativ Holdings 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 67021CAS6 with a short position of Mativ Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of 67021CAS6 and Mativ Holdings.
Diversification Opportunities for 67021CAS6 and Mativ Holdings
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between 67021CAS6 and Mativ is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding ES 455 01 JUN 52 and Mativ Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mativ Holdings and 67021CAS6 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 ES 455 01 JUN 52 are associated (or correlated) with Mativ Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mativ Holdings has no effect on the direction of 67021CAS6 i.e., 67021CAS6 and Mativ Holdings go up and down completely randomly.
Pair Corralation between 67021CAS6 and Mativ Holdings
Assuming the 90 days trading horizon ES 455 01 JUN 52 is expected to generate 0.33 times more return on investment than Mativ Holdings. However, ES 455 01 JUN 52 is 3.06 times less risky than Mativ Holdings. It trades about 0.07 of its potential returns per unit of risk. Mativ Holdings is currently generating about -0.03 per unit of risk. If you would invest 8,518 in ES 455 01 JUN 52 on September 1, 2024 and sell it today you would earn a total of 572.00 from holding ES 455 01 JUN 52 or generate 6.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 55.56% |
| Values | Daily Returns |
ES 455 01 JUN 52 vs. Mativ Holdings
Performance |
| Timeline |
| ES 455 01 |
| Mativ Holdings |
67021CAS6 and Mativ Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 67021CAS6 and Mativ Holdings
The main advantage of trading using opposite 67021CAS6 and Mativ Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 67021CAS6 position performs unexpectedly, Mativ Holdings 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 Mativ Holdings will offset losses from the drop in Mativ Holdings' long position.| 67021CAS6 vs. WiMi Hologram Cloud | 67021CAS6 vs. Reservoir Media | 67021CAS6 vs. NetSol Technologies | 67021CAS6 vs. Rumble Inc |
| Mativ Holdings vs. Orion Engineered Carbons | Mativ Holdings vs. Select Energy Services | Mativ Holdings vs. Perimeter Solutions SA | Mativ Holdings vs. FutureFuel Corp |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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