Correlation Between 80281LAQ8 and National CineMedia
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By analyzing existing cross correlation between SANTANDER UK GROUP and National CineMedia, you can compare the effects of market volatilities on 80281LAQ8 and National CineMedia 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 80281LAQ8 with a short position of National CineMedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of 80281LAQ8 and National CineMedia.
Diversification Opportunities for 80281LAQ8 and National CineMedia
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between 80281LAQ8 and National is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding SANTANDER UK GROUP and National CineMedia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on National CineMedia and 80281LAQ8 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 SANTANDER UK GROUP are associated (or correlated) with National CineMedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of National CineMedia has no effect on the direction of 80281LAQ8 i.e., 80281LAQ8 and National CineMedia go up and down completely randomly.
Pair Corralation between 80281LAQ8 and National CineMedia
Assuming the 90 days trading horizon SANTANDER UK GROUP is expected to under-perform the National CineMedia. In addition to that, 80281LAQ8 is 1.2 times more volatile than National CineMedia. It trades about -0.23 of its total potential returns per unit of risk. National CineMedia is currently generating about 0.0 per unit of volatility. If you would invest 671.00 in National CineMedia on December 1, 2024 and sell it today you would lose (2.00) from holding National CineMedia or give up 0.3% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
SANTANDER UK GROUP vs. National CineMedia
Performance |
| Timeline |
| SANTANDER UK GROUP |
| National CineMedia |
80281LAQ8 and National CineMedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 80281LAQ8 and National CineMedia
The main advantage of trading using opposite 80281LAQ8 and National CineMedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 80281LAQ8 position performs unexpectedly, National CineMedia 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 National CineMedia will offset losses from the drop in National CineMedia's long position.| 80281LAQ8 vs. Parker Hannifin | 80281LAQ8 vs. enVVeno Medical Corp | 80281LAQ8 vs. Repligen | 80281LAQ8 vs. LENSAR Inc |
| National CineMedia vs. Baosheng Media Group | National CineMedia vs. Impact Fusion International | National CineMedia vs. ZW Data Action |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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