Correlation Between Sinclair and Analog Devices
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By analyzing existing cross correlation between Sinclair Television Group and Analog Devices, you can compare the effects of market volatilities on Sinclair and Analog Devices 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 Sinclair with a short position of Analog Devices. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sinclair and Analog Devices.
Diversification Opportunities for Sinclair and Analog Devices
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sinclair and Analog is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Sinclair Television Group and Analog Devices in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Analog Devices and Sinclair 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 Sinclair Television Group are associated (or correlated) with Analog Devices. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Analog Devices has no effect on the direction of Sinclair i.e., Sinclair and Analog Devices go up and down completely randomly.
Pair Corralation between Sinclair and Analog Devices
Assuming the 90 days trading horizon Sinclair Television Group is expected to generate 0.5 times more return on investment than Analog Devices. However, Sinclair Television Group is 2.01 times less risky than Analog Devices. It trades about -0.14 of its potential returns per unit of risk. Analog Devices is currently generating about -0.16 per unit of risk. If you would invest 8,850 in Sinclair Television Group on August 30, 2024 and sell it today you would lose (185.00) from holding Sinclair Television Group or give up 2.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 65.22% |
| Values | Daily Returns |
Sinclair Television Group vs. Analog Devices
Performance |
| Timeline |
| Sinclair Television |
| Analog Devices |
Sinclair and Analog Devices Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sinclair and Analog Devices
The main advantage of trading using opposite Sinclair and Analog Devices positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sinclair position performs unexpectedly, Analog Devices 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 Analog Devices will offset losses from the drop in Analog Devices' long position.| Sinclair vs. Analog Devices | Sinclair vs. CapitaLand Investment Limited | Sinclair vs. Fidus Investment Corp | Sinclair vs. Montauk Renewables |
| Analog Devices vs. First Solar | Analog Devices vs. Sunrun Inc | Analog Devices vs. Canadian Solar | Analog Devices vs. SolarEdge Technologies |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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