Correlation Between Walker Dunlop and Tin Nghia
Can any of the company-specific risk be diversified away by investing in both Walker Dunlop and Tin Nghia at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Walker Dunlop and Tin Nghia into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Walker Dunlop and Tin Nghia Industrial, you can compare the effects of market volatilities on Walker Dunlop and Tin Nghia 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 Walker Dunlop with a short position of Tin Nghia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Walker Dunlop and Tin Nghia.
Diversification Opportunities for Walker Dunlop and Tin Nghia
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Walker and Tin is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Walker Dunlop and Tin Nghia Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tin Nghia Industrial and Walker Dunlop 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 Walker Dunlop are associated (or correlated) with Tin Nghia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tin Nghia Industrial has no effect on the direction of Walker Dunlop i.e., Walker Dunlop and Tin Nghia go up and down completely randomly.
Pair Corralation between Walker Dunlop and Tin Nghia
Allowing for the 90-day total investment horizon Walker Dunlop is expected to generate 0.93 times more return on investment than Tin Nghia. However, Walker Dunlop is 1.07 times less risky than Tin Nghia. It trades about 0.04 of its potential returns per unit of risk. Tin Nghia Industrial is currently generating about -0.06 per unit of risk. If you would invest 11,120 in Walker Dunlop on August 28, 2024 and sell it today you would earn a total of 129.00 from holding Walker Dunlop or generate 1.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Walker Dunlop vs. Tin Nghia Industrial
Performance |
| Timeline |
| Walker Dunlop |
| Tin Nghia Industrial |
Walker Dunlop and Tin Nghia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Walker Dunlop and Tin Nghia
The main advantage of trading using opposite Walker Dunlop and Tin Nghia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Walker Dunlop position performs unexpectedly, Tin Nghia 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 Tin Nghia will offset losses from the drop in Tin Nghia's long position.| Walker Dunlop vs. Mr Cooper Group | Walker Dunlop vs. Velocity Financial Llc | Walker Dunlop vs. Security National Financial | Walker Dunlop vs. Encore Capital Group |
| Tin Nghia vs. FIT INVEST JSC | Tin Nghia vs. Damsan JSC | Tin Nghia vs. An Phat Plastic | Tin Nghia vs. APG Securities Joint |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |