Correlation Between Mangazeya Mining and United Fire
Can any of the company-specific risk be diversified away by investing in both Mangazeya Mining and United Fire 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 Mangazeya Mining and United Fire into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mangazeya Mining and United Fire Group, you can compare the effects of market volatilities on Mangazeya Mining and United Fire 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 Mangazeya Mining with a short position of United Fire. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mangazeya Mining and United Fire.
Diversification Opportunities for Mangazeya Mining and United Fire
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mangazeya and United is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mangazeya Mining and United Fire Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on United Fire Group and Mangazeya Mining 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 Mangazeya Mining are associated (or correlated) with United Fire. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of United Fire Group has no effect on the direction of Mangazeya Mining i.e., Mangazeya Mining and United Fire go up and down completely randomly.
Pair Corralation between Mangazeya Mining and United Fire
If you would invest 2,534 in United Fire Group on September 12, 2024 and sell it today you would earn a total of 541.00 from holding United Fire Group or generate 21.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 86.36% |
| Values | Daily Returns |
Mangazeya Mining vs. United Fire Group
Performance |
| Timeline |
| Mangazeya Mining |
| United Fire Group |
Mangazeya Mining and United Fire Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mangazeya Mining and United Fire
The main advantage of trading using opposite Mangazeya Mining and United Fire positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mangazeya Mining position performs unexpectedly, United Fire 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 United Fire will offset losses from the drop in United Fire's long position.| Mangazeya Mining vs. Advantage Solutions | Mangazeya Mining vs. Atlas Corp | Mangazeya Mining vs. PureCycle Technologies | Mangazeya Mining vs. WM Technology |
| United Fire vs. Donegal Group B | United Fire vs. Horace Mann Educators | United Fire vs. Donegal Group A | United Fire vs. Global Indemnity PLC |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |