Correlation Between Harbor Long and Macquarie ETF
Can any of the company-specific risk be diversified away by investing in both Harbor Long and Macquarie ETF 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 Harbor Long and Macquarie ETF into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Harbor Long Term Growers and Macquarie ETF Trust, you can compare the effects of market volatilities on Harbor Long and Macquarie ETF 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 Harbor Long with a short position of Macquarie ETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbor Long and Macquarie ETF.
Diversification Opportunities for Harbor Long and Macquarie ETF
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Harbor and Macquarie is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Harbor Long Term Growers and Macquarie ETF Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Macquarie ETF Trust and Harbor Long 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 Harbor Long Term Growers are associated (or correlated) with Macquarie ETF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Macquarie ETF Trust has no effect on the direction of Harbor Long i.e., Harbor Long and Macquarie ETF go up and down completely randomly.
Pair Corralation between Harbor Long and Macquarie ETF
Given the investment horizon of 90 days Harbor Long Term Growers is expected to generate 1.49 times more return on investment than Macquarie ETF. However, Harbor Long is 1.49 times more volatile than Macquarie ETF Trust. It trades about 0.12 of its potential returns per unit of risk. Macquarie ETF Trust is currently generating about 0.0 per unit of risk. If you would invest 2,721 in Harbor Long Term Growers on November 1, 2024 and sell it today you would earn a total of 90.00 from holding Harbor Long Term Growers or generate 3.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harbor Long Term Growers vs. Macquarie ETF Trust
Performance |
| Timeline |
| Harbor Long Term |
| Macquarie ETF Trust |
Harbor Long and Macquarie ETF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbor Long and Macquarie ETF
The main advantage of trading using opposite Harbor Long and Macquarie ETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbor Long position performs unexpectedly, Macquarie ETF 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 Macquarie ETF will offset losses from the drop in Macquarie ETF's long position.| Harbor Long vs. Weis Markets | Harbor Long vs. Village Super Market | Harbor Long vs. Ingles Markets Incorporated | Harbor Long vs. SpartanNash Co |
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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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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