Correlation Between YieldMax Magnificent and NetFlix
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By analyzing existing cross correlation between YieldMax Magnificent 7 and NetFlix 4875 percent, you can compare the effects of market volatilities on YieldMax Magnificent and NetFlix 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 YieldMax Magnificent with a short position of NetFlix. Check out your portfolio center. Please also check ongoing floating volatility patterns of YieldMax Magnificent and NetFlix.
Diversification Opportunities for YieldMax Magnificent and NetFlix
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between YieldMax and NetFlix is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding YieldMax Magnificent 7 and NetFlix 4875 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NetFlix 4875 percent and YieldMax Magnificent 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 YieldMax Magnificent 7 are associated (or correlated) with NetFlix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NetFlix 4875 percent has no effect on the direction of YieldMax Magnificent i.e., YieldMax Magnificent and NetFlix go up and down completely randomly.
Pair Corralation between YieldMax Magnificent and NetFlix
Given the investment horizon of 90 days YieldMax Magnificent 7 is expected to generate 1.28 times more return on investment than NetFlix. However, YieldMax Magnificent is 1.28 times more volatile than NetFlix 4875 percent. It trades about 0.14 of its potential returns per unit of risk. NetFlix 4875 percent is currently generating about -0.15 per unit of risk. If you would invest 1,681 in YieldMax Magnificent 7 on November 1, 2024 and sell it today you would earn a total of 174.00 from holding YieldMax Magnificent 7 or generate 10.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 86.67% |
| Values | Daily Returns |
YieldMax Magnificent 7 vs. NetFlix 4875 percent
Performance |
| Timeline |
| YieldMax Magnificent |
| NetFlix 4875 percent |
YieldMax Magnificent and NetFlix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YieldMax Magnificent and NetFlix
The main advantage of trading using opposite YieldMax Magnificent and NetFlix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YieldMax Magnificent position performs unexpectedly, NetFlix 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 NetFlix will offset losses from the drop in NetFlix's long position.| YieldMax Magnificent vs. Freedom Day Dividend | YieldMax Magnificent vs. Franklin Templeton ETF | YieldMax Magnificent vs. iShares MSCI China | YieldMax Magnificent vs. Tidal Trust II |
| NetFlix vs. Valneva SE ADR | NetFlix vs. Porvair plc | NetFlix vs. Pentair PLC | NetFlix vs. Alaska Air Group |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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