Correlation Analysis Between NQPH and Madrid Gnrl

This module allows you to analyze existing cross correlation between NQPH and Madrid Gnrl. You can compare the effects of market volatilities on NQPH and Madrid Gnrl 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 NQPH with a short position of Madrid Gnrl. See also your portfolio center. Please also check ongoing floating volatility patterns of NQPH and Madrid Gnrl.
Horizon     30 Days    Login   to change
Check Efficiency

Comparative Performance

 Predicted Return Density 

NQPH  vs.  Madrid Gnrl

 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, NQPH is expected to generate 1.12 times more return on investment than Madrid Gnrl. However, NQPH is 1.12 times more volatile than Madrid Gnrl. It trades about 0.01 of its potential returns per unit of risk. Madrid Gnrl is currently generating about -0.05 per unit of risk. If you would invest  110,531  in NQPH on September 14, 2019 and sell it today you would earn a total of  111.00  from holding NQPH or generate 0.1% return on investment over 30 days.

Pair Corralation between NQPH and Madrid Gnrl

Time Period3 Months [change]
StrengthVery Strong
ValuesDaily Returns

Diversification Opportunities for NQPH and Madrid Gnrl

NQPH diversification synergy

No risk reduction

Overlapping area represents the amount of risk that can be diversified away by holding NQPH and Madrid Gnrl in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Madrid Gnrl and NQPH 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 NQPH are associated (or correlated) with Madrid Gnrl. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Madrid Gnrl has no effect on the direction of NQPH i.e. NQPH and Madrid Gnrl go up and down completely randomly.
See also your portfolio center. Please also try Idea Breakdown module to analyze constituents of all macroaxis ideas. macroaxis investment ideas are predefined, sector-focused investing themes.