Correlation Between Macquarie Infrastructure and VOXX International
Can any of the company-specific risk be diversified away by investing in both Macquarie Infrastructure and VOXX International 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 Macquarie Infrastructure and VOXX International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Macquarie Infrastructure Co and VOXX International, you can compare the effects of market volatilities on Macquarie Infrastructure and VOXX International 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 Macquarie Infrastructure with a short position of VOXX International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Macquarie Infrastructure and VOXX International.
Diversification Opportunities for Macquarie Infrastructure and VOXX International
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Macquarie and VOXX is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Macquarie Infrastructure Co and VOXX International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VOXX International and Macquarie Infrastructure 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 Macquarie Infrastructure Co are associated (or correlated) with VOXX International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VOXX International has no effect on the direction of Macquarie Infrastructure i.e., Macquarie Infrastructure and VOXX International go up and down completely randomly.
Pair Corralation between Macquarie Infrastructure and VOXX International
If you would invest 409.00 in Macquarie Infrastructure Co on January 20, 2024 and sell it today you would earn a total of 0.00 from holding Macquarie Infrastructure Co or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Macquarie Infrastructure Co vs. VOXX International
Performance |
| Timeline |
| Macquarie Infrastructure |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| VOXX International |
Macquarie Infrastructure and VOXX International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Macquarie Infrastructure and VOXX International
The main advantage of trading using opposite Macquarie Infrastructure and VOXX International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Macquarie Infrastructure position performs unexpectedly, VOXX International 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 VOXX International will offset losses from the drop in VOXX International's long position.| Macquarie Infrastructure vs. BBB Foods | Macquarie Infrastructure vs. Cardinal Health | Macquarie Infrastructure vs. Sea | Macquarie Infrastructure vs. MYT Netherlands Parent |
| VOXX International vs. LG Display Co | VOXX International vs. The Singing Machine | VOXX International vs. Wearable Devices | VOXX International vs. Zepp Health Corp |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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