Two Equities Correlation Analysis
Specify exactly 2 symbols:
NAUH
Add Two Equities
This model provides you with a quick lookup of cross correlation between two equities. Please specify two instruments to run the correlation.
Diversification Opportunities for National American and NYSE Composite
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between National and NYSE is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding National American University and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and National American 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 National American University are associated (or correlated) with NYSE Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE Composite has no effect on the direction of National American i.e., National American and NYSE Composite go up and down completely randomly.
Pair Corralation between National American and NYSE Composite
If you would invest 9.11 in National American University on January 20, 2024 and sell it today you would earn a total of 0.00 from holding National American University or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
National American University vs. NYSE Composite
Performance |
| Timeline |
National American and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
National American University
Pair trading matchups for National American
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with National American and NYSE Composite
The main advantage of trading using opposite National American and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National American position performs unexpectedly, NYSE Composite 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 NYSE Composite will offset losses from the drop in NYSE Composite's long position.| National American vs. Bright Scholar Education | National American vs. Laureate Education | National American vs. China Liberal Education | National American vs. Adtalem Global Education |
| NYSE Composite vs. Dine Brands Global | NYSE Composite vs. BJs Restaurants | NYSE Composite vs. Chipotle Mexican Grill | NYSE Composite vs. Shake Shack |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |