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Correlation Between NOVA MEASURING and Israel Index

Analyzing existing cross correlation between NOVA MEASURING INS and Israel Index. You can compare the effects of market volatilities on NOVA MEASURING and Israel Index 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 NOVA MEASURING with a short position of Israel Index. Check out your portfolio center. Please also check ongoing floating volatility patterns of NOVA MEASURING and Israel Index.

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Diversification Opportunities for NOVA MEASURING and Israel Index

NOVA MEASURING INS diversification synergy
0.75
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NQI

Poor diversification

The 3 months correlation between NOVA MEASURING and Israel is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding NOVA MEASURING INS and Israel Index in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Israel Index and NOVA MEASURING 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 NOVA MEASURING INS are associated (or correlated) with Israel Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Israel Index has no effect on the direction of NOVA MEASURING i.e. NOVA MEASURING and Israel Index go up and down completely randomly.
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Pair Corralation between NOVA MEASURING and Israel Index

If you would invest  0.00  in NOVA MEASURING INS on January 26, 2020 and sell it today you would earn a total of  0.00  from holding NOVA MEASURING INS or generate 0.0% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy1.45%
ValuesDaily Returns

NOVA MEASURING INS  vs.  Israel Index

 Performance (%) 
    
  Timeline 
 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Commodity Channel Index module to use commodity channel index to analyze current equity momentum.