Correlation Analysis Between NQFI and Madrid Gnrl

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

Comparative Performance

 Predicted Return Density 

NQFI  vs.  Madrid Gnrl

 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, NQFI is expected to generate 0.98 times more return on investment than Madrid Gnrl. However, NQFI is 1.02 times less risky than Madrid Gnrl. It trades about 0.17 of its potential returns per unit of risk. Madrid Gnrl is currently generating about 0.12 per unit of risk. If you would invest  142,536  in NQFI on January 18, 2019 and sell it today you would earn a total of  9,768  from holding NQFI or generate 6.85% return on investment over 30 days.

Pair Corralation between NQFI and Madrid Gnrl

Time Period2 Months [change]
ValuesDaily Returns

Diversification Opportunities for NQFI and Madrid Gnrl

NQFI diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding NQFI and Madrid Gnrl in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Madrid Gnrl and NQFI 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 NQFI 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 NQFI i.e. NQFI and Madrid Gnrl go up and down completely randomly.

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See also your portfolio center. Please also try Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.