Correlation Analysis Between Ford Motor and NQTH

This module allows you to analyze existing cross correlation between Ford Motor Company and NQTH. You can compare the effects of market volatilities on Ford Motor and NQTH 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 Ford Motor with a short position of NQTH. See also your portfolio center. Please also check ongoing floating volatility patterns of Ford Motor and NQTH.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 
      Returns 

Ford Motor Company  vs.  NQTH

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Ford Motor Company is expected to under-perform the NQTH. In addition to that, Ford Motor is 2.09 times more volatile than NQTH. It trades about -0.15 of its total potential returns per unit of risk. NQTH is currently generating about -0.17 per unit of volatility. If you would invest  122,137  in NQTH on July 26, 2019 and sell it today you would lose (7,223)  from holding NQTH or give up 5.91% of portfolio value over 30 days.

Pair Corralation between Ford Motor and NQTH

0.89
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy97.73%
ValuesDaily Returns

Diversification Opportunities for Ford Motor and NQTH

Ford Motor Company diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Ford Motor Company and NQTH in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NQTH and Ford Motor 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 Ford Motor Company are associated (or correlated) with NQTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NQTH has no effect on the direction of Ford Motor i.e. Ford Motor and NQTH go up and down completely randomly.
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See also your portfolio center. Please also try Piotroski F Score module to get piotroski f score based on binary analysis strategy of nine different fundamentals.


 
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