Correlation Between Home Depot and Migdal Mutual
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By analyzing existing cross correlation between Home Depot and Migdal Mutual Funds, you can compare the effects of market volatilities on Home Depot and Migdal Mutual 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 Home Depot with a short position of Migdal Mutual. Check out your portfolio center. Please also check ongoing floating volatility patterns of Home Depot and Migdal Mutual.
Diversification Opportunities for Home Depot and Migdal Mutual
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Home and Migdal is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Home Depot and Migdal Mutual Funds in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Migdal Mutual Funds and Home Depot 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 Home Depot are associated (or correlated) with Migdal Mutual. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Migdal Mutual Funds has no effect on the direction of Home Depot i.e., Home Depot and Migdal Mutual go up and down completely randomly.
Pair Corralation between Home Depot and Migdal Mutual
Allowing for the 90-day total investment horizon Home Depot is expected to generate 1.04 times more return on investment than Migdal Mutual. However, Home Depot is 1.04 times more volatile than Migdal Mutual Funds. It trades about 0.05 of its potential returns per unit of risk. Migdal Mutual Funds is currently generating about -0.02 per unit of risk. If you would invest 29,000 in Home Depot on January 26, 2024 and sell it today you would earn a total of 4,301 from holding Home Depot or generate 14.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 80.65% |
| Values | Daily Returns |
Home Depot vs. Migdal Mutual Funds
Performance |
| Timeline |
| Home Depot |
| Migdal Mutual Funds |
Home Depot and Migdal Mutual Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Home Depot and Migdal Mutual
The main advantage of trading using opposite Home Depot and Migdal Mutual positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Home Depot position performs unexpectedly, Migdal Mutual 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 Migdal Mutual will offset losses from the drop in Migdal Mutual's long position.| Home Depot vs. Floor Decor Holdings | Home Depot vs. LL Flooring Holdings | Home Depot vs. Arhaus Inc | Home Depot vs. Haverty Furniture Companies |
| Migdal Mutual vs. Migdal Mutual Funds | Migdal Mutual vs. Migdal Mutual Funds | Migdal Mutual vs. Migdal Mutual Funds | Migdal Mutual vs. Migdal Mutual Funds |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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