Correlation Between Manchester United and Ballantyne Strong
Can any of the company-specific risk be diversified away by investing in both Manchester United and Ballantyne Strong at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Manchester United and Ballantyne Strong into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Manchester United and Ballantyne Strong, you can compare the effects of market volatilities on Manchester United and Ballantyne Strong 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 Manchester United with a short position of Ballantyne Strong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manchester United and Ballantyne Strong.
Diversification Opportunities for Manchester United and Ballantyne Strong
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Manchester and Ballantyne is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Manchester United and Ballantyne Strong in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ballantyne Strong and Manchester United 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 Manchester United are associated (or correlated) with Ballantyne Strong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ballantyne Strong has no effect on the direction of Manchester United i.e., Manchester United and Ballantyne Strong go up and down completely randomly.
Pair Corralation between Manchester United and Ballantyne Strong
If you would invest 1,399 in Manchester United on January 19, 2024 and sell it today you would earn a total of 86.00 from holding Manchester United or generate 6.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Manchester United vs. Ballantyne Strong
Performance |
| Timeline |
| Manchester United |
| Ballantyne Strong |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Manchester United and Ballantyne Strong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manchester United and Ballantyne Strong
The main advantage of trading using opposite Manchester United and Ballantyne Strong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manchester United position performs unexpectedly, Ballantyne Strong 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 Ballantyne Strong will offset losses from the drop in Ballantyne Strong's long position.| Manchester United vs. Roku Inc | Manchester United vs. Paramount Global Class | Manchester United vs. Warner Bros Discovery | Manchester United vs. Paramount Global Class |
| Ballantyne Strong vs. Quanex Building Products | Ballantyne Strong vs. Seche Environnement SA | Ballantyne Strong vs. Lizhan Environmental | Ballantyne Strong vs. Cardinal Health |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account |